Bloomberg Quicktake: Now published this video item, entitled “Democrats Would Like GOP Support on Covid Relief—But They Don’t Need It” – below is their description.
The first committee votes on elements of President Joe Biden’s $1.9 trillion Covid-19 relief package begin on Tuesday, House schedules showed. Biden’s proposed minimum-wage hike is likely to be trimmed back by lawmakers, according to analysis from Goldman Sachs Group Inc. highlighting the political challenges of the push.
The House Education and Labor Committee, with jurisdiction over school reopening funds, workplace safety standards and any minimum wage increase, tentatively set Tuesday for its vote. Biden said in a CBS interview Friday a wage increase “apparently” wouldn’t be part of the package due to Senate rules. Goldman analysts said a standalone bill phasing in an increase to $10 to $11 an hour is “more politically realistic” than Biden’s $15 proposal.
Progress made by committees this week will prove critical in determining whether Congress can keep to the objective of passing the final bill by the mid-March expiration of some current unemployment benefits. Goldman on Monday bumped its forecast for the stimulus up to $1.5 trillion from $1.1 trillion.Bloomberg Quicktake: Now YouTube Channel
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