McConnell Unveils Republicans’ $1 Trillion Virus Stimulus Package
McConnell Unveils Economic Stimulus Package
On Friday, Republicans and Democrats will try to agree on the terms of anti-crisis assistance
Senate Majority Leader Mitch McConnell Introduces Bill to Mitigate Economic Impact of Coronavirus Pandemic.
Republicans and Democrats agreed to meet on Friday to discuss it.
The $ 1 trillion economic stimulus package provides direct financial assistance to American citizens, benefits for small businesses and their employees, measures to stabilize the economy and support for healthcare workers and patients with coronavirus, McConnell said..
“We are ready to act as soon as we reach an agreement with colleagues from the Democratic Party,” he said. “The Senate won’t go anywhere until we take action.”.
However, as noted by Republican Senator Lamar Alexander, the vote could take place only in a few days..
McConnell also said Treasury Secretary Steven Mnuchin and Economic Adviser Larry Kudlow will be in Congress Friday to work with bipartisan lawmakers to work towards a deal..
Senate Minority Leader Chuck Schumer Says Democrats Are Ready To Negotiate.
“We really want to work with them to prepare a bipartisan product,” he said, stressing that any anti-crisis assistance should be aimed at ordinary workers, and not top managers and shareholders..
Sumer and House Speaker Nancy Pelosi said in a joint statement that the Republican bill “does not take into account the interests of workers at all and puts corporations far above workers.”.
This is the third aid package brought before Congress since the coronavirus began spreading in the United States. 12,259 people were infected with the virus, 200 of them died. The epidemic has led to the closure of schools and companies and caused panic in the financial markets.
One of the key elements of the bill is the payment of up to $ 1,200 to individuals and 2,400 couples who find themselves below the poverty line, as well as $ 500 for each child, according to the Senate Finance Committee..
Those who earn less than $ 75,000 a year per person and less than $ 150,000 for a couple will receive the maximum payout. For those who earn more, payments will be reduced, and starting from $ 99,000 per person or $ 198,000 per couple, payments will be rolled up.
The bill also provides for the allocation of $ 208 billion to various industries, including 58 billion to airlines and 150 billion to other businesses. All money will be issued in the form of loans and credit guarantees.
It is also proposed to allocate $ 299.4 billion to small business, which is an important segment of the republican electorate..