Congress Clears 2-Day Spending Extension to Finalize Stimulus Deal
December 18, 2020 9:25 pm
Tags: and Economic Security Act (2020), biden, Coronavirus Aid, Democratic Party, Federal Reserve System, Joseph R Jr, Patrick J, Relief, Republican Party, Senate, Stimulus (Economic), Toomey, United States Economy, United States Politics and Government
Categories: Biden, Joseph R Jr Coronavirus Aid, Relief, and Economic Security Act (2020) Democratic Party Federal Reserve System JoshWho News nyt Republican Party Senate Stimulus (Economic) Toomey, Patrick J United States Economy United States Politics and Government US US News
Negotiators worked into Friday night to put the finishing touches on key details of the stimulus compromise, continuing negotiations on how long unemployment benefits should last, how to distribute federal relief for small businesses and the extension of a federal eviction moratorium. The plan was expected to revive the Paycheck Protection Program, a loan program for struggling small businesses.
With Republicans insisting on keeping the overall cost of the measure below $1 trillion, it was substantially narrower than the $2.2 trillion stimulus law enacted in March, when the toll of the pandemic was just becoming clear. It fell well short of the scope of the recovery measure that most economists believe is necessary, and will guarantee that Mr. Biden will have to move quickly on another aid package, something he has already signaled will be his first priority.
The $600 stimulus payments and $300-per-week enhanced federal unemployment benefit amounted to half of the amounts authorized back then.
On the Senate floor, Senators Josh Hawley, Republican of Missouri, and Bernie Sanders, independent of Vermont, mounted renewed attempts to approve $1,200 direct payments to Americans.
Senator Chuck Schumer of New York, the Democratic leader, also endorsed the effort to send another round of $1,200 direct payments.
Senator Ron Johnson, Republican of Wisconsin, blocked both attempts, calling it “a shotgun approach” at one point on Friday and criticizing the broader effort to send another round of taxpayer funds to prop up the sputtering economy.
“We will not have learned the lessons from our very hurried, very rushed, very massive earlier relief packages,” Mr. Johnson said on the Senate floor. “We’re just going to do more of the same, another trillion dollars.”
Reporting was contributed by Jeanna Smialek, Nicholas Fandos, Luke Broadwater and Jim Tankersley.
- Nearly 40% Of All Illinois COVID Deaths In The Last Month Are Breakthroughs. What Gives? January 27, 2022
- Will The UK’s Return-To-Normal Force Biden’s Hand? January 27, 2022
- Putin Holds Economic-Development Meeting With Italian Executives Amid Rising Tensions With West January 27, 2022
- Schweizer: Pelosi Family ‘Has Done a Lot of Business in China Since the COVID Outbreak’ — Won’t Allow Hearings on COVID Origins January 26, 2022
- China Uses George W. Bush to Promote Genocide Olympics January 26, 2022
- Doctor’s Organization Has Treated Over 150,000 COVID-19 Patients With 99.99% Survival January 26, 2022
- REVEALED: Sen. Dianne Feinstein’s Husband Partly Owned a Chinese Company That Sold Spyware to U.S. Military January 26, 2022
- Tesla Tumbles Despite Across The Board Beat After Warning Supply-Chain Constraints Seen Through 2022 January 26, 2022
- Nomura: Here Comes ‘The Big One’ January 26, 2022
- Welsh Businesses Demand Vaccine Passport Exemptions After Government Fails To Prove They Work January 26, 2022
- Watch: Mass Release Of ‘Single Adult Migrants’ Into Small Texas Town January 25, 2022
- Marsha Blackburn on ‘Red-Handed’: ‘Communist China Loves Biden’ January 25, 2022
- Biden Family Planned to Share Office Space with Company Employing ‘F**king Spy Chief of China’ January 25, 2022
- Kid Rock Rips Biden, Fauci in ‘We the People’ Anthem: ‘Let’s Go Brandon’ January 25, 2022
- ‘Deja Vu All Over Again’ As Stocks Dump’n’Pump Again Ahead Of Fed January 25, 2022
- IMF Slashes Global GDP Growth To 4.4% In 2022, Warns On Aggressive Fed Tightening January 25, 2022
- WHO Chief Says Europe Moving Towards Pandemic “Endgame” January 25, 2022
- Pinkerton: Biden by the Numbers – the Data of Failure January 24, 2022
- New Study Finds CFA Charterholders Are Actually Worse At Investing January 24, 2022
- ‘Red-Handed’ Reveals Chinese Donations to University of Pennsylvania Soared After Biden Center Announcement January 24, 2022
- 1,674,383 hits