Just a quick update on the outcome of the coronavirus stimulus bill negotiations.
Mitch McConnell attempted to ram through $2T spending bill that focused more on boosting big business than providing care for thousands of Americans suffering and dying from severe cases of COVID-19 (and thousands more to come) and alleviating the financial stress put on millions of Americans who suddenly became unemployed because of the coronavirus. Charles Schumer and the Democrats rightly objected to the Republican Senate’s bill and fought to focus on people instead of big business. The Democrats got much of what the wanted in the bill.
The resulting measure is an attempt to sustain the workers and businesses that are losing income as vast sections of the American economy are shutting down under quarantine orders and to help the economy rebound quickly once the pandemic abates.
It includes direct support for companies large and small that have lost all or most of their customers in recent weeks, and direct payments to low- and middle-income families. The package also includes measures meant to encourage companies to keep employees on their payrolls even if their businesses have shuttered temporarily — and it increases aid to workers who are laid off anyway or have had their hours and wages cut back.
The measure will be the third legislative action taken by Congress this month to address the pandemic. Mr. Trump previously signed both a $8.3 billion in emergency aid and a sweeping package providing paid leave, free testing and additional aid for families affected by the pandemic into law.
In the final measure, lawmakers agreed to a significant expansion of unemployment benefits that would extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits, officials familiar with the unfinished agreement said. Democrats said that it would allow workers to maintain their full salaries if forced out of work as a result of the pandemic.
In the interim, lawmakers also agreed to provide $1,200 in direct payments that would apply equally to workers with incomes up to $75,000 per year before phasing out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child.
We haven’t seen a senate compromise of this magnitude in a very long time. Probably not since Mitch McConnell said in October 2010, “The single most important thing we want to achieve is for President Obama to be a one-term president”.
Bravo Democrats. It’s your time to lead. Keep doing it and do it well, then maybe President Trump will be a one-term president.