Stimulus is big, but we won’t be revising our forecasts

Although Democrats are close to securing passage of nearly all the $1.9trn originally requested by President Joe Biden in his American Rescue Plan, which is significantly more than the $1trn in additional money we had originally assumed would be coming this year, there are several reasons why we won’t be revising up our already above-consensus forecast that GDP growth will be as high as 6.5% this year.