Congressional negotiators from both sides of the aisle reached agreement Sunday on a COVID relief package, after months of non-action and delay by Republicans, particularly Mitch McConnell.
As you would expect with any spending package of almost $1 trillion, there are multitudes of details and provisions in the bill. Here, though, are the basics:
- A 10-week supplement of $300 for anyone receiving unemployment (instead of the the 16-week, $600 supplement of earlier bills)
- A direct stimulus payment of $600 to most Americans, with a phase-out of the stimulus for those at higher income levels
- More money in the Paycheck Protection Program for businesses
- Money for renters facing eviction
- Funding to pay for some of the vaccination program
Voting on the package should happen late Sunday or on Monday, as lawmakers are ready to get home for the holidays.
One of the reasons for the breakthrough on the relief package is McConnell’s worry that lack of a bill would hurt the chances of the Republicans running in the Senate run-off in Georgia. But even that motivation was not enough to overcome a last-minute snag caused by Republican Pat Toomey suddenly being concerned about the deficit, and demanding the Federal Reserve be blocked from using monetary policy to help the economy under Joe Biden.
Democrats objected loudly to this effort to tie Biden’s hands in the midst of a cratering economy, and eventually the two sides came to an agreement.
Notably NOT part of the package are both funds to help state and local governments (a Democratic demand) and liability protections for businesses (a Republican demand). However, there are indications the bill will include some provisions to allow state and local government to spend monies already allocated for 2020 in 2021, on specific needs.
At the same time as they vote on the relief bill, Congress is also expected to approve an overall spending bill for the government, to avoid another government shutdown.
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