Wednesday, September 30, 2020

No Nancy Pelosi, Not Having Bailouts For Blue Cities Or States That Destroyed Their Own Economies

Forbes  |  The revised Heroes Act is approximately $1 trillion smaller than the original Heroes Act and includes:

  • $1,200 stimulus checks for individuals and $2,400 stimulus checks for married/joint filers
  • $600 weekly federal unemployment benefits
  • $120 billion of funding for the restaurant industry
  • financial relief for the airline industry
  • $225 billion in education funding
  • $436 billion in financial aid for state, local and tribal governments
  • $75 billion for Covid-19 testing and tracing 
  • $15 billion for the U.S. Post Office 
  • Food assistance benefits

Senate not gonna do it..., (the item highlighted in red is why)

Pelosi could bring her new stimulus bill to the House floor for a vote as early as this week. Will this stimulus bill become law? No, the Heroes Act will unlikely become law in its current form. Why? Democrats need bipartisan support to pass any stimulus bill. While Democrats control the House of Representatives, Republicans control the U.S. Senate and the White House. While the revised Heroes Act would result in lower federal spending (which Senate Republicans generally prefer), Republicans have been clear that they won’t support a $2.2 trillion stimulus bill. Treasury Secretary Steven Mnuchin, who is negotiating a potential stimulus deal on behalf of the White House, says Republicans would be willing to agree to a $1.5 trillion stimulus deal—but no more. Both Mnuchin and President Donald Trump want a new stimulus deal, more stimulus checks and aid to small businesses. However, they have not committed to spend $2 trillion. Trump has also called to use some Covid relief funds to send stimulus checks. However, the White House has not publicly supported a $2 trillion stimulus deal.