Notice Stimulus package done !

Discussion in 'Blazers OT Forum' started by yankeesince59, Mar 25, 2020 at 4:36 AM.

  1. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    White House, Senate reach historic $2 trillion stimulus deal amid growing coronavirus fears


    https://www.cnn.com/2020/03/25/politics/stimulus-senate-action-coronavirus/index.html


    Washington (CNN)The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the most expensive and far-reaching measures in the history of Congress.

    "Ladies and gentleman, we are done," White House legislative affairs director Eric Ueland said right before 1 a.m. after leaving Senate Majority Leader Mitch McConnell's office following negotiations that have gone around the clock since last Friday. "We have a deal."
    McConnell formally announced the agreement on the Senate floor, saying, "At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic."

    The majority leader described it as "a war-time level of investment for our nation," and said that the Senate would move to pass it later in the day on Wednesday. The Senate will re-convene at noon. An exact time has not yet been set for the vote.

    The full details have yet to be released. But over the last 24 hours, the elements of the proposal have come into sharper focus, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
    The stimulus bill also has a provision that would block President Donald Trump and his family, as well as other top government officials and members of Congress, from getting loans or investments from Treasury programs in the stimulus, according to Minority Leader Chuck Schumer's office.
    The package, if it passes Congress, would be the most significant legislative action taken to address the rapidly intensifying coronavirus crisis, which is overwhelming hospitals and grinding much of the economy to a halt.
    Schumer called it "the largest rescue package in American history," in remarks on the Senate floor in the early hours of Wednesday morning. "This is not a moment of celebration -- but of necessity," he said.
    The plan will deliver a massive infusion of financial aid into a struggling economy hard hit by job loss, with provisions to help impacted American workers and families as well as small businesses and major industries including airlines.
    Larry Kudlow, President Donald Trump's chief economic adviser, called the package "the single largest main street assistance program in the history of the United States" at a White House briefing on Tuesday.
    "This legislation is urgently needed to bolster the economy, provide cash injections and liquidity and stabilize financial markets to get us through a difficult and challenging period in the economy facing us right now," Kudlow said.
    Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 -- and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
     
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  2. jonnyboy

    jonnyboy Well-Known Member

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    Glad people are going to get help. Afraid to see the fine print, though.
     
  3. PtldPlatypus

    PtldPlatypus Global Moderator Staff Member Global Moderator Moderator

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    Did any Democratic-party leaders indicate their acceptance of this deal? I see that McConnell called it a "bipartisan deal", but is it really? If not, we have no reason to believe it will pass the House.
     
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  4. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    It was VERY late when the agreement was reached...everyone was probably worn out.

    https://www.washingtonpost.com/busi...aebf02-6e5b-11ea-a156-0048b62cdb51_story.html

    “At last we have a deal,” Senate Majority Leader Mitch McConnell said early Wednesday on the chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country.”

    Senate Democratic leader Chuck Schumer called it an “outstanding agreement.”
     
    Last edited: Mar 25, 2020 at 5:29 AM
  5. PtldPlatypus

    PtldPlatypus Global Moderator Staff Member Global Moderator Moderator

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    Probably. As such, and pending further comments from the left, I'm holding off on celebrating. Also, the paragraphs in the article about the House not reconvening in full due to ill and isolating members is mildly concerning as well. If they pass it by a voice vote, great, but I have zero confidence in the federal government getting anything done in a timely or efficient fashion.
     
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  6. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    https://www.washingtonpost.com/busi...aebf02-6e5b-11ea-a156-0048b62cdb51_story.html

    “At last we have a deal,” Senate Majority Leader Mitch McConnell said early Wednesday on the chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country.”

    Senate Democratic leader Chuck Schumer called it an “outstanding agreement.”
     
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  7. Mediocre Man

    Mediocre Man Mr. SportsTwo

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    Hope my family gets something.
     
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  8. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    Aside from cutting checks to some Americans I'm kinda curious as to how much the unemployment benefits would increase under this package.
     
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  9. illmatic99

    illmatic99 formerly yuyuza1

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    From CNN:

    The plan includes direct deposits to many Americans. Here's how they work:


    • Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each
    • Married couples earning up to $150,000 receiving $2,400
    • Families will get an additional $500 per each child
    • Payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children
     
  10. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    Official vote should come later today.
     
  11. Mediocre Man

    Mediocre Man Mr. SportsTwo

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    Eerily close
     
  12. TorturedBlazerFan

    TorturedBlazerFan Moderator Moderator

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    I don't believe they are going with that proposed package for individuals and families.
    https://www.cbsnews.com/news/senate-coronavirus-economic-stimulus-package-bill-2020-03-25/

    The finalized plan, according to Schumer's office, includes expansion of the unemployment insurance program, increasing the maximum unemployment insurance payment by $600 per week for four months. It also provides $150 billion to invest in hospitals, and increases in funding for state, local and tribal governments to respond to the crisis.

    Edit: Maybe they're doing both? I'm not totally sure.
     
  13. ABM

    ABM Happily Married In Music City, USA!

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    Historically speaking, of course this deficit will count against Trump.

    Seriously, though, I'm also glad the American working class will be getting some much needed help. My nephew owns a small windows & doors replacement company in Oak Grove, OR and he is preparing to lay-off 15 employees this Friday. In light of the stimulus, I'm hopeful he can hang on.
     
  14. Mediocre Man

    Mediocre Man Mr. SportsTwo

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    Ok, who understands taxes?
     
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  15. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Donald Trump is BANNED from bailout funds for his businesses as Democrats crow that his family and Jared Kushner are specifically excluded from $2 trillion aid package
    • Senator Majority Leader Chuck Schumer and Republicans have finally reached a deal on the phase three economic stimulus package
    • The $2 trillion bill is expected to be voted on and passed Wednesday
    • Schumer lauded that the new bill includes prohibiting Donald Trump and his family's businesses from benefitting from the bill
    • It will 'prohibit businesses controlled by the President... from receiving loans or investments from Treasury programs,' he wrote in a Dear Colleague letter
    • After passage, the bill will move to the House and lawmakers hope to have it on the president's desk for signing by the end of the week
    https://www.dailymail.co.uk/news/ar...-BANNED-bailout-funds-2-trillion-package.html
     
  16. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Veto coming in 3... 2... 1...
     
  17. TorturedBlazerFan

    TorturedBlazerFan Moderator Moderator

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    He won't veto it... He does want to get re-elected...
     
  18. yankeesince59

    yankeesince59 "Oh Captain, my Captain".

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    Why on earth would he veto it?
     
  19. Hoopguru

    Hoopguru Know where you are going or end up somewhere else!

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    Glad they got it done!
    Props to both sides for compromise!
     
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  20. BigGameDamian

    BigGameDamian Well-Known Member

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    Because if he doesn't he's going to jail!
     

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