House Passes $1.9 Trillion Stimulus Bill—Biden Will Sign It Into Law On Friday

Plus: House Passes $1.9 Trillion Stimulus Bill—Biden Will Sign It Into Law On Friday

Joe Biden’s historic $1.9 trillion stimulus package passed the Senate on Wednesday. The bill—which includes $1,400 individual stimulus checks, unemployment benefit extensions, vaccine funding and a major extension of child tax credits—hinged on the support of blue dog Senator Joe Manchin, who insisted on lowering the pandemic unemployment benefit and raising the threshold for stimulus payments. In the long run, the most significant part of the bill might be the expansion of the child tax credits, which could raise the income for the poorest Americans by 33%.

Dan Alexander

Senior Editor, Money & Politics

Deniz Çam

Reporter, Wealth

Christian Kreznar

Assistant Editor

House Passes $1.9 Trillion Stimulus Bill—Biden Will Sign It Into Law On Friday

Now one step closer: $1,400 stimulus checks and $300 weekly unemployment benefits.

Follow The Money →

Following The Money

Across the pond, the royal family is on shaky ground after Prince Harry and Meghan Markle’s explosive interview with Oprah Winfrey on Sunday. The family, also known as “The Firm” or “Monarchy PLC,” is an institution worth nearly $28 billion thanks to assets such as Buckingham Palace, prime real estate in central London, farmlands in Scotland, and investments in wind power. Forbes looked at the stakeholders of The Firm, how much the monarchy contributes to the U.K. economy, and what’s at stake.

On Tuesday, New York state court judge James d'Auguste threw out a defamation lawsuit that the Trump campaign filed against The New York Times last February. Trump filed the suit in response to an op-ed published by former Times editor Max Frankel, who alleged that Russia supported Trump in exchange for a softer foreign policy line. D’Auguste also threw out the Times’ countersuit.

Although he’s out of office, Trump is fighting to retain his place as kingmaker in the Republican party. In the past few weeks, Trump has taken to the bully pulpit to denounce the 10 House Republicans who voted for impeachment, as well as rival powers within the Republican establishment like Mitch McConnell.

Bipartisan legislation has been filed in both chambers of the Texas legislature to legalize gambling in the Lone Star State. Las Vegas Sands, the $47 billion gambling company founded by recently-deceased billionaire and Republican megadonor Sheldon Adelson, has been one of the primary lobbyists making the case.

Facebook says it is not a monopoly. On Wednesday, the $780 billion (market cap) social media giant asked a judge to dismiss the two antitrust lawsuits it is facing in the U.S. District Court: one from the Federal Trade Commission and one from 48 states. Both lawsuits allege that the company’s acquisitions of WhatsApp and Instagram squashed competition. If successful, the lawsuits can lead to the breaking up of the platform. Facebook denies the allegations.

Cashing In On Contracts

As the number of unaccompanied migrant children arriving at the Southern border increases, a Virginia-based security and logistics firm is slated to make millions of dollars. In March 2020, MVM, Inc. signed a multi-year contract with the federal government to transport migrant children that could pay the company up to $735 million until September 2025. The deal could end on March 31, according to the federal disclosures, but the U.S. government will likely extend it. MVM, founded by three CIA officers in 1987, generates $165 million in annual revenue and employs more than 2,500 people.The Departments of Justice, Defense, and Homeland Security have hired the firm to provide various services, including security, transportation and language work.