Len Berman and Michael Riedel in the Morning

Len Berman and Michael Riedel in the Morning

Len Berman and Michael Riedel in the Morning.Full Bio


Senate Passes Massive $2-Trillion Stimulus Package

Senate Majority Leader Mitch McConnell is praising the passage of the emergency coronavirus relief package overnight. As McConnell sees it, Senators ‘went from the mostly partisan impeachment to unanimously approving a massive piece of legislation to benefit Americans.’ He’s not kidding – the massive omnibus bill passed 96-0.

What caused all this ‘unity?’ McConnell said that lawmakers may have been inspired by other good acts being committed across the country during this difficult time. As for what’s in it exactly, there’s something for average Americans, as well as a $25-million bounty for the Kennedy Center. Here’s a breakdown:

The package will give most Americans who make less than 75-thousand a year a 12-hundred check...if you make more than 99-thousand, you get nothing. Though all families will get an additional 500 for each child.

There is also money set aside for small businesses in the form of loans.

It expands unemployment insurance for workers – boosting the maximum benefit by $600 per week and provide laid-off workers their full pay for four months. Eligibility is extended to independent contractors and the self-employed.

$150-billion for state and local governments

$500-billion in loans for larger industries, including $25-billion for passenger airlines; $4-billion for carriers; $3-billion for aviation contractors and $17-billion for "businesses critical to maintaining national security.”

$367 billion in loans for small businesses. However, if those companies do not lay employees off, those loans will be forgiven.

So it’s passed the Senate, and President Trump says he’ll sign it, but the fate of the bill in the House is unknown. Speaker Nancy Pelosi has suggested trying to pass it by unanimous consent, since most members are out of town and the body is in recess. However, some members of Congress have raised doubts about the bill and her method would take only one no vote to derail it.

Source: ABC News

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