Politics House Democrats roll out new $2.2 trillion stimulus plan that includes $600 federal unemployment benefits and a 2nd round of $1,200 direct payments

04:20  29 september  2020
04:20  29 september  2020 Source:   businessinsider.com

Trump threw stimulus checks back into play and called for a large economic aid package — but Republicans still aren't backing more spending

  Trump threw stimulus checks back into play and called for a large economic aid package — but Republicans still aren't backing more spending Trump has tried prodding Republicans to back more stimulus spending, but his influence appears to be limited. Democrats are holding firm.But the Senate GOP hasn't been swayed so far — and they're doubling down on their reluctance to approve more federal spending after Democrats blocked a slimmed-down $300 billion package last week.

Congressional Democrats proposed a new stimulus package on Tuesday. The bill calls for a second round of stimulus checks of $ 1 , 200 per individual The legislation, dubbed the Heroes Act, includes another round of "more substantial economic impact payments ." That second round of checks

President Donald Trump signed into law Friday afternoon a historic $ 2 trillion stimulus package as Key elements of the package include sending checks directly to individuals and families, a major Individuals who earn ,000 in adjusted gross income or less would get direct payments of $ 1 , 200

Nancy Pelosi wearing a pink shirt: Chip Somodevilla/Getty Images © Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images
  • House Democrats unveiled a new $2.2 trillion stimulus plan that includes reviving the $600 federal unemployment benefits until the end of January and additional stimulus checks.
  • It also includes funds for education, coronavirus testing, and contact tracing.
  • State aid and federal unemployment benefits form two areas of friction between Republicans and Democrats.
  • Relief negotiations have been deadlocked since early August.
  • Visit Business Insider's homepage for more stories.

House Democrats unveiled late on Monday a new $2.2 trillion stimulus plan which includes reviving $600 federal unemployment benefits and a second round of stimulus checks for millions of American taxpayers.

Jobless benefits for millions are expiring as Washington moves on

  Jobless benefits for millions are expiring as Washington moves on With the president and Congress at odds, tens of millions are losing a pandemic lifeline.But with the benefit having expired, a $300 temporary replacement soon to expire, as well, and no luck finding a job, he has little idea what comes next.

A onetime stimulus payment of $ 1 , 200 for each individual. The Democrats want to extend such benefits . The Republicans complained that the $ 600 is too high because it The Republicans in their new stimulus package proposed an expansion of the PPP, including a streamlined forgiveness

The $ 2 trillion relief package is sending money directly to Americans, greatly expanding unemployment F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan . If you’re eligible for at least $ 1 of state-level or federal unemployment compensation, you get the full $ 600

The new proposal — still named the Heroes Act — comes after House Democrats passed a $3.4 trillion spending package in May. It initially formed the basis of their coronavirus relief negotiations with Republicans, though they have lowered their demands and now insist on at least $2.2 trillion in new spending.

House Speaker Nancy Pelosi said she aimed to bring Republicans back to the negotiating table with the new proposal.

"Democrats are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing America's working families right now," she said in a letter to members of her caucus.

Pelosi believes coronavirus relief deal still possible as Democrats prepare new package

  Pelosi believes coronavirus relief deal still possible as Democrats prepare new package Stimulus negotiations between House Democrats and the Trump administration fell apart in early August, though Treasury Secretary Steven Mnuchin said he and Pelosi have agreed to restart talks. © Provided by CNBC House Speaker Nancy Pelosi speaks during a press conference on Capitol Hill on Sept. 10, 2020. House Speaker Nancy Pelosi on Sunday said another coronavirus stimulus plan is possible as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion, roughly $1 trillion less than their initial proposal but more than what the Trump administration has signaled it will accept.

President Donald Trump signed a $ 2 trillion coronavirus relief bill on Friday, as Washington tries to blunt economic destruction from the pandemic ripping The plan , which includes one-time payments to individuals, strengthened unemployment insurance, additional health-care funding and loans and

Democrats have a proposal on the table. Republicans have a proposal on the table. The two sides are roughly $ 2 .5 trillion apart on the topline, facing gulfs epic in scale on the granular policy level and have all of four days to reach a deal before federal unemployment benefits expire.

Here are several of the package's provisions:

  • $600 federal unemployment benefits until January 31, retroactive from Sept. 6.
  • Another round of $1,200 direct payments, plus $500 per dependent.
  • $436 billion in additional assistance to state and local governments.
  • Reinstating the Payroll Protection Program to aid small businesses as well as nonprofits and restaurants.
  • $225 billion in funds to help schools.
  • $75 billion for coronavirus testing and contact tracing.
  • $50 billion in emergency rental assistance, half of what Democrats initially sought.

Many components of the last major economic stimulus law, the CARES Act, expired over the summer, and Congress hasn't implemented other relief measures since.

Through an executive order in August, Trump implemented a Lost Wages Assistance program that drew $44 billion in disaster relief funding from the Federal Emergency Management Administration to cover a $300 federal supplement to state unemployment benefits.

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House Democrats want to send Americans a second round of stimulus checks worth up to Like the first round of payments approved by Congress in March, new proposal calls for giving $ 1 , 200 to those The Democratic bill would also extend the historic enhancement of unemployment benefits

payment of $ 1 , 200 ($ 2 ,400 for married couples), an additional $ 600 per week of unemployment benefits The Emergency Money for the People Act would provide a $ 2 ,000 monthly stimulus check for up stimulus payments , allowing individuals to receive their payments via direct deposit, check

That federal money is drying up, though FEMA guaranteed six weeks of funding to approved states through Sept. 5, roughly the same date that a new $600 federal benefit could take effect under the new stimulus proposal.

Both chambers of chambers of Congress would need to approve the Democratic plan so it reaches President Donald Trump's desk for his signature. But that prospect is highly uncertain given Democrats and Republicans are deadlocked on further coronavirus relief measures.

Negotiations in August stalled amid fierce disagreements over the amount of federal spending needed to prop up the economy. Unemployment benefits and state aid are still two areas of major friction between both parties.

A "skinny" $650 billion stimulus package from the GOP was blocked by Democrats earlier this month, who dismissed it as "emaciated" and inadequate to address the twin public health and economic crises.

Many economists have urged Congress to approve another relief package to keep people and businesses afloat through the pandemic and prevent the economy from backsliding. But the prospect of a Supreme Court nomination battle in the coming weeks has drained hopes of a package before Americans cast their ballots in November.

Read the original article on Business Insider

Senate Republicans are still struggling on a stimulus deal — even as they expedite a Supreme Court nomination .
Many voters want the Senate to prioritize stimulus.Trump’s test results gave the stock market a slight jolt on Friday and a recent report revealed that jobs growth has been less than robust. But GOP members in the upper chamber have focused instead on their expedited process for the confirmation of Judge Amy Coney Barrett, Trump’s pick for the Supreme Court — leaving many to wonder if any relief will happen at all before the election.

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