Senior Democrats to unveil $3,000-per-child benefit as Biden stimulus gains steam – WaPo

Dhwani Mehta FXStreet

Senior Democrats on Monday is likely to put legislation on the table, which will provide $3,000 per child benefits to American families, as part of President Joe Biden’s $1.9 trillion stimulus package, the Washington Post (WaPo) reports, citing the 22-page bill obtained by ahead of its release.

Key takeaways

“Under the proposal, the Internal Revenue Service (IRS) would provide $3,600 over the course of the year per child under the age of 6, as well as $3,000 per child of ages 6 to 17.”

“The size of the benefit would diminish for Americans earning more than $75,000 per year, as well as for couples jointly earning more than $150,000 per year. “

Market reaction

The risk sentiment is getting a boost from the US stimulus optimism, with the Democrats going ahead with President Joe Biden’s $1.9 trillion stimulus plan without the Bipartisan support.

The S&P 500 futures rise 0.20% in the weekly opening trades, trading just under 3,900 while the US dollar index keeps its range around 91.00, in the aftermath of mixed US jobs data-led slide.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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