Stimulus Checks: Biden reportedly agrees to lower cutoffs, paving way for Senate approval
President Joe Biden has reportedly agreed to a compromise on which Americans will receive the $1,400 stimulus checks. An agreement with moderate Democrats in the Senate paves the way to approval in the upper chamber.
Here is a tweet by the Washington Post's Erica Werner:
Biden agrees to phase out checks faster, per Dem source: pic.twitter.com/00WTBgcSPJ
— Erica Werner (@ericawerner) March 3, 2021
According to Politico and other media outlets, the federal top-up to unemployment benefits will remain at $400/week, the same level that the House voted on. The ruling party was previously forced to abandon its intention to raise the minimum wage to $15 within the current covid relief package. The self-imposed deadline for approving the package is March 14.
US ten-year yields have continued climbing toward 1.50%, weighing on stocks and boosting the dollar. Gold is on the back foot, falling toward $1,700.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
