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House passes revised $2.2 trillion stimulus bill

The House passed Democrats' revised $2.2 trillion coronavirus relief bill 214-207on Thursday as 11th-hour negotiations between leaders for a bipartisan deal are gaining momentum.

Why it matters: The legislation, a slimmed down version of the House's initial $3.4 trillion HEROES Act, is Democrats' last ditch effort to strike a stimulus deal with the White House and Senate Republicans before Election Day, though many lawmakers admit they think the legislation has little chance of becoming law.

What's in the bill: The proposal would ...

  • Restore weekly enhanced unemployment benefits to $600.
  • Extend the small business Paycheck Protection Program, which expired in early August.
  • Allocate $28 billion for a vaccine, and $2 billion for more personal protective equipment for industries significantly impacted by COVID.
  • Increase federal spending on Medicaid.
  • Expand the employee retention tax credit.
  • Provide $436 billion for state and local governments and a 15% increase in food-stamp benefits.
  • Provide another round of $1,200 direct payments to Americans.
  • Increase funding for schools, airlines workers and COVID testing.

What's next: The Senate is unlikely to move on the bill while bipartisan talks between Congress and the White House continue, and few on Capitol Hill are optimistic discussions will be fruitful.

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Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

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Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

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