The House Democrats approved the $1.9 trillion covid spending bill on Wednesday, clearing the last hurdle before the legislation lands on Biden's desk for signing. Perhaps the most extraordinary aspect of the bill is that it survived intact despite the destruction of any rational basis for many of its provisions. For example, the bill sends $350 billion to states and cities despite the fact that widespread fears of state tax revenues suffering severe declines turned out to be wrong. In fact, tax revenue fell just four-tenths of a percentage point, and some states saw huge gains. New York's tax revenue, for instance, fell by less than 2 percent or around $1.5 billion. It is set to take in $23.5 billion from the bill.
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