Wednesday, February 24, 2021

‘Two trillion support plan’ surpassed the US House of Representatives… It seems difficult to pass the Senate bill


Deal with the budget committee with democratic number advantage

If you use the right to adjust the budget, the Senate can pass

Biden urges once again to “fasten off”

Democrats disagree over the minimum wage increase

When persuasion fails, the issue is subtracted and the promotion is observed

On the 22nd (local time), U.S. President Joe Biden announced at the White House in Washington, DC that he will modify the Payroll Protection Program (PPP), which the Donald Trump administration has created to support SMEs, so that more SMEs will benefit. President Biden pointed out that although PPP was introduced in the early days of the Corona 19 pandemic, many of the small family businesses were pushed by larger companies, such as large companies, to not receive loan benefits. /AFP Yonhap News

CNN reported on the 22nd (local time) that the US House of Representatives Budget Committee passed a $1.9 trillion (about 2,092 trillion won) stimulus package. Despite President Joe Biden’s persuasion, when the Republican Party did not resist the opposition to the stimulus bill, the Democratic Party pushed forward with its numerical advantage.

As the Democratic Party announced in the Senate that it will exercise the right to budget control that can pass the budget with only a majority of the seats, the stimulus plan is expected to pass without major problems. However, it is analyzed that it is not easy to pass the original bill as the Democratic Party also has strong opposition to the increase in the minimum wage included in the stimulus plan.

According to CNN, the House Budget Committee passed the new coronavirus infection (Corona 19) support plan with 19 in favor and 16 against it. In the Democratic Chamber, only Democratic Congressman Lloyd Doggit voted against. Immediately after the vote, however, a spokesman for Congressman Dogit said in a statement that “the opposition vote was a mistake and supports the support plan,” and virtually all of the Democratic Party lawmakers gave power to the Corona 19 support plan proposed by President Biden. All Republicans voted no.

When the stimulus bill passed the House Budget Committee, President Biden once again ordered the stimulus to be expedited. In a speech on support for Corona 19, President Biden criticized the point that the scale of the stimulus plan was excessive and urged the passage as soon as possible. Democratic Party leader Chuck Schumer also announced that the parliamentary stimulus process was on track, and that it would process the stimulus bill before March 14 and send it to the White House for President Biden to sign.

The stimulus plan includes a $1,400 cash payment per adult in the U.S., extended unemployment benefits, expanded vaccinations and tests, funded to support school normalization, and plans to increase the federal minimum wage from $7.5 to $15 per hour by 2025. . The stimulus plan is scheduled to be voted in the plenary session of the House of Representatives on the 26th or 27th after coordination by the House Operation Committee. The House of Representatives is expected to pass smoothly as the Democratic Party certainly occupies the majority.

The possibility of passing the Senate is high on the 5th as the Democratic Party lawmakers all voted in favor to pass the corona 19 stimulus bill through the exercise of budget adjustment rights with a majority vote. If the majority of the Senate Democrats use their budget control power, they can pass the stimulus with a simple majority of votes, rather than the 60 votes normally required to process the bill.

However, the power to adjust the budget can only be exercised on policies that are directly linked to the budget and finances. Because of this, it is possible to demand an increase in the minimum wage for individual businesses, and some have argued that the power to adjust the budget cannot be exercised on a minimum wage policy that is not directly related to the federal budget.

In response, Democratic Senator Bernie Sanders argues that the increase in the minimum wage is related to fiscal policy because an increase in the income of low-income households could reduce the federal government’s welfare spending. In fact, one of the progressive think tanks in the United States, the Institute for Economic Policy, published an analysis that raising the minimum wage to $15 could reduce public spending by up to $31 billion per year.

Even if an increase in the minimum wage is part of its fiscal policy, the Democratic Party must persuade members of the same party who oppose the increase in the minimum wage. This is because the Democratic Party cannot exercise the predicted control right even if only one vote is issued. Senator Joe Manchin, a member of the Democratic Party, said the $15 hike was excessive, suggesting that Kirsten Cinemas of the same party could vote against it.

If the Democratic Party fails to persuade lawmakers who oppose the increase in the minimum wage, it is expected to exclude the plan to increase the minimum wage. President Biden was also reported to have said in a recent interview that “I included (the plan to raise the minimum wage), but there is a high probability that I will not survive (to the final plan).” Democratic Congressman John Yarmus told Politico, “If Congressman Manchin doesn’t vote for the increase in the minimum wage, we have to get rid of it or negotiate it to accept it.” The Hill analyzed that “the stimulus must be passed in the Senate for the stimulus to be implemented,” and “it is expected that there will be considerable difficulties in passing.

/ Reporter Park Seong-gyu [email protected]



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