The Biden administration on Monday said it’s expecting a “large number” of Americans to get stimulus checks by the end of this month, as the House of Representatives prepares to vote on a $1.9 trillion COVID-relief bill.
The Senate passed the bill — which contains $1,400 direct payments to many Americans — on Saturday. The House is preparing to vote on the measure as soon as Tuesday, though it could slip until Wednesday.
“We expect a large number of Americans to receive relief by the end of the month,” White House press secretary Jen Psaki told reporters at a daily briefing. The Senate bill cuts off eligibility for individuals making more than $80,000.
As the Wall Street Journal noted, most direct deposits arrived within about two weeks when former President Donald Trump signed the first big relief bill last March.
President Joe Biden said Monday that he’ll sign the bill as soon as he gets it. Saturday, he said he expected checks to begin going out this month.
In U.S. stock-market action on Monday, the Dow Jones Industrial Average DJIA, +0.97% lost its grip on the 32,000 mark, while climbing government bond yields hurt tech-related shares, following the Senate’s passage of the COVID-19 relief package.