In a 96-0 vote the U.S. Senate passed President Trump’s $2 trillion coronavirus economic rescue package just prior to midnight on Wednesday. This sets up a Friday vote in the House. House Speaker Nancy Pelosi (D-CA) has already signaled her defeat and announced her reluctant support for the bill.
As this will be far and away the most important subject of this election, if not of this generation, and the president’s win on this matter could very well have made him close to unbeatable in the fall. In contrast, Joe Biden is having a hard time croaking out any coherent message at all.
According to Fox News, “The package would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to married couples making up to $150,000, with $500 payments per child. After a $75,000 threshold for individuals, the benefit would be reduced by $5 for each $100 the taxpayer makes.
A similar $150,000 threshold applies to couples, and a $112,500 threshold for heads of households…Further, the bill allocates $250 billion to extend unemployment insurance to more workers, and lengthen the duration to 39 weeks, up from the normal 26 weeks. $600 extra a week would be provided for four months.”
Fox News further reports, “About $17 billion will go to other distressed companies like Boeing, which is seen as essential to national security. And, approximately $200 billion would be provided in tax assistance to small businesses, including through payroll tax deferrals…The final package would additionally provide $349 billion in loans to small businesses — and money spent on rent, payroll and utilities becomes grants that don’t need to be paid back.”
The GOP and Trump won a solid victory by ripping out of the bill Pelosi gifts to special interests like mandatory early voting, ballot harvesting, minority bank quotas, carbon emission limits for airlines, and other climate change and Democrat political goodies.
However, to win Democrat support the bill still contains $25 million for the Kennedy Center in DC and $25 million to cover the cost of extra salaries and expenses on Capitol Hill.