US Congress finalizes $900 billion relief plan, will Bitcoin's bullish momentum continue to rise?

The U.S. Congress has finalized a $900 billion relief package, with the details of the bill still being adjusted. It is expected to be delivered for Senate and House deliberation as early as the 21st in the United States.

Finalized $900 Billion Relief Plan

According to CNBC, following negotiations on the stimulus bill resumed by President Trump on October 9th, the leaders of the U.S. Congress from both the Republican and Democratic parties ended months of deadlock and announced yesterday a preliminary consensus on the fiscal legislation for the fiscal year 2021 from October 2020 to September 2021, including an economic relief package totaling $1.4 trillion and a $900 billion relief plan. Senate Republican leader Mitch McConnell stated:

"We have finally achieved a bipartisan breakthrough for the United States."

The relief plan will provide benefits such as loans and cash allowances to taxpayers, small business loans, and individuals unemployed due to the pandemic. The detailed contents of the bill are still being adjusted and are expected to be delivered for House deliberation on the 21st of December, US time, followed by a vote in the Senate. Once passed, the U.S. government is expected to provide direct payments of $600 per person and $300 in weekly unemployment benefits. Some of the fund allocations in the stimulus bill are as follows:

• Direct Economic Relief ($286 billion): including unemployment insurance ($120 billion) and direct payments ($166 billion).
• Small Business ($325 billion): including the Paycheck Protection Program providing low-interest loans to eligible businesses ($284 billion).
• Vaccines, Testing, and Healthcare Workers ($69 billion)
• Education Assistance ($82 billion)
• Rental Housing Assistance ($25 billion)
• Food/Agricultural Assistance ($26 billion)
• Child Care ($10 billion)
• Postal Service ($10 billion)

Presidential candidate Biden stated in a release that the $900 billion plan provides critical temporary support for the American people, but this is just the beginning.

"As we start the new year, Congress will need to work full throttle to support our relief plan, provide support for families in distress, and invest in employment and economic recovery. There is no time to waste."

As the relief plan is expected to help small and medium-sized businesses globally and inject funds into the market, boosting investor confidence and stimulating the stock market, in the previous round of relief plans, many Americans chose to invest their relief funds into Bitcoin as a hedge against inflation. Therefore, the next round of relief plans may also help boost the demand for cryptocurrencies.