Whopping $1 Trillion Price Tag for the Senate Relief Package
(UnitedVoice.com) – America continues its downward spiral as 30 million people remain unemployed, and several key provisions of the CARES Act signed by President Trump in March are set to expire. For nearly two months, the Senate chose to wait and see how the economy responded to reopening after COVID-19 shutdowns.
Sensing it’s time to act, Senate Majority Leader Mitch McConnell (R-KY) is unveiling his $1 trillion aid plan to help American workers, businesses, and families on Monday. Some Senate Republicans are already pushing back — Sen. Lindsey Graham (R-SC) said 50% of Senate Republicans are going to vote “no.”
The White House and Senate say another direct $1,200 cash payment is in the works. However, the highly controversial $600-per-week federal unemployment benefit that’s expiring this week will likely change. Some in the Senate say they’re hearing from small business owners they need workers, but can’t pay what many are getting in unemployment benefits.
McConnell is proposing reducing the benefit. Instead, workers will receive either a percentage of their pay — the proposed figure is 70% — or another undisclosed weekly amount less than $600. The goal is to give people an incentive to return to work when it’s offered. Money is also being discussed for schools and universities.
In early June, the Democrat-led House passed the substantially more robust $3 trillion HEROES Act. However, Republicans in the Senate said it was dead-on-arrival. In addition to billions of dollars in pork spending, it kept the $600 federal unemployment benefit through the end of the year. Whatever Republicans propose and pass in the Senate will have to be negotiated with the House.
Hold tight, this could take a while.
Copyright 2020, UnitedVoice.com