Big League Economics
President Trump Signs Sweeping $100 Billion Coronavirus Relief Package
It’s the first coronavirus stimulus legislation to enter effect.
President Donald Trump signed the Families First Coronavirus Response Act into law on Wednesday afternoon, enacting the first piece of legislation within a broader coronavirus stimulus package expected within the next few weeks.
The bill, passed by the Senate in a 90-8 vote on the same day, provides more than $100 billion dollars in various forms to Americans currently impacted by the coronavirus epidemic.
The bill utilizes the resources in the form of emergency paid sick leave, child care leave, and buffed unemployment benefits. It makes coronavirus tests free with Medicaid funding.
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Cooperation between Nancy Pelosi, Mitch McConnell, and the President ultimately proved crucial to the prompt passage of the legislation.
McConnell described the ongoing coronavirus economic crash as “a time for urgent bipartisan action, and in this case, I do not believe we should let perfection be the enemy of something that will help even a subset of workers.”
$100 billion is no small sum, but the bill appears to be a mere prequel to an upcoming greater stimulus package. A bill pumping up to $1 trillion dollars into the economy is currently undergoing preliminary preparation in the Senate. The Families First Act was intended to provide aid to people and communities in situations where time is of the essence.
The upcoming stimulus package, under the direction of Treasury Secretary Steven Mnuchin, is said to entail a form of means-tested basic income for all Americans. Mnuchin has already alluded to the possibility of the Treasury Department cutting checks to Americans by April 6th.
Such a stimulus approach differs from the 2008 bailout, which distributed wealth to Wall Street financial institutions that were instrumental in actually creating the recession. A Coronavirus Dividend would enable spending and saving for Americans afflicted by a situation that’s essentially an act of God.
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
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