FOG BLOG U.S. POLITICS LOG: HOUSE PASSES 1.9 TRILLION STIMULUS, DOW PASSES 32,000.

• House Democrats passed a $1.9 trillion coronavirus relief package on Wednesday, and President Joe Biden hopes to sign the bill Friday.

• The plan includes unemployment aid, direct payments, tax credit expansions, vaccine distribution funds and state and local government relief, among a range of other provisions.

• Democrats say households need the relief to get through the coming months, while Republicans opposed it while contending it is too large for the moment.,,,,,It extends a $300 per week jobless aid supplement and programs making millions more people eligible for unemployment insurance until Sept. 6. The plan also makes an individual’s first $10,200 in jobless benefits tax-free.

• The bill sends $1,400 direct payments to most Americans and their dependents. The checks start to phase out at $75,000 in income for individuals and are capped at people who make $80,000. The thresholds for joint filers are double those limits. The government will base eligibility on Americans’ most recent filed tax return.

• It expands the child tax credit for one year. It will increase to $3,600 for children under 6 and to $3,000 for kids between 6 and 17.

• The plan puts about $20 billion into Covid-19 vaccine manufacturing and distribution, along with roughly $50 billion into testing and contact tracing.

• It adds $25 billion in rental and utility assistance and about $10 billion for mortgage aid.

• The plan offers $350 billion in relief to state, local and tribal governments.

• The proposal directs more than $120 billion to K-12 schools.

• It increases the Supplemental Nutrition Assistance Program benefit by 15% through September.