‘A fight has arrived on our shores…’
(Liberty Headlines) Senate leaders raced to unravel last-minute snags Wednesday and win passage of an unparalleled $2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.
Continuing to pursue a message of hope and optimism, President Donald Trump said, “I don’t think its going to end up being such a rough patch” and anticipated the economy soaring “like a rocket ship” when it’s over.
Yet, following a last-minute snag over unemployment benefits, he implored Congress late in the day to move on critical aid without further delay.
The package is intended as relief for an economy spiraling into recession or worse.
Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months.”
Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4 trillion annual federal budget.
“A fight has arrived on our shores,” said Senate Majority Leader Mitch McConnell. “We did not seek it, we did not want it, but now we’re going to win it.”
“Big help, quick help, is on the way,” said Senate Minority Leader Chuck Schumer.
But the drive by leaders to speed the bill through the Senate was slowed as four conservative Republican senators warned that the legislation as written “incentivizes layoffs” and should be altered to ensure employees don’t earn more money if they’re laid off than if they’re working.
Complicating the standoff, Sen. Bernie Sanders of Vermont, whose campaign for the Democratic presidential nomination has flagged, said he would block the bill unless the conservatives dropped their objections.
“What I am saying is that two can play the same game,” Sanders told The Associated Press. “This is most certainly not the bill that I or any other progressive would have written,” he said, but added that he supports it in the main, given the severity of the crisis.
McConnell and Schumer hoped passage of the legislation in the Republican-led Senate would come by the end of the day. Stocks posted their first back-to-back gains in weeks as the package took shape over the last two days, but much of Wednesday’s early rally faded as the hitch developed in the Senate. The market is down nearly 27% since setting a record high a month ago.
Senate passage would leave final congressional approval up to the Democratic-controlled House. Speaker Nancy Pelosi, D-Calif., said the bipartisan agreement “takes us a long way down the road in meeting the needs of the American people” but she stopped short of fully endorsing it.
“House Democrats will now review the final provisions and legislative text of the agreement to determine a course of action,” she said.
House members are scattered around the country and the timetable for votes in that chamber is unclear.
House Democratic and Republican leaders have hoped to clear the measure for Trump’s signature by a voice vote without having to call lawmakers back to Washington. But that may prove challenging, as the bill is sure to be opposed by some conservatives upset at its cost and scope. Ardent liberals were restless as well.
White House aide Eric Ueland announced the agreement in a Capitol hallway Wednesday, shortly after midnight, capping days of often intense haggling and mounting pressure. The wording of some final pieces of the agreement need to be completed.
The sprawling, 500-page-plus measure is the third coronavirus response bill produced by Congress and by far the largest. It builds on efforts focused on vaccines and emergency response, sick and family medical leave for workers, and food aid.
It would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.
McConnell, a key negotiator, said the package will “rush new resources onto the front lines of our nation’s health care fight. And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”
Five days of arduous talks produced the bill, creating tensions among Congress’ top leaders, who each took care to tend to party politics as they maneuvered and battled over crafting the legislation. But failure was never an option, which permitted both sides to mark big wins.
“That Washington drama does not matter any more,” McConnell said. “The Senate is going to stand together, act together, and pass this historic relief package today.”
The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child
A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks at Schumer’s insistence. Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.
Adapted from reporting by the Associated Press