economy shrank 3.5% last year, its largest annual decline in 74 years, government data shows. The labor market isn't likely to return to pre-pandemic levels until 2024, according to a February 1 report from the Congressional Budget Office. "The labor market recovery remained stuck in a rut in January as the pandemic's winter surge weighed on hiring." "It may look good, but it ain't," wrote Oxford Economics economist Lydia Boussour in a February 5 research note. That plan would cut the cost of a third stimulus check to $220 billion, compared with $600 billion under Mr. On February 1, a group of 10 Republican lawmakers unveiled an alternative stimulus plan that would scale back the checks to $1,000 per adult and lower the income cap for receiving payment. Heights Securities analyst Hunter Hammond expects a final package could be passed in the first quarter and range from $1.5 to $2.2 trillion. The price tag for the relief package, called the American Rescue Plan, faces pushback from some Republican lawmakers, who last year resisted Democratic efforts to pass a $2 trillion bill. Yet while that could extend a helping hand to millions of households still suffering from the pandemic's economic fallout, it could be weeks until the payments arrive, analysts say. President Joe Biden's $1.9 trillion coronavirus relief plan proposes a third round of stimulus checks of $1,400 for most Americans. Democrats prepare to fast-track Biden's $1.9 trillion COVID economic plan 02:07
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