October 21, 2020
If they’re going to come up with a $2 trillion bill that is going to put money on items that are not needed directly related to Covid, then that is not a direction we should travel.
- Republicans and Democrats remain in a stand-off on another stimulus package.
- Democrats in the House passed a bill for $2.2T in stimulus. In the course of negotiations with the White House, that proposed package is reportedly down to around $1.8T.
- Republicans have criticized the stimulus as providing too much money y for state and local governments that have struggled for years because of their own policies, not because of COVID-19.
- Republicans in the Senate attempted to pass their own bill, much more narrow than the other proposals with extra money for unemployment benefits and small business loans. The GOP needed 60 votes (some Democrats) to advance the bill, but the bill failed along party lines.
- House Speaker Nancy Pelosi (D-CA) set a deadline for Tuesday in order for two-sides to come together for a stimulus package that could pass before Election Day. Election Day is an arbitrary deadline but adds some incentive to lawmakers to come together to win potential votes. Reports indicated some progress was made on the language of the bill but nothing concrete has surfaced yet. House Speak Pelosi and Sec. Mnuchin (Treasury Sec who is leading negotiations for the White House, Republicans) will talk again on Thursday.
- What It Matters: More than 12 Americans remain unemployed with record numbers filing for new unemployment each week. The extra federal assistance helped brunt the sudden damage to the economy during COVID lockdowns and restrictions. Now some Americans, who no longer have that extra added benefit, have or will soon run out of their unemployment benefits supplied by their state or may need additional loans for their businesses to stay afloat. As time passes, more questions surface about the length and pain of the economic recovery.
by Jenna Lee,