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Politics House Faces Urgency to Act on Senate’s $2 Trillion Virus Rescue

16:20  26 march  2020
16:20  26 march  2020 Source:   bloomberg.com

What's in Congress' $2 trillion coronavirus rescue package

  What's in Congress' $2 trillion coronavirus rescue package The massive stimulus package negotiated between the Trump administration and congressional leaders early Wednesday is an unprecedented $2 trillion aid package designed to help the public and the economy to rebound from the coronavirus pandemic. The bill provides direct help to citizens, businesses, hospitals and state and local governments. It needs to be passed by the Senate and the House. A Senate vote may come as soon as Wednesday.Here are some of the provisions:Big BusinessesAbout $500 billion can be used to back loans and assistance to companies, including $50 billion for loans to U.S.

(Bloomberg) -- The U. S . Senate approved a historic $ 2 trillion rescue plan to respond to the economic and health crisis caused by the coronavirus pandemic, putting The House is scheduled to vote on the legislation Friday. Trump urged Congress to act “without delay” and said he would sign the legislation

The Senate and House of Representatives still need to pass the legislation before sending it to President Donald Trump for his signature. McConnell said the Senate will vote on the measure later Wednesday. The deal aims to buttress the teetering economy by giving roughly $ 2 trillion to health

The U.S. Senate approved a historic $2 trillion rescue plan to respond to the economic and health crisis caused by the coronavirus pandemic, putting pressure on the Democratic-led House to pass the bill quickly and send it to President Donald Trump for his signature.

a large white building: The U.S. Capitol on March 23, 2020.  © Bloomberg The U.S. Capitol on March 23, 2020. 

The massive legislation passed on a 96-0 vote just before midnight Wednesday after days of intense negotiations between Senate Republicans and Democrats, who demanded changes to the bill introduced last week by Senate Majority Leader Mitch McConnell.

The package includes an unprecedented injection of loans, tax breaks and direct payments for major corporations and individual taxpayers to help the U.S. economy get through an abrupt shutdown as people avoid social interaction and businesses close to keep from spreading the coronavirus. More than 68,000 people in the U.S. have been infected with the deadly respiratory disease, and some economists warn that unemployment could hit 30%.

Senate's coronavirus package would be worth more than $2 trillion - White House adviser

  Senate's coronavirus package would be worth more than $2 trillion - White House adviser The coronavirus stimulus package being negotiated by the U.S. Senate would be worth more than $2 trillion, White House economic adviser Larry Kudlow.

The White House and Senate leaders of both major political parties announced agreement early Wednesday on an unprecedented $ 2 trillion emergency Virus Outbreak Trump. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks about the coronavirus in

WASHINGTON — The White House and Senate leaders of both parties announced agreement early Wednesday on an unprecedented $ 2 trillion emergency bill to - US lawmakers closed in on a deal Tuesday to buttress the teetering economy by giving nearly $ 2 trillion to hospitals, businesses and

The House is scheduled to vote on the legislation Friday. Trump urged Congress to act “without delay” and said he would sign the legislation immediately.

The package provides about $500 billion in loans and assistance for big companies, including struggling airlines, as well as states and cities. There is a separate pot of about $350 billion for small businesses. For individuals the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult and $500 for each child. Unemployment insurance would be vastly expanded. There also is money for hospitals, some of which are on the verge of being overwhelmed.

Here’s What’s in the $2 Trillion Virus Stimulus Package

The size of the stimulus package dwarfs the approximately $800 billion Obama stimulus that passed five months after the 2008 financial crash. Together with Federal Reserve actions, the legislation will amount to a $6 trillion economic stimulus, according to White House economic adviser Larry Kudlow, or about 30% of annual gross domestic product.

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The White House and Senate have reached agreement on a $ 2 trillion stimulus package for the US economy and millions of Americans ravaged by the "We have a bipartisan agreement on the largest rescue package in American history," top Senate Democrat Chuck Schumer said shortly after

WASHINGTON (AP) — The White House and Senate leaders of both parties announced agreement early Wednesday on unprecedented emergency Trump has balked at using his authority under the recently invoked Defense Protection Act to compel the private sector to manufacture needed medical

Yet it may not be enough to prevent a big short-term hit to the economy and a dramatic rise in unemployment. Economists and lawmakers say they expect more stimulus will be needed. Congress is already discussing the next round.

“I’ve never seen Congress move so fast to do something so large. Unfortunately, the problem may be larger and faster,” said Jason Furman, a member of Barack Obama’s economic team during the 2008 recession.

House Speaker Nancy Pelosi praised the deal after changes negotiated between Senate Democratic leader Chuck Schumer and Treasury Secretary Steven Mnuchin over several days of marathon talks.

“This is a classic way you write legislation in a democracy,” McConnell said after passage was assured.

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Mnuchin on Thursday tweeted congratulations to McConnell and Schumer and urged House leaders to pass the bill. “This will support American workers” in the “war against #coronavirus !!” he wrote.

States Need Coronavirus Relief for Pensions and Health Care

  States Need Coronavirus Relief for Pensions and Health Care The pandemic will cause a huge rise in health-care and pension costs.(Bloomberg Opinion) -- States and localities have been leading the nation’s response to the coronavirus — and unless Congress further intervenes, they’re going to pay for it.

The White House and Senate leaders of both major political parties announced agreement early Wednesday on an unprecedented US$ 2 trillion emergency bill to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic.

WASHINGTON (AP) — The White House and Senate leaders of both major political parties The urgently needed $ 2 trillion pandemic response measure is the largest economic rescue measure in Trump has balked at using his authority under the recently invoked Defense Protection Act to compel

Read More: Record $2 Trillion Stimulus Risks Falling Short of Full Relief

Majority Leader Steny Hoyer announced late Wednesday that the House will attempt to pass the coronavirus bill on Friday through a voice vote, in a process that would not require all members to return to Washington. House GOP leaders said they also support this strategy.

“In order to protect the safety of members and staff and prevent further spread of COVID-19 through Members’ travel, the Republican Leader and I expect that the House vote on final passage will be done by voice vote,” Hoyer wrote in a letter to colleagues.

However, any House member could demand a recorded, roll-call vote, which has potential to drag out the process.

The outbreak has touched directly on Congress, where three lawmakers have tested positive for the coronavirus and several others are in self-quarantine.

Read More: Trump’s Aim to Restart Economy Risks Worse Damage

McConnell said the Senate won’t return until April 20. That’s a week after the date that Trump suggested the country may begin getting back to work. Health officials have warned that the virus could still be spreading in the U.S.

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The Senate and White House have reached agreement on a $ 2 trillion stimulus package for the US economy and millions of Americans ravaged by the "We have a bipartisan agreement on the largest rescue package in American history," top Senate Democrat Chuck Schumer said shortly after

Senate Majority Leader Mitch McConnell speaks to reporters outside the Senate chamber after Democrats blocked a coronavirus aid package on Capitol Hill Monday. The emerging rescue package would be larger than the 2008 bank bailout and 2009 recovery act combined.

The expectation of a Senate vote helped propel the S&P 500 Index to its biggest two-day advance since November 2008. But stocks receded from the day’s highs late in the afternoon as four Republican senators objected to expanded unemployment benefits for low-wage workers. Independent Senator Bernie Sanders countered with a threat to hold up the legislation because of the provisions for big companies.

The Senate blocked an amendment offered by Nebraska Republican Senator Ben Sasse to modify the unemployment benefits provision.

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Another delay was happening behind the scenes. According to a Democratic aide, a Republican draft left out agreed-upon language that requires the Treasury and Federal Reserve to publish every seven days which companies and entities get loans from the $500 billion fund.

Democrats had been demanding transparency on that financing and Schumer held up the bill until Republicans changed the text, the aide said.

Within the $500 billion chunk of aid for companies and state and local governments, airlines will be eligible to receive a combined $62 billion in federal loans and cash assistance to meet their payrolls, including $25 billion in direct aid for passenger carriers, $3 billion for airline contractors providing ground staff such as caterers, and $4 billion to cargo haulers.

Pelosi says House will review Senate coronavirus stimulus package

  Pelosi says House will review Senate coronavirus stimulus package House Speaker Nancy Pelosi (D-Calif.) on Wednesday praised the Senate's sweeping, $2 trillion coronavirus relief package, but declined to say how the House would pass it."This bipartisan legislation takes us a long way down the road in meeting the needs of the American people," Pelosi said in a statement.She said the package did not go as far as a separate House bill but argued that "thanks to the unity and insistence of Senate and House Democrats, the bill has moved a great deal closer to America's workers."Pelosi said Wednesday that House Democrats will evaluate the package before deciding next steps.

The deal also includes $17 billion in loans earmarked for companies deemed critical to national security, which is intended to assist Boeing Co., though the legislation doesn’t mention the company by name.

The assistance comes with conditions — another key point for Democrats. Mnuchin would be empowered to require equity or other securities in return for the cash assistance.

Loan Restrictions

Any company receiving a government loan also would be subject to a ban on stock buybacks through the term of the loan plus one additional year. They would have to limit executive bonuses, and borrowers would have to make a “good faith certification” that they will stay neutral in any union organizing effort by workers during the term of the loan.

Notably, Democrats also won language that would bar aid to businesses in which Trump, Vice President Mike Pence, heads of executive departments or members of Congress hold 20% or more ownership. The exclusion also applies to businesses owned by members of their family, including sons-in-law and daughters-in-law.

Unemployment insurance would be expanded to provide an extra $600 a week for four months on top of state benefits, which currently vary in length and amount. Eligibility would be expanded to cover workers in the gig economy such as Uber drivers. It also contains a funding provision to encourage states to waive a waiting period for payment of unemployment benefits.

Slideshow by photo services

The bill includes several incentives for companies to keep their workforce employed. It provides a tax credit for companies that retain employees even if they’ve been mandated to close or seen a significant drop-off in business. Companies can also defer some employer-side payroll tax payments until 2022.

The legislation has more generous write-offs for restaurants and retailers, as well as expanded deductions for companies with debt. Businesses with losses can use those more liberally to offset income.

The bill expands tax deductions for charitable donations. Student loan borrowers who get assistance from their employers to pay those back won’t owe income tax on the aid.

Many U.S. homeowners and businesses hit hard by coronavirus could get relief from making their monthly mortgage payments. Borrowers with loans insured by government agencies such as the Federal Housing Administration and the Department of Veterans Affairs would be eligible for forbearance. Consumers whose mortgages are backed by Fannie Mae and Freddie Mac would also be eligible to skip payments.

Aid for Hospitals

Those affected by the virus would be allowed to take up to $100,000 out of their employer-sponsored retirement funds without penalty. It also would let older retirees avoid having to sell retirement investments in a down market by waiving minimum distribution requirements for Individual Retirement Accounts.

The package also contains $340 billion in emergency supplemental funding for the government’s battle to stem the outbreak, the bulk of it going to state and local governments.

That portion includes $117 billion for hospitals and veterans’ health care; $11 billion for vaccines, therapeutics, diagnostics, and other preparedness needs; $4.3 billion for the Centers for Disease Control and Prevention; $16 billion for the Strategic National Stockpile; and $45 billion for the Federal Emergency Management Agency’s disaster relief fund. Airports would get $10 billion and Amtrak $1 billion. The funding adds to the $8 billion boost provided three weeks ago.

There also is a separate $150 billion Coronavirus Relief Fund for state, territorial and local governments. Of that, $8 billion is earmarked for tribal governments.

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Senate leaving D.C. until April 20 after coronavirus stimulus vote .
The Senate will leave town after passing a coronavirus stimulus package and not return until April 20, Majority Leader Mitch McConnell (R-Ky.) announced late Wednesday night. © Greg Nash Senate leaving D.C. until April 20 after coronavirus stimulus vote The Senate unanimously passed a massive stimulus bill that costs approximately $2.2 trillion. McConnell announced shortly before it started that the Senate will not have its next roll call vote until April 20. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

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