This stimulus package geared towards combating the economic fallout is said to be the largest relief package in modern American history.
Thanks to Pelosi and Schumer suddenly making demands at the 11th hour to selfishly suit their party’s preferences, the government aid that individuals and businesses so desperately needed only increased.
… I’m a very understanding person, but I’ve never had such a strong urge to dropkick a mother trucker.
The coronavirus pandemic has caused more of an economic detriment than a health detriment in the United States, so the government aid distributed to jobless individuals and businesses negatively effected by the pandemic is absolutely essential.
According to The New York Times:
The legislation, which is expected to be enacted within days, is the biggest economic stimulus package in modern American history, aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption.
Struck shortly before 1 a.m., it was the product of a marathon set of negotiations among Senate Republicans, Democrats and President Trump’s team that nearly fell apart as Democrats insisted upon stronger worker protections and oversight over a new $500 billion fund to bail out distressed businesses.
The deal was struck after a furious final round of haggling between Senator Mitch McConnell, Republican of Kentucky, Steven Mnuchin, the Treasury secretary, and Senator Chuck Schumer, Democrat of New York, after Democrats twice blocked action on the measure as they insisted on concessions.
Ahh, yes, the drop-kicker-y I was mentioning previously…
At last, we have a deal.
After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.
We’re going to pass this legislation later today.
— Leader McConnell (@senatemajldr) March 25, 2020
More from The New York Times:
“We have a deal,” Mr. Ueland told reporters just before 1 a.m., adding that the text of the bill still needed to be completed. “We have either, clear, explicit legislative text reflecting all parties or we know exactly where we’re going to land on legislative text as we continue to finish.”
I’m wondering how much crap Pelosi was able to squeeze into the deal. Perhaps just the nonconsensual tip?
I just pray that the ballot harvesting imposition won’t be included because that’s complete and utter fraudulent BS.
The Daily Wire reported:
“This legislation is urgently needed to bolster the economy, provide cash injections and liquidity and stabilize financial markets to get us through a difficult period, a difficult and challenging period in the economy facing us right now but also to position us for what I think can be an economic rebound later this year,” Larry Kudlow stated.
“Phase two delivered the sick leave for individuals, hourly workers, families and so forth. Phase three, a significant package for small businesses, loan guarantees will be included. We’re going to take out expenses and lost revenues.”
“The total package here comes to roughly $6 trillion: $2 trillion direct assistance, roughly $4 trillion in federal reserve lending power,” Kudlow added. “Again, it will be the largest main street financial package in the history of the United States.”
The president will sign the legislation after the House takes a vote, then the Senate will revisit by noon on Wednesday.
Fox News adds:
Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time. The package also would give one-time payments of $1,200 per adult and $500 per child directly to the public.
Although 2019 tax returns would be used to determine income (or 2018 tax returns if those are the most recent available), experts said it was likely the bill would contain provisions for those who do not file returns.
The massive economic relief package would provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines, given that Democrats wanted them to abide by new carbon emissions restrictions.
Republicans also won inclusion of an “employee retention” tax credit that’s estimated to provide $50 billion to companies that retain employees on payroll and cover 50 percent of workers’ paychecks. Companies would also be able to defer payment of the 6.2 percent Social Security payroll tax.