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109-557: The American Rescue Plan Act of 2021 , also called the COVID-19 Stimulus Package or American Rescue Plan , is a US$ 1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession . First proposed on January 14, 2021,

218-517: A party-line vote . Some House Democratic progressives expressed disappointment with some changes to the relief package made in the Senate (such as the removal of the $ 15 minimum wage) to win over moderate Democratic support, but continued to support the package. Republicans in Congress opposed the bill, claiming it to be unaffordable, and claiming the bill only benefitted Democratic-led states. Though

327-616: A "Help is Here" tour across the country to promote the legislation, with Harris visiting a COVID-19 vaccination site in Las Vegas and First Lady Jill Biden visiting an elementary school in New Jersey . On March 16, Biden promoted the bill in Chester, Pennsylvania . Preliminary injunctions issued in federal district court cases halted section 1005 payments, which related to socially disadvantaged farmers and ranchers . Section 1005

436-703: A $ 100 million mortgage on Trump Tower (refinanced in 2022) and the liquidation of over $ 200 million in stocks and bonds. He personally guaranteed $ 421 million in debt, most of which is due by 2024. As of October 2021 , Trump had over $ 1.3 billion in debts, much of which was secured by his assets. In 2020, he owed $ 640 million to banks and trust organizations, including Bank of China , Deutsche Bank , and UBS , and approximately $ 450 million to unknown creditors. The value of his assets exceeds his debt. Trump has produced 19 books under his name. At least some of them have been written or co-written by ghostwriters . His first book, The Art of

545-744: A $ 70 million bank construction loan. The hotel reopened in 1980 as the Grand Hyatt Hotel , and that same year, he obtained rights to develop Trump Tower , a mixed-use skyscraper in Midtown Manhattan. The building houses the headquarters of the Trump Corporation and Trump's PAC and was his primary residence until 2019. In 1988, Trump acquired the Plaza Hotel with a loan from a consortium of sixteen banks. The hotel filed for bankruptcy protection in 1992, and

654-466: A 20 percent share, formed All County Building Supply & Maintenance Corp. The company had no offices and is alleged to have been a shell company for paying the vendors providing services and supplies for Trump's rental units, then billing those services and supplies to Trump Management with markups of 20–50 percent and more. The owners shared the proceeds generated by the markups. The increased costs were used to get state approval for increasing

763-452: A 90–10 vote that would provide direct relief to the restaurant industry. Vice President Kamala Harris cast a tie-breaking vote as President of the Senate for final Senate passage of the reconciliation bill, sending it to the House approval of the changes, and allowing drafting of the relief bill to begin in the committees. The House approved the resolution 219–209, with Jared Golden being

872-467: A Responsible Federal Budget called for a smaller and more targeted package. Several observers have noted that the stimulus greatly increases the role of the government in fighting poverty in the United States, to an extent not seen since Lyndon Johnson's Great Society in the 1960s; accordingly some have seen it as evidence that the United States is moving towards social democracy and away from

981-669: A bill increasing direct payments from $ 600 to $ 2,000, then- Senate Majority Leader Mitch McConnell blocked the effort. Additionally, the House voted on the HEROES Act in May 2020, which would operate as a $ 3 trillion relief package. Despite approval in the lower chambers, the Republican-led Senate would not consider such a bill, citing it to be "dead on arrival". Prior to the Georgia Senate runoffs , Biden said that

1090-735: A company that sold real estate seminars for up to $ 35,000. After New York State authorities notified the company that its use of "university" violated state law (as it was not an academic institution), its name was changed to the Trump Entrepreneur Initiative in 2010. In 2013, the State of New York filed a $ 40 million civil suit against Trump University, alleging that the company made false statements and defrauded consumers. Additionally, two class actions were filed in federal court against Trump and his companies. Internal documents revealed that employees were instructed to use

1199-464: A counterproposal to President Joe Biden's $ 1.9 trillion plan meant to force negotiations. The senators, including Susan Collins of Maine, Lisa Murkowski of Alaska, Mitt Romney of Utah and Rob Portman of Ohio, told Biden in a letter that they devised the plan "in the spirit of bipartisanship and unity" that the President has urged and said they planned to release a full proposal on February 1. On

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1308-560: A degree unprecedented in American politics. After his first term, scholars and historians ranked him as one of the worst presidents in American history. He lost the 2020 presidential election , but did not concede, falsely claiming widespread electoral fraud and attempting to overturn the results , including his involvement in the January ;6 Capitol attack . In 2024, he was found guilty of falsifying business records , making him

1417-609: A draft of the $ 1.9 trillion stimulus legislation was released by the Financial Services and Education and Labor committees. On February 11, the House Ways and Means Committee advanced a portion of the $ 1.9 trillion relief package. The legislation was also approved by several other House committees such as the Transportation and Infrastructure , Small Business , and House Veterans Affairs . On February 19,

1526-412: A hard-sell approach, and former employees testified that Trump University had defrauded or lied to its students. Shortly after he won the 2016 presidential election, he agreed to pay a total of $ 25 million to settle the three cases. The Donald J. Trump Foundation was a private foundation established in 1988. From 1987 to 2006, Trump gave his foundation $ 5.4 million which had been spent by

1635-402: A history of belittling women when speaking to the media and on social media. He made lewd comments, disparaged women's physical appearances, and referred to them using derogatory epithets. At least 25 women publicly accused him of sexual misconduct , including rape, kissing without consent, groping, looking under women's skirts, and walking in on naked teenage pageant contestants. He has denied

1744-551: A hotel and casino, with financing and management help from the Holiday Corporation . It was unprofitable, and he paid Holiday $ 70 million in May 1986 to take sole control. In 1985, he bought the unopened Atlantic City Hilton Hotel and renamed it Trump Castle . Both casinos filed for Chapter 11 bankruptcy protection in 1992. Trump bought a third Atlantic City venue in 1988, the Trump Taj Mahal . It

1853-485: A recession, if the Federal Reserve responded by raising interest rates). Later data would show a large surge in inflation. Although the importance of the law in causing this has been disputed, price increases rose to the highest levels in 40 years, as Summers had argued. The stimulus plan had broad public support. A February 11 Newsweek / Harris X poll showed that 60% of Republican voters expressed support for

1962-482: A reorganization plan was approved a month later, with the banks taking control of the property. In 1995, he defaulted on over $ 3 billion of bank loans, and the lenders seized the Plaza Hotel along with most of his other properties in a "vast and humiliating restructuring" that allowed him to avoid personal bankruptcy. The lead bank's attorney said of the banks' decision that they "all agreed that he'd be better alive than dead". In 1996, Trump acquired and renovated

2071-474: A review of state and federal court files conducted by USA Today in 2018, Trump and his businesses had been involved in more than 4,000 state and federal legal actions. While he has not filed for personal bankruptcy , his over-leveraged hotel and casino businesses in Atlantic City and New York filed for Chapter 11 bankruptcy protection six times between 1991 and 2009. They continued to operate while

2180-647: A series of rulings blocking tax cuts from being considered under the 51-vote budget reconciliation process); however, neither course was taken. On March 5, eight members of the Senate Democratic caucus joined all 50 Republican Senators to reject an amendment raised by Senator Sanders to increase the minimum wage to $ 15 in the bill. In a budget analysis released in February 2021, the Congressional Budget Office found that increasing

2289-428: A state chooses to implement new state tax cuts. Yost's suit claims that this limitation coerces states and infringes on their "sovereign authority to set state tax policy." Clinton Administration Treasury Secretary and Harvard University President Lawrence Summers called the bill "the least responsible macroeconomic policy we've had in the last 40 years," arguing the law would lead to substantial inflation (and possibly

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2398-696: A travel ban targeting Muslims and refugees, funded the Trump wall expanding the U.S.–Mexico border wall, and implemented a family separation policy at that border. He rolled back more than 100 environmental policies and regulations, signed the Tax Cuts and Jobs Act of 2017, and appointed three justices to the Supreme Court. He initiated a trade war with China, withdrew the U.S. from several international agreements, and met with North Korean leader Kim Jong Un without progress on denuclearization. In response to

2507-419: A white woman in the 1989 Central Park jogger case , even after they were exonerated in 2002 when the actual rapist confessed and his DNA matched the evidence. In October 2024, the men sued Trump for defamation after he said in a televised September debate that they had committed the crime and killed the woman. In 2011, when he was reportedly considering a presidential run, Trump became the leading proponent of

2616-545: Is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. He won the 2024 presidential election as the nominee of the Republican Party and will be inaugurated as the 47th president on January 20, 2025. Trump graduated with a bachelor's degree in economics from the University of Pennsylvania in 1968. After becoming president of

2725-526: Is depleted by exercise. In 2015, his campaign released a letter from his longtime personal physician, Harold Bornstein , stating that he would "be the healthiest individual ever elected to the presidency". In 2018, Bornstein said Trump had dictated the contents of the letter and that three of Trump's agents had seized his medical records in a February 2017 raid on Bornstein’s office. Many of Trump's comments and actions have been described as racist . In national polling, about half of respondents said that he

2834-528: Is forsaking his promises on bipartisanship and unity. Furthermore, Biden noted that "[a]ll of a sudden, many of them have rediscovered fiscal restraint and the concern for the deficits" in reference to the Trump administrations increase in the national debt following expansive tax cuts and COVID-19 mitigation spending . Republican mayors such as Jerry Dyer of Fresno, California , Francis Suarez of Miami , David Holt of Oklahoma City , and Betsy Price of Fort Worth, Texas , expressed their support for

2943-440: Is racist; a greater proportion believed that he emboldened racists. Several studies and surveys found that racist attitudes fueled his political ascent and were more important than economic factors in determining the allegiance of Trump voters. Racist and Islamophobic attitudes are a powerful indicator of support for Trump. He has also been accused of racism for insisting a group of black and Latino teenagers were guilty of raping

3052-428: Is sometimes colloquially referred to as " priming the pump " or " pump priming ". During a recession , production and employment are far below their sustainable potential due to lack of demand . It is hoped that increasing demand will stimulate growth and that any adverse side effects from stimulus will be mild. Fiscal stimulus refers to increasing government consumption or transfers or lowering taxes, increasing

3161-651: The Trump Princess , which had been leased to his casinos and kept docked; and other businesses. In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza. THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving him with 10 percent ownership. He remained chairman until 2009. In 1985, Trump acquired

3270-921: The American Public Transportation Association , and the civil rights group UnidosUS . Feeding America , the American Hotel & Lodging Association, the Main Street Alliance, the U.S. Travel Association, the American Hospital Association , the Association of American Medical Colleges , and the National Council of Nonprofits praised the bill, but said that additional relief would be necessary. The Business Roundtable , U.S. Chamber of Commerce , and Committee for

3379-631: The College Board with legal action if they released his academic records. In 1977, Trump married the Czech model Ivana Zelníčková . They had three children: Donald Jr. (1977–), Ivanka (1981–), and Eric (1984–). The couple divorced in 1990, following his affair with the actress Marla Maples . He and Maples married in 1993 and divorced in 1999. They have one daughter, Tiffany (1993–), whom Maples raised in California. In 2005, he married

American Rescue Plan Act of 2021 - Misplaced Pages Continue

3488-537: The Eastern Air Lines Shuttle , financing the purchase with $ 380 million (equivalent to $ 979 million in 2023) in loans from a syndicate of 22 banks. He renamed the airline Trump Shuttle and operated it until 1992. He defaulted on his loans in 1991, and ownership passed to the banks. In 1992, Trump, his siblings Maryanne , Elizabeth, and Robert , and his cousin John W. Walter, each with

3597-568: The Mar-a-Lago estate in Palm Beach, Florida. In 1995, he converted the estate into a private club with an initiation fee and annual dues. He continued to use a wing of the house as a private residence. He declared the club his primary residence in 2019. The Trump Organization began building and buying golf courses in 1999. It owns fourteen and manages another three Trump-branded courses worldwide. The Trump Organization has licensed

3706-773: The New Jersey Generals , a team in the United States Football League . After the 1985 season, the league folded, largely due to his attempt to move to a fall schedule (when it would have competed with the NFL for audience) and trying to force a merger with the NFL by bringing an antitrust suit. Trump and his Plaza Hotel hosted several boxing matches at the Atlantic City Convention Hall . In 1989 and 1990, he lent his name to

3815-749: The New York State Department of Taxation and Finance started an investigation. His investments underperformed the stock and New York property markets. Forbes estimated in October 2018 that his net worth declined from $ 4.5 billion in 2015 to $ 3.1 billion in 2017 and his product-licensing income from $ 23 million to $ 3 million. Trump's tax returns from 1985 to 1994 show net losses totaling $ 1.17 billion. The losses were higher than those of almost every other American taxpayer. The losses in 1990 and 1991, more than $ 250 million each year, were more than double those of

3924-709: The Plaza Hotel in Manhattan, the casinos in Atlantic City, New Jersey , and the Trump Hotels & Casino Resorts company. Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel , adjacent to Grand Central Terminal. The financing was facilitated by a $ 400 million city property tax abatement arranged for him by his father who also, jointly with Hyatt , guaranteed

4033-492: The Reform Party , in 1999; a Democrat in 2001; a Republican in 2009; unaffiliated in 2011; and a Republican in 2012. In 1987, Trump placed full-page advertisements in three major newspapers, expressing his views on foreign policy and how to eliminate the federal budget deficit. In 1988, he approached Lee Atwater , asking to be put into consideration to be Republican nominee George H. W. Bush 's running mate. Bush found

4142-744: The Tour de Trump cycling stage race, an attempt to create an American equivalent of European races such as the Tour de France or the Giro d'Italia . From 1986 to 1988, Trump purchased significant blocks of shares in various public companies while suggesting that he intended to take over the company and then sold his shares for a profit, leading some observers to think he was engaged in greenmail . The New York Times found that he initially made millions of dollars in such stock transactions, but "lost most, if not all, of those gains after investors stopped taking his takeover talk seriously". In 1988, Trump purchased

4251-494: The real bills doctrine as a causative factor in the Great Depression . It is often argued that fiscal stimulus typically increases inflation , and hence must be counteracted by a typical central bank. Hence only monetary stimulus could work. Counter-arguments say that if the output gap is high enough, the risk of inflation is low, or that in depressions inflation is too low but central banks are not able to achieve

4360-592: The " government is the problem " consensus in place since the 1980s. Dave Yost , the Republican Ohio Attorney General , sued the Biden administration over the provision of the Act that creates a $ 350 billion fund to help state and local governments pay first responders and other COVID-19-related expenses. The Act provides that a state cannot use federal aid money to offset net revenues lost if

4469-486: The 1982, 1983, and 1984 rankings. Trump has often said he began his career with "a small loan of a million dollars" from his father and that he had to pay it back with interest. He was a millionaire by age eight, borrowed at least $ 60 million from his father, largely failed to repay those loans, and received another $ 413 million (2018 dollars adjusted for inflation) from his father's company. In 2018, he and his family were reported to have committed tax fraud, and

American Rescue Plan Act of 2021 - Misplaced Pages Continue

4578-664: The Act called for the distribution of $ 50 billion to small businesses and another $ 25 billion for relief for small and mid-sized restaurants. The Act expanded eligibility for Affordable Care Act (ACA) subsidies and gave states incentives to expand Medicaid. By mid-2020, the United States was facing what the National Bureau of Economic Research determined was an economic recession, and by February 2021, 500,000 Americans had died of COVID-19. Over 29 million Americans had tested positive for COVID-19 by March. The United States also faced eviction, unemployment, and hunger crises since

4687-637: The COVID-19 pandemic , Trump signed the CARES Act on March 27, 2020. He was impeached in 2019 for abuse of power and obstruction of Congress, and in 2021 for incitement of insurrection; the Senate acquitted him in both cases. Trump's politics and rhetoric led to the creation of Trumpism . Many of his comments and actions have been characterized as racially charged, racist, and misogynistic. He promoted conspiracy theories and made many false and misleading statements during his campaigns and presidency, to

4796-589: The Deal (1987), was a New York Times Best Seller . While he was credited as co-author, the entire book was written by Tony Schwartz . According to The New Yorker , the book made Trump famous as an "emblem of the successful tycoon". Trump had cameos in many films and television shows from 1985 to 2001. Starting in the 1990s, Trump was a guest about 24 times on the nationally syndicated Howard Stern Show . He had his own short-form talk radio program called Trumped! from 2004 to 2008. From 2011 until 2015, he

4905-507: The House passed the Senate bill on a near party-line ( Jared Golden was the only one to vote against) vote of 220–211 (concurring in the Senate amendments), sending the bill to President Biden for his signature. Biden signed the bill the following day, on March 11, 2021. On March 15, 2021, the White House announced that Gene Sperling will oversee the implementation of the bill. Following the signing, Biden and his top messengers kicked off

5014-424: The House passed the trillion dollar relief package by a vote of 219–212; two Democrats, Kurt Schrader (OR) and Jared Golden (ME) joined all Republicans in opposition. Senate Majority Leader Chuck Schumer said that the Senate would pass the bill before March 14. On March 4, Schumer introduced the Senate version of the bill on the floor, which had a few changes to the House bill. The Senate voted 51–50 to advance

5123-525: The House would still approve the bill with the minimum wage raise, although it would have to be amended out in the final Senate bill to comply with the parliamentarian's ruling. Progressive Democrats and liberal groups urged Harris to overrule MacDonough (which she has the constitutional power to do as president of the Senate ) or for Senate Democratic leadership to replace her (which the Republicans did once before, firing Robert Dove in 2001 after he made

5232-503: The House. The legislation was also approved by the Transportation and Infrastructure , Small Business , and House Veterans Affairs committees. On February 22, the House Budget Committee voted 19–16 to advance the bill to the House for a floor vote. The bill passed the House by a vote of 219–212 on February 27. All but two Democrats voted for the bill and all Republicans voted against the bill. A modified version passed

5341-520: The New York attorney general determined the foundation to be in violation of state law, for soliciting donations without submitting to required annual external audits, and ordered it to cease its fundraising activities in New York immediately. Trump's team announced in December 2016 that the foundation would be dissolved. In June 2018, the New York attorney general's office filed a civil suit against

5450-780: The Senate on March 6 by a vote of 50–49. The final amended bill was passed by the House on March 10 by a vote of 220–211 with one Democrat ( Jared Golden ) voting against it alongside all Republicans. The bill was signed into law by President Biden on March 11, 2021. The American Rescue Plan Act provided for direct economic stimulus payments to individual taxpayers with incomes of $ 75,000 or less. The Act also allocated $ 350 billion in assistance to state and local governments, $ 14 billion for COVID-19 vaccine distribution, and $ 130 billion to schools to help them safely re-open for in-person instruction. The Act included $ 300 billion in unemployment benefits that were scheduled to extend through Labor Day 2021, as well as an expanded child tax credit. In addition,

5559-477: The Slovenian model Melania Knauss . They have one son, Barron (2006–). Trump says he has never drunk alcohol, smoked cigarettes, or used drugs. He sleeps about four or five hours a night. He has called golfing his "primary form of exercise", but usually does not walk the course. He considers exercise a waste of energy because he believes the body is "like a battery, with a finite amount of energy", which

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5668-479: The Trump name for consumer products and services, including foodstuffs, apparel, learning courses, and home furnishings. According to The Washington Post , there are more than 50 licensing or management deals involving his name, and they have generated at least $ 59 million in revenue for his companies. By 2018, only two consumer goods companies continued to license his name. In September 1983, Trump purchased

5777-413: The White House pressured him to support Carper's amendment. Manchin had initially signalled he would support a GOP-backed amendment by Portman to cut off the unemployment benefits at July. After hours of negotiations between top Senate Democrats and the White House, Manchin stated he would back a revised version of Carper's amendment which would cut off the unemployment benefits at September 6. The final vote

5886-399: The allegations. In October 2016, a 2005 " hot mic " recording surfaced in which Trump bragged about kissing and groping women without their consent, saying that "when you're a star, they let you do it. You can do anything. ... Grab 'em by the pussy ." The incident's widespread media exposure led to Trump's first public apology during his 2016 presidential campaign and caused outrage across

5995-417: The banks restructured debt and reduced his shares in the properties. During the 1980s, more than 70 banks had lent Trump $ 4 billion. After his corporate bankruptcies of the early 1990s, most major banks, with the exception of Deutsche Bank, declined to lend to him. After the January 6 Capitol attack , the bank decided not to do business with him or his company in the future. In 1982, Trump made

6104-539: The bill provided some funding for Republican-leaning states, 61% of aid would go to states that voted for Biden in November 2020. Some Democrats argued the bill's provisions were similar to policies Republicans had supported in the Trump administration ; Republicans responded by arguing that such measures were no longer necessary, as the economy was no longer in a recession and COVID-19 vaccines were now being administered. President Joe Biden advocated for fast-tracking

6213-405: The bill would cut their taxes by an average of $ 2,800, which would boost their after-tax income by 20%. Additionally, low-income households with children would see an average tax cut of about $ 7,700, and this would boost their after-tax income by 35%. Middle-income households will also see an average tax cut of about $ 3,350, and this would increase their after-tax income by 5.5%. Overall, about 70% of

6322-578: The bill's tax benefits will go to households making under $ 91,000. A March 2022 study released by the Federal Reserve Bank of San Francisco estimated that U.S. fiscal support measures designed to counteract the severity of the pandemic's economic effect (among them, the American Rescue Plan and the 2020 CARES Act ) may have raised core inflation about 3 percentage points by the end of 2021, noting that this estimate falls "in

6431-740: The day after Joe Biden was inaugurated , he warned that the death toll could exceed 500,000. According to Snopes , Biden inherited a vaccine distribution strategy from Trump, and disease expert Anthony Fauci said that his administration would incorporate some aspects of that Trump-era strategy in its ongoing work. Prior to the passing of the American Rescue Plan, the CARES Act and Consolidated Appropriations Act, 2021 were signed into law by then- president Donald Trump in March and December 2020, respectively. Trump previously expressed support for direct payments of $ 2,000 along with Joe Biden and many Democrats . Even though Trump called for Congress to pass

6540-576: The different implications of these two conflicting explanations. President of the Federal Reserve Bank of Richmond , Jeffrey M. Lacker , with Renee Haltom, has criticized Bernanke's solution because "it encourages excessive risk-taking and contributes to financial instability." Thomas M. Humphrey and Richard Timberlake concentrated in their book "Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder 1922–1938" on

6649-438: The direct payments of $ 2,000 would be passed only if Democratic candidates Jon Ossoff and Raphael Warnock won; the promise of comprehensive COVID-19 relief legislation was reported as a factor in their eventual victories. On January 14, prior to being inaugurated as president, Biden announced the $ 1.9 trillion stimulus package. Ten Republican senators announced plans to unveil a roughly $ 600 billion COVID-19 relief package as

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6758-401: The direct payments, the bill's expansion of low-income tax credits, child-care subsidies, expanded health-insurance access, extension of expanded unemployment benefits, food stamps, and rental assistance programs. The bill contains little direct aid to high income-earners, who largely retained their jobs during the COVID-19 economic shock and bolstered their savings. Biden's administration crafted

6867-432: The economy stage a full recovery. The United States Senate voted 50–49 to open debate on the resolution, which would allow Democrats to pass the relief package without support from Republicans through the process of reconciliation . The House voted 218–212 to approve the budget resolution. On February 4, a vote-a-rama session began, and the Senate introduced amendments to the relief package, including an amendment in

6976-539: The end of 2006. After donating a total of $ 65,000 in 2007–2008, he stopped donating any personal funds to the charity, which received millions from other donors, including $ 5 million from Vince McMahon . The foundation gave to health- and sports-related charities, conservative groups, and charities that held events at Trump properties. In 2016, The Washington Post reported that the charity committed several potential legal and ethical violations, including alleged self-dealing and possible tax evasion . Also in 2016,

7085-529: The fact that the Federal Reserve did not counteract the sudden reduction of money stock and velocity. Ben Bernanke argued, instead, that the problem was lack of credit , not lack of money, and hence, during the Great Recession , the Federal Reserve led by Bernanke provided additional credit, not additional liquidity (money), to stimulate the economy back on course. Jeff Hummel has analyzed

7194-632: The family real estate business in 1971, he renamed it the Trump Organization . Trump launched side ventures following a series of bankruptcies in the 1990s, mostly by licensing the Trump name. From 2004 to 2015, he produced and hosted the reality television series The Apprentice . In 2015, Trump launched a presidential campaign that led to the Trumpism movement. Trump won the 2016 presidential election . His election and policies sparked numerous protests . In his first term , he ordered

7303-632: The final relief bill. The Republican Party used hundreds of non-binding votes in the hours-long vote-a-rama session to send messages. Under current law, undocumented immigrants were already prohibited from receiving pandemic relief checks. The amendment passed with eight Democrats joining all Republicans. The amendment received criticism from progressive immigration activist Greisa Martínez Rosas and Senator Mazie Hirono (D- HI ). The White House later stated that it would continue to support legislation that would give all otherwise eligible individuals with social security numbers stimulus checks. On February 8,

7412-595: The first U.S. president to be convicted of a felony. He faced more felony indictments related to his interference in the 2020 election and his handling of classified documents , which were dismissed following his reelection in 2024. Trump was born on June 14, 1946, at Jamaica Hospital in Queens , New York City, the fourth child of Fred Trump and Mary Anne MacLeod Trump . He is of German and Scottish descent. He grew up with his older siblings, Maryanne , Fred Jr. , and Elizabeth, and his younger brother, Robert , in

7521-409: The foundation, Trump, and his adult children, seeking $ 2.8 million in restitution and additional penalties. In December 2018, the foundation ceased operation and disbursed its assets to other charities. In November 2019, a New York state judge ordered Trump to pay $ 2 million to a group of charities for misusing the foundation's funds, in part to finance his presidential campaign. Roy Cohn

7630-443: The full text of the bill was released. It included an increase in the federal minimum wage, direct checks for Americans making $ 75,000 or less a year, an extension of $ 400 federal unemployment benefits and more money for small businesses. On February 22, the House Budget Committee voted 19–16 to advance the bill. The following day, House Majority Leader Steny Hoyer announced that the House vote would occur that Friday. On February 26,

7739-525: The income of the poorest one-fifth of Americans by nearly $ 3,590. The Congressional Budget Office estimated that the bill's increase in health insurance subsidies would lead to 1.3 million previously uninsured Americans gaining health insurance coverage . A 2022 study from the Brookings Institution found mixed results for some of the bill's economic development funding. The Tax Policy Center wrote that, for households making under $ 25,000,

7848-768: The initial Forbes list of wealthy people for holding a share of his family's estimated $ 200 million net worth (equivalent to $ 631 million in 2023). His losses in the 1980s dropped him from the list between 1990 and 1995. After filing the mandatory financial disclosure report with the FEC in July 2015, he announced a net worth of about $ 10 billion. Records released by the FEC showed at least $ 1.4 billion in assets and $ 265 million in liabilities. Forbes estimated his net worth dropped by $ 1.4 billion between 2015 and 2018. In their 2024 billionaires ranking, his net worth

7957-474: The legislation by the end of February, and for the legislation to be signed into law by March 14. On February 16, Biden promoted his stimulus plan in a visit in Milwaukee , Wisconsin during his first official trip as president. He promoted it via a CNN townhall meeting with voters. On February 18, Yellen called for major stimulus checks during an interview on CNBC , and said that stimulus checks would help

8066-408: The legislation. CBS News released a poll on March 12, which showed that 75% of Americans approved the stimulus bill, including 77% of independents, 46% of Republicans, and 94% of Democrats. In a poll conducted by Data for Progress and Vox , around 31% of Republican voters believed that their party backs the legislation, with 53% believing that it does not. Stimulus (economics) A stimulus

8175-478: The minimum wage to $ 10, phasing in gradually to 2025. The minimum wage would biennially rise with inflation, indexed to the chained consumer price index . Businesses would also be required to use the E-Verify system so to ensure that workers paid the higher wages are legal immigrants and eligible to work. Adult workers would have to provide a photo ID, states would be incentivized to share driver's-license data with

8284-572: The minimum wage to $ 15 an hour ranges from 53 to 60%, Democratic Senators Joe Manchin and Kyrsten Sinema opposed this provision and threatened to derail the bill over this issue. On February 25, the day before the full House vote, the Senate Parliamentarian Elizabeth MacDonough ruled that the proposal to add the minimum wage provision to the stimulus bill was not compatible with the Senate's budget reconciliation process. Pelosi stated later that day that

8393-432: The minimum wage to $ 15 would lift 900,000 people out of poverty and cumulatively raise the wage of all affected people by $ 333 billion, but also could increase the cumulative budget deficit, over the next decade, to $ 54 billion (and add $ 16 billion in interest costs) and reduce employment by 0.9% (1.4 million jobs) over four years. Republican Senators Mitt Romney and Tom Cotton introduced their own bill, which would raise

8502-423: The minimum wage. Senator Tom Carper introduced an amendment which would extend the unemployment benefits through the end of September but would cut the benefits from $ 400 to $ 300. The amendment also did not tax the first $ 10,200 of unemployment benefits. Senator Joe Manchin, a key vote in the Senate, disagreed with Carper's amendment, stalling the Senate amendment process for hours while his Democratic colleagues and

8611-638: The mostly vacant 71-story skyscraper at 40 Wall Street , later rebranded as the Trump Building. In the early 1990s, he won the right to develop a 70-acre (28 ha) tract in the Lincoln Square neighborhood near the Hudson River. Struggling with debt from other ventures in 1994, he sold most of his interest in the project to Asian investors, who financed the project's completion, Riverside South . Trump's last major construction project

8720-605: The nearest taxpayers. In 1995, his reported losses were $ 915.7 million (equivalent to $ 1.83 billion in 2023). In 2020, The New York Times obtained Trump's tax information extending over two decades. Its reporters found that he reported losses of hundreds of millions of dollars. Since 2010 he had also failed to pay back $ 287 million in loans. During the 15 years prior to 2020, using tax credits for business losses, he paid no income taxes in 10 of those years and $ 750 each in 2016 and 2017. He balanced his businesses' losses by selling and borrowing against assets, including

8829-429: The opportunity to introduce, debate, and vote on amendments. There were multiple amendments brought onto the Senate floor. Bernie Sanders introduced the first amendment to raise the federal minimum wage to $ 15 per hour. All Republicans and eight Democrats voted against the amendment. After the vote, Sanders stated he was not surprised by the outcome and vowed that progressives would keep fighting on other fronts to raise

8938-492: The package builds upon many of the measures in the CARES Act from March 2020 and in the Consolidated Appropriations Act, 2021 , from December. On February 8, 2021, the Financial Services and Education and Labor committees released a draft of $ 1.9 trillion stimulus legislation. A portion of the relief package was approved by the House Ways and Means on February 11, setting it up for a vote in

9047-498: The plan in part because economic aid to lower-income and middle-income Americans (who are more likely to immediately spend funds on bills, groceries, and housing costs to avoid eviction or foreclosure) is more likely to stimulate the U.S. economy than aid to higher-earners (who are more likely to save the money). The Institute on Taxation and Economic Policy predicted that the stimulus bill's direct payments, child tax credit expansion, and earned income tax credit expansion would boost

9156-1189: The plan. Dyer told the Washington Post that "It's not a Republican issue or a Democrat issue. It's a public health issue. It's an economic issue. And it's a public safety issue." Over 150 CEOs of major companies expressed support for the Biden stimulus plan in a letter and urged Congress to pass it. A broad range of advocacy and interest groups praised the bill, including local government groups ( National Association of Counties and U.S. Conference of Mayors ); business associations ( National Farmers Union , Airlines for America , National Association of Realtors , National Restaurant Association , Small Business Majority ); education organizations (the American Council on Education , American Federation of Teachers , National Education Association , National School Boards Association ), organized labor (the AFL–CIO and AFSCME ); healthcare organizations ( American Academy of Pediatrics , Association of State and Territorial Health Officials , National Nurses United ),

9265-728: The political spectrum. Starting in 1968, Trump was employed at his father's real estate company, Trump Management, which owned racially segregated middle-class rental housing in New York City's outer boroughs. In 1971, his father made him president of the company and he began using the Trump Organization as an umbrella brand . In 1975, Trump settled a 1973 Department of Justice civil rights lawsuit alleging housing discrimination against black renters by consenting to desegregate. Between 1991 and 2009, he filed for Chapter 11 bankruptcy protection for six of his businesses:

9374-463: The racist "birther" conspiracy theory , alleging that Barack Obama, the first black U.S. president, was not born in the U.S. In April, he claimed credit for pressuring the White House to publish the "long-form" birth certificate, which he considered fraudulent, and later said this made him "very popular". In September 2016, amid pressure, he acknowledged that Obama was born in the U.S. In 2017, he reportedly expressed birther views privately. Trump has

9483-410: The rate of growth of public debt . Supporters of Keynesian economics assume the stimulus will cause sufficient economic growth to fill that gap partially or completely via the multiplier effect. Monetary stimulus refers to lowering interest rates, quantitative easing , or other ways of increasing the amount of money or credit. Milton Friedman argued that the Great Depression was caused by

9592-529: The related licensing agreements, they earned him more than $ 400 million. In February 2021, Trump, who had been a member of SAG-AFTRA since 1989, resigned to avoid a disciplinary hearing regarding the January ;6 attack. Two days later, the union permanently barred him. Trump registered as a Republican in 1987; a member of the Independence Party , the New York state affiliate of

9701-430: The relief bill and allow debates to begin, with Harris casting the tie-breaking vote. Ron Johnson objected to Schumer's request to skip the reading of the bill, forcing the Senate clerks to read aloud the entire 628-page Senate bill, delaying the Senate amendment process for up to 15 hours. On March 5, the Senate reconvened and had 3 hours of debate, and thereafter moved to the "vote-a-rama" session, where senators would have

9810-632: The rents of his rent-stabilized units. From 1996 to 2015, Trump owned all or part of the Miss Universe pageants, including Miss USA and Miss Teen USA . Due to disagreements with CBS about scheduling, he took both pageants to NBC in 2002. In 2007, he received a star on the Hollywood Walk of Fame for his work as producer of Miss Universe. NBC and Univision dropped the pageants in June 2015. In 2004, Trump co-founded Trump University ,

9919-632: The request "strange and unbelievable". Trump was a candidate in the 2000 Reform Party presidential primaries for three months, but withdrew from the race in February 2000. In 2011, Trump speculated about running against President Barack Obama in the 2012 election , making his first speaking appearance at the Conservative Political Action Conference (CPAC) in February and giving speeches in early primary states. In May, he announced he would not run. His presidential ambitions were generally not taken seriously at

10028-843: The required inflation rate without fiscal stimulus by the government. Monetary stimulus is often considered more neutral: decreasing interest rates make additional investments profitable, but yet only the most additional investments, whereas fiscal stimulus where the government decides the investments may lead to populism via public choice theory , or corruption . However, the government can also take externalities into account, such as how new roads or railways benefit users who do not pay for them, and choose investments that are even more beneficial although not profitable. Supporters of Keynesian economics are typically strongly in favor of stimulus. Austrian economic school and Rational expectations economists are typically against stimulus. Donald Trump Donald John Trump (born June 14, 1946)

10137-528: The same day, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer introduced a budget resolution co-sponsored by Bernie Sanders as a step to pass the legislation without support from the Republican Party . The next day, Biden met with Majority Leader Schumer and other Democrats regarding the relief package. On February 7, Transportation Secretary Pete Buttigieg and Treasury Secretary Janet Yellen expressed support for

10246-404: The sole Democrat to join all Republicans in opposition to the bill due to a preference for a separate vaccine bill instead of the longer reconciliation process. One of the many non-binding budget amendments in the vote-a-rama session was meant to prohibit people who are in the country illegally from receiving pandemic relief checks. The non-binding amendments were not likely to have any effect on

10355-438: The start of the pandemic. Over 30 to 40 million Americans faced a risk of being evicted from their homes by January 2021. Then-president Donald Trump also faced criticism for not having a federal strategy to combat the pandemic, such as nationwide mask mandates on transportation, a mass testing strategy, health guidelines, providing medical-grade protective gear, and having an effective vaccine distribution strategy. On January 20,

10464-523: The stimulus package with optimally bipartisan support. In early February 2021, Biden criticized Republicans for not seeking a bipartisan compromise on a final aid bill, and said the Republicans were wilfully obstructing his proposal. At the time, Biden signaled openness to passing the legislation without any support from congressional Republicans. Biden stated that he could not, "in good conscience," make concessions to Republicans who he said propose to either "do nothing or not enough" as Republicans complain Biden

10573-462: The stimulus package. Yellen said that the funding would help millions of Americans and rejected concerns the colossal spending could cause inflation. Yellen also said that the stimulus package would restore full employment by 2022. On February 9, Biden met with JPMorgan Chase CEO Jamie Dimon and other CEOs to discuss the stimulus plan, with Yellen and Harris taking part in the meeting. On February 11, Pelosi said that she expects lawmakers to complete

10682-401: The stimulus plan and a poll from Quinnipiac University found that 68% of Americans support it. A Morning Consult / Politico poll showed that 76% of voters, including 60% of Republicans and 89% of Democrats, supported the bill. A Monmouth University poll found that 62% of Americans approve of the stimulus package, with 92% of Democrats, 56% of independents, and 33% of Republicans supporting

10791-612: The system, and the federal government would make more of an effort to block or suspend misused Social Security numbers. The House-passed bill included $ 1.5 million to cover operating shortfalls on the New York-Ontario Seaway International Bridge (caused by border closures), and $ 140 million for the Silicon Valley BART extension . Both provisions were removed from the Senate bill due to Republican opposition. On March 10, 2021,

10900-522: The upper range of findings from other recent research". At the same time, the study notes that these measures may have prevented "outright deflation and slower economic growth, the consequences of which would have been harder to manage". The study estimates the effect on inflation from the aggregate of all U.S. fiscal support measures and does not give estimates for the effects of individual measures. The relief package received universal support from Democrats and universal opposition from Republicans, passing on

11009-545: The wealthy Jamaica Estates neighborhood of Queens. He attended the private Kew-Forest School through seventh grade and New York Military Academy , a private boarding school, from eighth through twelfth grade. In 1964, Trump enrolled at Fordham University . Two years later, he transferred to the Wharton School of the University of Pennsylvania , graduating in May 1968 with a Bachelor of Science in economics. In 2015, he threatened his high school, colleges, and

11118-408: Was 50 to 49 on party lines, and the bill was sent back to the House for final passage. President Biden doubted that his desire to increase the federal minimum wage to $ 15 an hour would be included in the final coronavirus relief package. Biden predicted that Senate rules for budget reconciliation would prevent the increase from going forward. While recent polling indicates that support for increasing

11227-415: Was Trump's fixer , lawyer, and mentor for 13 years in the 1970s and 1980s. According to Trump, Cohn sometimes waived fees due to their friendship. In 1973, Cohn helped Trump countersue the U.S. government for $ 100 million (equivalent to $ 686 million in 2023) over its charges that Trump's properties had racial discriminatory practices. Trump's counterclaims were dismissed, and the government's case

11336-479: Was a guest commentator on Fox & Friends . From 2004 to 2015, Trump was co-producer and host of reality shows The Apprentice and The Celebrity Apprentice . On the shows, he was a superrich and successful chief executive who eliminated contestants with the catchphrase "you're fired". The New York Times called his portrayal a "highly flattering, highly fictionalized version of Mr. Trump". The shows remade his image for millions of viewers nationwide. With

11445-596: Was estimated to be $ 2.3 billion (1,438th in the world). In 2018, journalist Jonathan Greenberg reported that Trump had called him in 1984 pretending to be a fictional Trump Organization official named " John Barron ". Greenberg said that, to get a higher ranking on the Forbes 400 list of wealthy Americans, Trump, speaking as "Barron", falsely asserted that Donald Trump owned more than 90 percent of his father's business. Greenberg also wrote that Forbes had vastly overestimated Trump's wealth and wrongly included him on

11554-518: Was financed with $ 675 million in junk bonds and completed for $ 1.1 billion, opening in April 1990. He filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, he gave up half his initial stake and personally guaranteed future performance. To reduce his $ 900 million of personal debt, he sold the Trump Shuttle airline; his megayacht,

11663-735: Was repealed by the Inflation Reduction Act of 2022 . The Act allocated $ 60 billion to counties and $ 10 billion for a Coronavirus Capital Projects Fund. (The bill initially passed by the House would have instead allocated $ 65 billion to counties and $ 65 billion to municipalities; rather, the Senate formula was adopted). Key elements and provisions of the Act include: The bill contains the following COVID-19 funding (including for COVID-19 vaccines , testing , and contact tracing ) and other healthcare-related funding: The bill's economic-relief provisions were overwhelmingly geared toward low-income and middle-class Americans, who received

11772-535: Was settled with the Trumps signing a consent decree agreeing to desegregate. In 1975, an agreement was struck requiring Trump's properties to furnish the New York Urban League with a list of all apartment vacancies, every week for two years, among other things. Cohn introduced political consultant Roger Stone to Trump, who enlisted Stone's services to deal with the federal government. According to

11881-590: Was the 92-story mixed-use Trump International Hotel and Tower (Chicago) which opened in 2008. In 2024, the New York Times and ProPublica reported that the Internal Revenue Service was investigating whether he had twice written off losses incurred through construction cost overruns and lagging sales of residential units in the building he had declared to be worthless on his 2008 tax return. In 1984, Trump opened Harrah's at Trump Plaza ,

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