House Passes Dems' $3T Stimulus Package

“It is especially important for those retirement savers who are living longer and are close to retirement who, if not given this relief, may need to work even longer to recoup the losses incurred due to no fault of their own,” Richman added.

The House bill includes measures such as making expenses covered by forgiven Paycheck Protection Loan funds tax-deductible, providing student loan aid, making an additional round of $1,200 payments, extending federal unemployment benefits and providing employers tax breaks for keeping workers on the payroll, along with suspending the cap on state and local tax, or SALT, deductions for two years.

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., applauded the House bill for also suspending negative credit reporting for all consumers, as well as debt collection and requiring forbearance and loan modifications for consumer and commercial loans.

Rep. Kevin Brady, D-Texas, ranking republican member on the House Ways and Means Committee, stated Wednesday, however, that the House bill is “filled with far-left proposals that have no chance of becoming law,” and that the bill “is a recipe for a prolonged recession.”

Political strategist maintain that a toned-down bill will indeed get done.

Ed Mills, policy analyst for Raymond James, noted in his Wednesday morning email briefing that “only a portion” of the House Democrats’ bill will likely be included in the next round of fiscal stimulus.

Greg Valliere, chief U.S. policy strategist at AGF Investments, agreed that Pelosi’s massive bill “has no chance of enactment.” Valliere said the Heroes Act “gives fodder to conservative deficit hawks who want to slow down — or do virtually nothing — while taking a close look at what the first $3 trillion has accomplished, and how the nationwide end to the lockdown will affect the economy.”