DCR Economics & Finance: President Biden signs $1.9 trillion stimulus into law; some could see stimulus payments this weekend.☕☕☕

Ayyyeee… What’s Goodie Everyone. So I got some tea and it involves the Stimulus Package and Other big news surrounding it.

President Joe Biden signed a $1.9 trillion coronavirus relief package into law on Thursday, setting in motion an effort on the part of his administration to implement one of the largest stimulus measures in U.S. history, and some stimulus payments could be delivered this weekend. “This historic legislation is about rebuilding the backbone of this country,” the president said during the bill signing.

The first round of stimulus payments of up to $1,400 could go out this weekend to Americans whose direct deposit bank account information is already on hand at the IRS, said White House press secretary Jen Psaki on Thursday.

The bill, known as the American Rescue Package, authorizes a third round of one time stimulus payments up to $1,400 for most Americans; extends additional unemployment support to millions still out of work; and makes major changes to the tax code to benefit families with children. It also sets aside new federal money to help schools reopen, aid cities and states facing budget shortfalls, and assist in the distribution of coronavirus vaccine doses. Other elements of the bill may prove much tougher to implement, as the U.S. government must grapple with complex new mandates to deliver it in a tight time frame. That includes changes to unemployment benefits and the new payments to be provided to Americans who have children, meaning it could be weeks or months before some families start to see the full scope of support authorized under the law. The White House said this week it would task an official to oversee stimulus spending across government.

Democrats pledged to promote the bill heavily in the coming months, touting it as one of the most significant anti poverty proposals that Congress has adopted in a generation. Biden is expected to embark on a cross country tour to sell the rescue plan to voters, including a trip to Pennsylvania scheduled for Tuesday. Vice President Harris and her husband are set to deliver the same message out west, although details of the trip are not yet clear. With Biden’s signature on the law puts the U.S. government on track to start delivering some of the total $1.9 trillion in new coronavirus support, including stimulus checks. Administration officials have said a large number of Americans could receive their checks before the end of the month since the IRS, which is tasked with implementing the program, has delivered such aid in the past.

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