Tag: economic stimulus bill

Coronavirus aid package passes Senate

Nearly $500 billion measure heads to the House for Thursday vote; Trump says he will sign

The Senate passed a $483.4 billion economic relief measure Tuesday that would replenish a popular small-business loan program and provide funding for hospitals facing financial shortfalls due to COVID-19.

Top Democrats and the Trump administration reached agreement on the legislation earlier in the day after weeks of sometimes testy negotiations.

The Senate’s voice vote, which occurred in a nearly empty chamber, sends the bill to the House for final passage likely on Thursday. House lawmakers are headed back to Washington for that vote, due to objections to a voice vote or unanimous consent. Continue reading.

Provision in coronavirus stimulus bill would ban companies owned by Trump or his children from receiving bailout money

AlterNet logoA massive coronavirus stimulus plan that the Senate and White House agreed to in the early hours of Wednesday morning would bar any companies owned or controlled by President Donald Trump, the president’s children, Vice President Mike Pence, or members of Congress from receiving any taxpayer bailout money, according to a summary of the legislation circulated by Senate Minority Leader Chuck Schumer.

The sprawling $2 trillion bill, which has not yet been released in full, would “prohibit businesses controlled by the president, vice president, members of Congress, and heads of executive departments from receiving loans or investments from Treasury programs,” Schumer’s summary states.

“The children, spouses, and in-laws of the aforementioned principals are also included in this prohibition,” the document adds. Continue reading.

Schumer: Stimulus package deal on ‘2-yard line’

Pelosi says Senate deal will include greater oversight of a proposed $500 billion loan fund for industries

Senate Minority Leader Charles E. Schumer, D-N.Y., said talks on a massive $2 trillion economic relief package were on the verge of wrapping up after the Trump administration and Republicans had moved Democrats’ way on issues like aid to hospitals and unemployment insurance.

“Last night, I thought we were on the 5-yard line. Right now, we’re on the 2,” Schumer said on the floor. “Of the few outstanding issues, I don’t see any that can’t be overcome in the next few hours.”

Schumer spoke after what he said was a “very productive meeting” with Treasury Secretary Steven Mnuchin, Rep. Mark Meadows, R-N.C. — whom President Donald Trump tapped earlier this month to be his new chief of staff — and White House legislative liaison Eric Ueland. Continue reading.

Mnuchin, Schumer say coronavirus rescue package deal very close

Both sides hope for a Tuesday vote.

Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer said that they are “very close” to an agreement on a nearly $2 trillion coronavirus economic rescue package, raising the possibility of a Senate vote on the legislation as early as Tuesday.

Following a series of late-night meetings in Schumer’s office in the Capitol — and a phone call with President Donald Trump to review the status of the discussions — Mnuchin and Schumer told reporters around midnight that they hope to have the final agreement in place in the morning.

“There are still documents that are going to be reviewed tonight and turned around, there’s still a couple of open issues, but I think we’re very hopeful this can be closed out tomorrow,” Mnuchin said. Continue reading.

Demands for workers-first stimulus grow as senate GOP fails to ram through $500 billion corporate ‘slush fund’

AlterNet logoSenate Republicans late Sunday failed to force through a $1.8 trillion coronavirus stimulus package that Democratic lawmakers, union leaders, and progressive advocacy groups condemned as a massive bailout for corporate America that would have done little to address the urgent economic and medical needs of ordinary people.

A procedural motion to advance the Republican bill, formally known as the CARES Act, received just 47 votes Sunday, well short of the 60 needed for passage. Every Senate Democrat present voted no.

“Republicans can’t seriously expect us to tell people in our communities who are suffering that we shortchanged hospitals, students, workers, and small businesses but gave big corporations hundreds of billions of dollars in a secretive slush fund.”
—Sen. Patty Murray

Senate Majority Leader Mitch McConnell (R-Ky.) scheduled another procedural vote on the legislation for Monday morning at 9:45 am ET as talks over the bill continued through the evening Sunday. Continue reading.

Senate falls far short of votes needed to advance coronavirus bill, as clash between Republicans and Democrats intensifies

Washington Post logoWith Democrats opposed, procedural vote fails on $1.8 trillion package in Senate; talks continue, but Pelosi indicates she will move forward on her own

Senate Democrats blocked a massive coronavirus stimulus bill from moving forward Sunday as partisan disputes raged over the legislation aimed at arresting the economy’s precipitous decline.

Lawmakers had hoped to pass the enormous $1.8 trillion bill by Monday, but Sunday night they were scrambling to revive talks, with the stock market poised for another sharp drop and households and businesses fretting about an uncertain future.

Negotiations continued even as the initial procedural vote fell short; 47 senators voted in favor and 47 were opposed. The tally was well short of the 60 votes needed to move forward. The number of “aye” votes was especially low because five Republicans are quarantined over coronavirus fears.

Washington scrambles to prevent massive unemployment spike

The Hill logoThe coronavirus is quickly taking a sledgehammer to the historically low unemployment rates that have defined much of President Trump‘s time in office.

The pandemic’s toll on the economy is now a key focus of Washington’s response to the growing public health crisis, with Congress and the White House scrambling to provide relief for struggling workers and businesses.

“It’s going to be a big problem,” said Jay Shambaugh, director of the Hamilton Project and a senior economics fellow at the Brookings Institution. “Unemployment is going to be where we see the economic damage, and is rising, frankly, faster than we expected just a week or two ago.” Continue reading.

Senior GOP senators object to direct payments at caucus meeting

The Hill logoPresident Trump’s signature proposal to send $1,200 direct payments to the public received pointed pushback from senior Senate Republicans at a meeting Thursday where GOP negotiators unveiled their version of a $1 trillion stimulus plan.

The most controversial element is a plan to send out $1,200 checks to people earning up to $75,000 and couples earning up to $150,000, and to phase out the subsidies quickly after those thresholds.

Despite the pushback, GOP senators still expect Senate Majority Leader Mitch McConnell (R-Ky.) to unveil the GOP plan on Thursday. Continue reading.

Opposing Relief Bill, GOP Sen. Ron Johnson Shrugs Off COVID-19 Deaths

Sen. Ron Johnson (R-WI) tried to downplay how bad the impact of the novel coronavirus will be, and in the process showed his science skills are not up to speed.

In an interview with the Milwaukee Journal Sentinel, he suggested that the social distancing measures being taken to stop the spread of the virus are overblown.

“I’m sure the deaths are horrific … I’m not denying what a nasty disease COVID-19 can be, and how it’s obviously devastating to somewhere between 1 and 3.4 percent of the population,” Johnson told the Journal Sentinel. Continue reading.