By Blake Haas
BLOOMINGTON – After Congress passed a $1.9 trillion ‘American Rescue Plan,’ proposed by President Joe Biden, a Bloomington Financial Advisor says the bill is a “bailout disguised as a COVID relief plan.”
John Rudi, a Marketing Specialist with Savant Wealth Management, told WJBC’s Marc Strauss, the bill passed without a Republican vote.
“Look at the state of Illinois as a great example; they are going to be a big beneficiary of this bill, don’t kid yourself. The state retirement or plans, everything that Kevin (Kingston, a Financial Advisor with Savant Wealth Management) I think has mentioned over the years that have been so far underwater. This is a bailout; make no mistake about it.”
The bill, which provides another round of stimulus checks, also provides over $30 billion in aids to restaurants, $350 billion in state funding, and extends federal unemployment benefits.
“It’s disguised as a COVID relief plan because that was the way to get it passed. I’m not happy with it; I think it’s way too much money.”
On Tuesday, the House of Representatives approved the bill that currently awaits the President’s signature.
President Biden signed the bill into law Thursday.
Blake Haas can be reached at News@WJBC.com.