The full text of a proposed $1.9 trillion stimulus bill has been released by Democratic Party leaders in the U.S. House of Representatives.
In the bill, the lawmakers called for multiple fiscal measures, including increasing the federal minimum wage to $15 per hour by 2025 and extending federal unemployment benefits during the COVID-19 pandemic.
According to House Speaker Nancy Pelosi (D), the bill will likely be voted on by House members by the end of next week. If the bill passes the House, it will move onto the Senate, where the Democratic Party will have to be fully unified to pass the bill, which would require a tie-breaker from Vice President Kamala Harris.
Under this bill, federal unemployment payments would be increased to $400 per week through Aug. 29, an increase from the current $300 per week. Currently, federal unemployment supplements and insurance provisions are set to expire on March 14.
The House bill also would provide $1,400 payments to many Americans. This would be the third stimulus payment, if passed, that some Americans will receive during the pandemic.
The bill would also direct $350 billion to state, local and tribal governements in the United States. An additional $130 billion has been earmarked for K-12 education to reduce class sizes, increase social distancing, provide personal protective equipment and increase staff hires. Colleges and universities have also had $40 billion in funding set aside for expenses.
Various industries and businesses would benefit from the House bill. The airline industry has been allocated $15 billion, while a program targeting restaurants and bars has been allocated $15 billion for up to $10 million per restaurant company.
The Paycheck Protection Program would receive an injection of $7.25 billion.