U.S. Capitol (Photo: Diego M. Radzinschi/ALM)
Late Friday, the full House passed the Democrats’ $3 trillion coronavirus stimulus package by a narrow 208-199 vote.
In passing H.R. 6800, the Heroes Act, 14 Democrats voted no, and one Republican voted yes.
The bill now heads to the Senate, where passage is unlikely. President Donald Trump has vowed to veto it.
Senate Majority Leader Mitch McConnell, R-Ky., said in a tweet Friday that House Speaker Nancy Pelosi’s 1,800-page Hereos Act is a “catalog of left-wing oddities” called a coronavirus relief bill.
“It proposes tax hikes on small business, giveaways to blue-state millionaires, checks for illegal immigrants, and diversity detectives for the cannabis industry,” he explained.
The Insured Retirement Institute applauded the bill’s inclusion of a waiver for individuals who took a required minimum distribution from their retirement accounts in 2019 and 2020 and permits the amounts of those distributions to be rolled back into a retirement plan or IRA without any penalties, if done by Nov. 30.
The provision gives “those who were required to take the distributions an opportunity to try to recoup some of the losses incurred because of the volatility of the stock market during the COVID-19 crisis” Paul Richman, IRI’s chief government and political affairs office, wrote in a letter to House lawmakers.