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Covid-Relief Plan Talks Down to Final Details: Congress Update

Lawmakers close in on a deal to give the country some financial relief.
(Ungvar)
(Ungvar)
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“Congressional leaders and their staffs continued working out the details of a nearly $900 billion coronavirus relief plan in anticipation of unveiling it as soon as Thursday,” Bloomberg writes.

Why It Matters: As American continues to contend with Covid-19 pandemic-driven shutdowns and restrictions, fiscal stimulus remains one of the essential tools in keeping the economy afloat until a widely distributed vaccine arrives. Economic recovery has looked like its cooling of late, with unemployment claims likely to remain elevated when the data comes later today.

The Potential Deal’s Details:

  1. $600 in payments for individuals
  2. $300-per-week in additional unemployment insurance payments
  3. Undisclosed aid for small businesses
  4. Roughly $17 billion for airlines

Note: The deal “omits aid to state and local governments and lawsuit liability protection, the two issues that have stymied earlier attempts at an agreement.”

Getting The Deal Done: The House could vote as soon as the bill is written, which could be as early as Thursday or Friday. It’s a complicated timeline, though. If the passage doesn’t come until the weekend, Congress might have to pass another bill to prevent a partial government shutdown. The current agreement expires Friday at midnight.

The Takeaway: “The principle negotiators on the deal for a pandemic relief bill said they continued to make progress as staff members hashed out details of legislation.”

  • “Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi, Senate Democratic leader Chuck Schumer and House Republican leader Kevin McCarthy have been directly involved in the negotiations, raising prospect for a package that can quickly pass the House and Senate.”
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