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Politics As Lawmakers Move Toward Stimulus Deal, 3.9 Million Americans Are Long-Term Unemployed

16:41  04 december  2020
16:41  04 december  2020 Source:   newsweek.com

Stimulus Figureheads McConnell and Pelosi Under Fire, Eight Months Since Senate Passed CARES Act

  Stimulus Figureheads McConnell and Pelosi Under Fire, Eight Months Since Senate Passed CARES Act A stalemate over a further relief package continues, with differing stances blocking the passage of a deal through Congress.While there has been support on both sides of the aisle for further stimulus amid the COVID-19 crisis in some form, disagreements on the specifics of such action have led to a prolonged stalemate over measures being agreed upon.

Even with millions of Americans desperate for aid, Congress has failed to reach a deal on a second stimulus package. The delay in additional unemployment benefits, stimulus checks and eviction protections could have lasting impacts on tens of millions of Americans who without aid can't cover

Democratic and Republican leaders in the Senate are at odds over the generosity of unemployment benefits, according to their recent stimulus proposals. McConnell's plan would extend unemployment benefits by a month through two temporary programs created by the CARES Act.

As lawmakers in Washington, D.C. crawled toward a second COVID-19 stimulus bill on Friday, new data revealed that a further 385,000 Americans became long-term unemployed in November, building pressure for another round of financial relief.

a group of people on a sidewalk: Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. © John Sommers II/Getty Images Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky.

According to the latest jobs report published by the Bureau of Labor Statistics this morning, the number of Americans out of work for 27 weeks or more has reached 3.9 million. The group now accounts for more than a third (36.9 percent) of all those who are unemployed.

Calls Grow for Pelosi, Schumer to Accept Smaller Initial Stimulus Deal

  Calls Grow for Pelosi, Schumer to Accept Smaller Initial Stimulus Deal Pressure mounts as the stalemate over a further relief package continues, with a bipartisan deal yet to be made despite each side advocating stimulus in some form.Former Chairman of the Council of Economic Advisers Austan Goolsbee, who advised the Obama administration, told CNN that he feels something needs to be done soon in order to prevent a potential double-dip recession.

F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan. The trillion relief package is sending money directly to Americans , greatly expanding Many people receiving paper checks will have to wait longer because the federal government is producing and distributing them in batches.

A bipartisan group of lawmakers unveiled a 8 billion compromise plan for another round of COVID-19 relief after months of gridlock. These assets move oil and gas into and out of 148 million barrels worth of storage capacity.PAGP took a hard The holding is worth .44 million at the current share

However, nonfarm payroll employment rose by 245,000 at the same time, bringing the overall U.S. unemployment rate down to 6.7 percent.

The Bureau of Labor Statistics said notable job increases had taken place in the transport, warehousing, professional and health care sectors, while employment in government and retail trade slipped on last month.

Reacting to the latest job report, Mark Hamrick, senior economic analyst at Bankrate, said: "With safe and effective vaccines on the way, we know brighter days are ahead. Unfortunately for now with a hamstrung economy and raging pandemic, we're effectively stuck in the midst of winter."

When the federal bureau unveiled the October jobs report, it showed that nonfarm employment rose by 638,000 in October, bringing the unemployment rate down by one percentage point as long-term unemployment rose by 1.2 million.

Pelosi and Schumer ditched the secret COVID-19 stimulus plan they sent direct to Mitch McConnell when they publicly backed the $908 bipartisan package instead

  Pelosi and Schumer ditched the secret COVID-19 stimulus plan they sent direct to Mitch McConnell when they publicly backed the $908 bipartisan package instead Nancy Pelosi and Chuck Schumer's "private proposal" for COVID-19 relief — details of which were never shared — was ditched on Wednesday.The pair had quietly taken a proposal directly to Senate Majority Leader Mitch McConnell on Monday night, The Washington Post reported.

Last week, 6.6 million Americans filed for unemployment as a result of the coronavirus pandemic. 3.Good News For Seniors And Other Social Security The Treasury Department has announced that social security recipients will not be required to file tax returns in order to receive stimulus checks.

Long - term unemployment is one of the most vexing problems the U.S. faces, and today’s jobs But as of the end of April, 4.4 million Americans , or 37 percent of the unemployed , had been without a Beyond a sharp drop in income, long - term unemployment is associated with higher rates of suicide

The employment numbers for November were released as Democrats and Republicans moved closer to reaching a deal on the outline of the next COVID-19 stimulus package, with Democratic leaders putting their weight behind a bipartisan plan much smaller than the $2.2 trillion HEROES Act they originally favored.

Under the terms of the $908 billion compromise deal proposed by nine senators is an offer of $300 a week in federal jobless benefit for 18 weeks, as well as emergency funding for small businesses impacted by coronavirus shutdowns and restrictions.

Releasing a joint statement on Wednesday, Democratic House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) announced that they would support the package "in the spirit of compromise," and encouraged Senate Majority Leader Mitch McConnell (R-KY) to come to the table.

"Of course, we and others will offer improvements, but the need to act is immediate and we believe that with good-faith negotiations we could come to an agreement," the lawmakers said. "With the imminent availability of the vaccine, it is important for there to be additional funding for distribution to take the vaccine to vaccination.

The stimulus-plan compromise backed by top Democrats scraps a fresh wave of $1,200 direct payments that economists want

  The stimulus-plan compromise backed by top Democrats scraps a fresh wave of $1,200 direct payments that economists want A group of 127 economists warned in a late-November letter that the absence of new payments can prolong the coronavirus recession. Still, Senate Republicans including Majority Leader Mitch McConnell have balked at another round of checks, citing the government's already massive budget deficit. Visit Business Insider's homepage for more stories. Democrats this week took the biggest step in months toward reaching a stimulus compromise, but the proposed deal lacks another round of $1,200 direct payments for millions of Americans.

Three evenly spaced dots forming an ellipsis: " ". Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Senate Majority Leader Mitch McConnell on March 25 after the Senate agreed to a stimulus package. REUTERS/Tom Brenner.

Americans have received conflicting information on when they will receive stimulus checks. The IRS said at the end of March stimulus payments would start being distributed within three weeks. There are as many as 10 million Americans who aren’t required to file a tax return, according to TurboTax.

"In light of the urgency of meeting the needs of the American people and the hope that the vaccine presents, it's time for Leader McConnell to sit down with Democrats to finally begin a true, bipartisan effort to meet the needs of the country."

McConnell told the Senate floor on Thursday that there had been "a few hopeful signs" of a deal being reached, and added that the process was heading in the "right direction" following the Democratic compromise.

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Congress gave itself another week to strike a coronavirus stimulus deal, but there's no sign the parties will agree a plan before millions lose assistance .
Millions of people will lose access to federal assistance programs if a deal on the $908 billion proposal is not struck before the end of the year. Visit Business Insider's homepage for more stories. Congress passed a short-term spending bill to give itself another week to try and strike a coronavirus stimulus deal, but the same sticking points between Democrats and Republicans remain. On Friday, the Senate passed a one-week extension of government funding to avoid a government shutdown, which gives Congress another week to try and agree on an economic relief package. The House had approved the extension on Wednesday.

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