Government Stimulus Package Will Help Unemployed Members of the Broadway Community

Yolanda Curtis
March 26, 2020

The United States senators and White House officials reached an agreement on the $2 trillion novel coronavirus (COVID-19) stimulus package early Wednesday, the Washington Post reported.

Ahead of the 96-0 vote, Senate Majority Leader Mitch McConnell (R-Ky.) told lawmakers, "Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory".

The measure cleared the Senate by an overwhelming majority and was headed next to the House of Representatives, which must also pass it before it goes to President Donald Trump for his signature.

The monster package, thrashed out between Republicans, Democrats and the White House, provides direct cash payments to millions of hurting American taxpayers, amounting to $3,400 for an average American family of four.

A bipartisan deal on a $2 trillion economic relief package received a major boost late Wednesday despite criticism from some Republican senators who had concerns over its unemployment assistance provision.

The unanimous Senate vote late Wednesday came despite misgivings on both sides about whether it goes too far or not far enough and capped days of hard negotiations as Washington confronted a national challenge unlike it has ever faced.

"Somebody who is living in New York City is definitely not upper-middle class at $150,000, given the incredible cost of living there, as compared to a lot of other places in this country", said Joseph Antos, a health policy expert at the American Enterprise Institute.

The president is expected to sign it; Treasury Secretary Steven Mnuchin has been negotiating on his behalf with McConnell and Democrats - led in the Congress by House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer.

The Small Business Administration also could serve as a guarantor for loans of up to $10 billion for small businesses to meet payroll and pay down debt.

He said that while Democrats inserted things in the bill that didn't deal with coronavirus, "we will still get this package done for hospitals, workers, small businesses".

Once the bill passes the Senate, as expected, it will then go to the House, where Mrs. Pelosi has said that she wants to pass without having to recall members back to Washington from their districts for a floor vote.

[Democratic Leader Chuck] Schumer (D-N.Y.) "added a provision to ban businesses owned by the president, vice president, members of Congress and the heads of federal executive departments from receiving loans or investments through the corporate liquidity program". "We're going to make good deals", Trump said during a press briefing on Monday.

Still, Pelosi said the need for more money for NY is "no reason to stop the step we are taking".

It dwarfs the bailouts of 2008, when a worldwide financial crisis sent the United States economy into a tailspin.

Officials in NY have warned they don't expect infections to peak for weeks or months; California and Washington state also remain badly afflicted too.

"For example, they say that you asked for imposing new emission standards and carbon offsets on airlines, which is something that is in the Democratic wheelhouse", Bash said.

"The arrows are headed in the right direction", Cuomo told reporters. Both Republican and Democratic party members have designed this package to cover as many sectors and companies as possible.

The bill is the third legislative package passed by Congress to address the COVID-19 outbreak, following an 8.3-billion-dollar emergency spending bill, mainly for research and medical needs, and a 100-billion-dollar bill to expand paid sick leave and provide free testing.

Other reports by iNewsToday