The American Rescue Plan Act (P.L. 117-2) was signed into law by President Joe Biden on March 11, 2021. A $1.9 trillion COVID-19 relief package, a final version of this legislation (H.R. 1319) was passed by the House of Representatives on a 220-211 vote on March 10 after the Senate voted 50-49 to amend the House’s initial version on March 6. No Republicans supported the legislation. Representative Jared Golden (D-ME) was the only Democrat to oppose it. A 1,149-page House Report of the Committee on the Budget, together with Minority Views, accompanied H.R. 1319. Among the key provisions of this law are the following in rounded numbers:
$48 billion for COVID-19 testing and tracing
$7.5 billion for the Centers for Disease Control and Prevention’s (CDC) vaccine distribution effort
$1.75 billion for the CDC to increase genome sequencing of SARS-CoV-2 for variant surveillance
$7.7 billion in awards under the Department of Health and Human Services to state, local, and territorial health departments to establish, expand, and sustain the public health workforce
$140 million in a one-time supplemental appropriation for HRSA training programs to address and prevent suicide, burnout, mental health conditions, and substance use disorders affecting the health workforce
$40 billion for the Higher Education Emergency Relief Fund
The bill also expands access to health care by providing tax subsidies to a wider range of individuals and families who purchase health insurance on the markets established under the Affordable Care Act (ACA). Additionally, P.L. 117-2 temporarily covers the entire cost of COBRA premiums for individuals who lose their jobs and incentivizes additional states to expand Medicaid as allowed under the ACA.
According to a report issued by the Congressional Budget Office (CBO) in March 2021, by the end of fiscal year 2021 on September 30, federal debt held by the public is projected to equal 102% of gross domestic product (GDP). If current laws governing taxes and spending generally remain unchanged, debt would equal 107% of GDP in 2031, its highest level in the nation’s history. Growth in outlays would outpace growth in revenues in subsequent decades, leading to growing budget deficits over the long term. As a result, federal debt would continue to increase, exceeding 200% of GDP by 2051.
Eventually, the federal government will have to create a means of paying for benefits flowing from the American Rescue Plan Act, along with pandemic-related expenditures from legislation enacted in 2020. Three ways of doing so are to: increase borrowing, raise taxes, and reduce other kinds of federal spending. Both near and distant future actions by Congress will determine what steps will be taken.
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