Coronavirus Stimulus Agreement Expected on Tuesday After Democratic Obstruction
Negotiations between Democratic Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin on a coronavirus stimulus package appear to be making progress, with both parties expecting to reach agreement on a final package Tuesday.
Mnuchin called President Donald Trump during the negotiations, updating him on the progress the parties were making. The two men explained to Hill reporters that they expect a formal agreement on the stimulus package Tuesday morning, and a vote on the proposal later in the day.
The stimulus package is expected to entail cash payments of $1,200 for every American to inject resources into the economy. Some have likened the basic income payments as ‘TrumpBux.’
Small businesses will be provided with $350 billion in loans that aren’t expected to be paid back, allowing them to stay open and continue meeting payroll in a time where everyday commerce and life is severely disrupted. The final stimulus package largely seems to resemble the plan Mitch McConnell brought up.
The stimulus in total will place more than $2 trillion into the hands of various businesses and middle-class Americans. The TrumpBux proposal is means-tested, with Americans who reported more than $100,000 in income on their 2018 tax return not receiving the money.
Nancy Pelosi and Senate Democrats tanked the original relief package on Sunday, citing a desire to introduce their own set of pet projects into the package that are totally unrelated to the economic damage caused by the coronavirus.
The prospect of a deal that passes Congress appears likely. But Republican negotiators can’t ignore the possibility of childish tricks from Democrats, who could aim to pose as willing negotiators before pulling out the rug and making a lavish new set of demands for their preference for the stimulus package.
If Schumer proves to be perfidious on his commitment towards a stimulus package, his party will reckon with the prospect of holding up desperate required TrumpBux and economic relief for small business in pursuit of their own vain political aims.