BREAKING: Senate, White House reach $2 trillion stimulus deal washingtonpost.com/us-policy/2020…
The Senate bill would direct payments of $1,200 to most American adults and $500 to most children, create a $500 billion lending program for companies, states, and cities, and extend an additional $367 billion to help small companies deal with payroll problems.
It would bolster the unemployment insurance system and pump $150 billion into U.S. hospitals. The bill more than doubled in size in just a few days.
White House National Economic Council Director Larry Kudlow called it the “single largest Main Street assistance program in the history of the United States.”
The legislation would also significantly boost unemployment insurance, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay.
“We had asked for four months and four months looks like what we’re going to get,” Schumer said on the Senate floor Tuesday.
The legislation also contains $130 billion for hospitals and $150 billion for a state and local stimulus fund.
The legislation also contains $130 billion for hospitals and $150 billion for a state and local stimulus fund.
Sen. Marco Rubio (R-Fla.), who negotiated the small business portion, said it had grown to $367 billion, with inclusion of six months of loan forbearance for all small businesses adding $17 billion to the original $350 billion price tag.
If the Senate is able to pass a bipartisan package quickly the expectation is that the House would follow suit.
House Democrats released their own larger and more generous stimulus package on Monday, stuffed with provisions that would be non-starters for Republicans such as a $15 minimum wage requirement for airlines and businesses that receive funds.
But that legislation would be set aside and Pelosi would attempt to move the Senate bill through the House.
A few other sticking points: Dems were pushing for more money for Native American tribes. And in early drafts of the bill circulating Tuesday, nonprofits, with the exception of those that receive funding from Medicaid, would have been allowed to access the small business loans.
This would effectively have excluded some health centers that provide reproductive health services (i.e. abortions). Some Democrats and health advocates objected to that language — and as the legislation was finalized it appeared to have been struck.
Democratic aides said they were optimistic that a strong bipartisan Senate vote would make it possible to pass the bill by unanimous consent in the House — a process requiring only two members present in the House chamber.
But that would require every lawmaker to agree — a tall order for a $2 trillion bill touching every part of the U.S. economy.
