The sweeping $1.9 trillion COVID-19 relief bill is one step closer to becoming law after Vice President Kamala Harris cast the deciding Senate vote on a key measure early this morning. As the bill heads back to the House of Representatives for a vote on reconciliation, Rep. Al Green (D-Texas 9th District), told Cheddar that while Democrats look to pass the bill as it stands, he is willing to negotiate on some terms of the potential law.
The bill includes $350 billion in state and local aid, a $20 billion national vaccine plan, and $50 billion for testing efforts. Americans applying for unemployment benefits would also receive an extra $400 per claim in addition to $1,400 checks for qualified Americans.
"I think the president has outlined an outstanding bill. I do believe that it's important that we get the rent paid because it helps the renters as well as the landlords," Green said.
Another item that could make it into the bill is the raising of the federal minimum wage to $15, although the Senate voted it down overnight, a provision that the congressman said he believed would bring people out of poverty. Though Green admitted that there is concern that the job market could take a blow as a result of the increase, he said that a minimum wage boost "helps the entire economy."
"We hear this same argument each time we raise the minimum wage and each time it's successfully raised and the economy is helped as a result of it. The minimum wage is not going to just simply go immediately to $15, it's phased in," Green noted.
Following debate over the amended relief bill, Congress is likely to begin steps to investigate r/WallStreetBets, in what he says will be an inquiry into January's stunning rise and fall of stocks like GameStop and any potentially nefarious dealings.
"Well, at some point, have a hearing, and we'll start with witnesses that are available to us at the time and then we sort of follow the facts," he said. "I believe that the facts ought to determine where an investigation goes."
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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