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Posted by on Mar 25, 2020 in coronavirus, Economy, Politics | 0 comments

Congress and House agree on $2 Trillion Stimulus Package: History’s Biggest Bailout

Congress and the Trump administration have agreed on a $2 trillion stimulus package that will essentially help bail out individuals, state and local governments and businesses reeling from the catastrophic financial impact of the coronacirus.

It includes two items Democrats insisted needed to be in there in order for them to approve it: (1) Oversight would not be done by Donald Trump or his administration, and (2) Neither Trump nor his family an benefit from loan programs.

The good news about the bill is punctuated by the fact that this showed that compromise is not totally dead in Washington. After much angry rhetoric and polemics, the two houses of Congress and the administration were able to come to an agreement — even though Trump has not talked to House Speaker Nancy Pelosi since she walked out a White House meeting some months ago. But a political fact of life is this: it’s not passed until it is….passed.

The New York Times:

“Senators and Trump administration officials reached an agreement early Wednesday on a sweeping, roughly $2 trillion stimulus measure to send direct payments and jobless benefits to individuals as well as money to states and businesses devastated by the coronavirus pandemic.

“The legislation, which is expected to be enacted within days, is the biggest fiscal stimulus package in modern American history, aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals.

Struck after midnight, the deal was the product of a marathon set of negotiations among Senate Republicans, Democrats and President Trump’s team that nearly fell apart as Democrats insisted on stronger worker protections and oversight over a new $500 billion fund to bail out distressed businesses.”

The Washington Post:

“Businesses controlled by President Trump and his children would be prohibited from receiving loans or investments from Treasury Department programs included in a $2 trillion stimulus plan agreed to early Wednesday by White House and Senate leaders in response to the coronavirus crisis.

“The provision, which was touted by Senate Minority Leader Charles E. Schumer (D-N.Y.) in an early-morning letter to colleagues, would also apply to Vice President Pence, members of Congress and heads of federal departments, as well as their children, spouses and in-laws.

“During a television interview Wednesday morning, Schumer stressed that the provision applies not only to Trump but to “any major figure in government.”

“’That makes sense. Those of us who write the law shouldn’t benefit from the law,” Schumer said on CNN.””

Image by 1778011 from Pixabay

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