Stimulus Measures Find New Momentum
A bipartisan $908 billion stimulus bill is gathering support, fanning hopes that the government will provide relief before the year-end benefits cliff arrives, reported CNBC. The biggest ticket item under this plan is $288 billion for small business support, including a new round of Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL). Next is $180 billion for a new round of unemployment insurance supplements, which would boost state benefit checks with an extra $300. The last triple-digit item would be $160 billion for state, local and tribal governments. The remainder includes school aid, transportation funding, rental assistance, additional relief for health care providers, support for lenders, student loan assistance, nutrition and agricultural aid, child care, broadband, postal service funding, and opioid addiction treatment. It would also shield businesses from pandemic-related lawsuits temporarily until states can come up with their own policies.
Unlike the previous set of negotiations, where a potential $1.8 trillion measure fell apart shortly before the election, the latest proposal seems to have broad appeal. House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) have both backed the bill , saying it should be the basis of further negotiations. It also has the support of President-elect Joe Biden, who characterized it as a "down payment," though he doubted that the current administration would back it too. Meanwhile, however, Senate Majority Leader Mitch McConnell (R-Ky.) didn't express support for the bill as such (having recently tried to pass his own $500 billion package). But he did say that the smaller price tag on the bipartisan proposal indicates a compromise is possible.
The revived stimulus talks come at a time when the U.S. Department of Labor
Unlike the previous set of negotiations, where a potential $1.8 trillion measure fell apart shortly before the election, the latest proposal seems to have broad appeal. House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) have both backed the bill , saying it should be the basis of further negotiations. It also has the support of President-elect Joe Biden, who characterized it as a "down payment," though he doubted that the current administration would back it too. Meanwhile, however, Senate Majority Leader Mitch McConnell (R-Ky.) didn't express support for the bill as such (having recently tried to pass his own $500 billion package). But he did say that the smaller price tag on the bipartisan proposal indicates a compromise is possible.
The revived stimulus talks come at a time when the U.S. Department of Labor