thefiscaltimes--2020-03-16--Trump White House Eyes $800 Billion Coronavirus Stimulus

President Trump warned Monday that the novel coronavirus outbreak could last until July , August or later and acknowledged that the economy “ may be ” tumbling into a recession as a result of the massive disruption to Americans ’ daily lives .
Stocks suffered one of their worst daily losses on record , with the S & P 500 index plunging 12 % and the Dow Jones Industrial Average down 13 % , despite the Federal Reserve ’ s emergency rate cut on Sunday , which dropped the central bank ’ s key interest rate to essentially zero .
@ @ @ @ @ @ @ 700 billion quantitative easing program .
As the coronavirus turmoil spread , Trump struck a very different tone Monday than he has in recent days — `` It 's bad , it 's bad , '' he said — and the White House is reportedly aiming to spend at least $ 800 billion over the coming weeks as it seeks to support the economy and help businesses forced to shut down and workers forced to stay home because of the pandemic .
`` Among the administration ’ s targets this week : providing @ @ @ @ @ @ @ , loans or even direct payments to airlines , the hospitality industry and small-to-medium businesses crippled by plunging demand .
Officials know they need to release the contours of their plan quickly — potentially as soon as Tuesday — as turmoil accelerates in financial markets , said a person familiar with the White House ’ s plans .
… “ Half of the $ 800 billion in aid , under the latest White House estimates , would come from aid to workers and small businesses , tax deferrals and other moves already underway @ @ @ @ @ @ @ and additional provisions of a relief bill already moving through Congress .
The other half would come from a payroll-tax holiday through the end of the year — a move that would likely cost much more than $ 400 billion.
” Congress , meanwhile , continues to work on a multi-billion-dollar coronavirus relief package , the second in what 's likely to be a series of bills to address the economic and public health effects of the pandemic .
The Senate canceled a scheduled recess this week so it could pass the emergency @ @ @ @ @ @ @ Pelosi and Treasury Secretary Steven Mnuchin scrambled to negotiate last week .
The House passed the package , which includes free virus testing and paid sick leave for employees of small businesses , early Saturday morning in a 363-40 vote .
But the legislation has not yet been sent to the Senate as leadership reportedly works on some technical fixes and seeks to address some other concerns that could have stalled passage .
“ House aides in both parties said there had been ‘ some changes ’ in the coronavirus bill regarding the @ @ @ @ @ @ @ sections , although those issues have been resolved , ” Politico ’ s John Bresnahan and Marianne Levine reported .
Another concern : Rep. Louie Gohmert , a Texas Republican who voted against the relief bill last week , had threatened to block the process the House would use to pass the revised legislation .
The revised package is reportedly close to being ready — but it ’ s prospects in the Senate are still not completely clear .
Sen. Tom Cotton ( R-Ark . )
told `` Fox & Friends '' on @ @ @ @ @ @ @ pass the Senate as written , given GOP concerns about its paid sick leave provisions .
`` It does n't go far enough and it does n't go fast enough , '' Cotton said , according to Politico .
`` Most of the measures in this bill are something that the senators will support , I believe .
...
But we worry that the bill setting up a new and complicated system relying on businesses giving paid sick leave and then getting a refundable tax credit that wo n't move quickly enough and @ @ @ @ @ @ @ lay workers off . ''

President Trump warned Monday that the novel coronavirus outbreak could last until July, August or later and acknowledged that the economy “may be” tumbling into a recession as a result of the massive disruption to Americans’ daily lives.
Stocks suffered one of their worst daily losses on record, with the S&P 500 index plunging 12% and the Dow Jones Industrial Average down 13%, despite the Federal Reserve’s emergency rate cut on Sunday, which dropped the central bank’s key interest rate to essentially zero. The Fed also launched a massive $700 billion quantitative easing program.
As the coronavirus turmoil spread, Trump struck a very different tone Monday than he has in recent days — "It's bad, it's bad," he said — and the White House is reportedly aiming to spend at least $800 billion over the coming weeks as it seeks to support the economy and help businesses forced to shut down and workers forced to stay home because of the pandemic.
Politico’s Nancy Cook and Ben White report:
"Among the administration’s targets this week: providing relief in the form of tax deferments, loans or even direct payments to airlines, the hospitality industry and small-to-medium businesses crippled by plunging demand. Officials know they need to release the contours of their plan quickly — potentially as soon as Tuesday — as turmoil accelerates in financial markets, said a person familiar with the White House’s plans. …
“Half of the $800 billion in aid, under the latest White House estimates, would come from aid to workers and small businesses, tax deferrals and other moves already underway including deferring student-loan interest, buying oil and additional provisions of a relief bill already moving through Congress. The other half would come from a payroll-tax holiday through the end of the year — a move that would likely cost much more than $400 billion.”
Congress, meanwhile, continues to work on a multi-billion-dollar coronavirus relief package, the second in what's likely to be a series of bills to address the economic and public health effects of the pandemic.
The Senate canceled a scheduled recess this week so it could pass the emergency coronavirus relief bill that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin scrambled to negotiate last week. The House passed the package, which includes free virus testing and paid sick leave for employees of small businesses, early Saturday morning in a 363-40 vote. But the legislation has not yet been sent to the Senate as leadership reportedly works on some technical fixes and seeks to address some other concerns that could have stalled passage.
“House aides in both parties said there had been ‘some changes’ in the coronavirus bill regarding the Medicaid reimbursement and small business tax credit sections, although those issues have been resolved,” Politico’s John Bresnahan and Marianne Levine reported.
Another concern: Rep. Louie Gohmert, a Texas Republican who voted against the relief bill last week, had threatened to block the process the House would use to pass the revised legislation.
The revised package is reportedly close to being ready — but it’s prospects in the Senate are still not completely clear. Sen. Tom Cotton (R-Ark.) told "Fox & Friends" on Monday that the House bill will not pass the Senate as written, given GOP concerns about its paid sick leave provisions.
"It doesn't go far enough and it doesn't go fast enough," Cotton said, according to Politico. "Most of the measures in this bill are something that the senators will support, I believe. ... But we worry that the bill setting up a new and complicated system relying on businesses giving paid sick leave and then getting a refundable tax credit that won't move quickly enough and could put pressure on those businesses to lay workers off."


thefiscaltimes--2020-03-13--Even Conservative Deficit Hawks Say Now Is the Time to Spend, Spend, Spend

Bloomberg Businessweek ’ s Peter Coy emailed several preeminent conservative economists — the type who typically worry about large budget deficits and the rapidly rising national debt — to ask what the federal government should do to combat the economic effects of the virus .
“ Restraining the deficit was nowhere near the top of their list , ” he writes .
In fact , deficits are “ good and necessary ” at the moment .
Here some of what the economists had to say : • “ There are times to worry about increasing government debt .
But a @ @ @ @ @ @ @ one of them , ” said Harvard ’ s Gregory Mankiw , who chaired the Council of Economic Advisers under President George W. Bush .
• Glenn Hubbard , a Columbia professor who also chaired the Council of Economic Advisers under Bush 43 , said policymakers should focus on funding for health infrastructure and support for state Medicaid programs .
And he recommended loan guarantees to affected industries .
“ While policy can ’ t offset the supply shock , it can make sure demand does not crater , ” he told Businessweek @ @ @ @ @ @ @ moderate-income individuals would be helpful and should be possible .
... A major infrastructure program commitment would reassure businesses about future demand — projects needn ’ t be ‘ shovel ready ’ for that to work .
… While profligacy is not the goal , policy makers should prioritize reassurance over the near-term deficit.
” • Harvard ’ s Kenneth Rogoff told Bloomberg TV that the U.S. needs $ 500 billion to $ 1 trillion in fiscal stimulus “ for starters , ” with much of that money directed at lower-income earners who @ @ @ @ @ @ @ perfect storm that creates these really disastrous financial crises , ” he said , “ often involves having a government at war with itself , caught on its back , very often before an election .
”

Bloomberg Businessweek’s Peter Coy emailed several preeminent conservative economists — the type who typically worry about large budget deficits and the rapidly rising national debt — to ask what the federal government should do to combat the economic effects of the virus. “Restraining the deficit was nowhere near the top of their list,” he writes. In fact, deficits are “good and necessary” at the moment.
Here some of what the economists had to say:
“There are times to worry about increasing government debt. But a crisis like the current pandemic is not one of them,” said Harvard’s Gregory Mankiw, who chaired the Council of Economic Advisers under President George W. Bush.
Glenn Hubbard, a Columbia professor who also chaired the Council of Economic Advisers under Bush 43, said policymakers should focus on funding for health infrastructure and support for state Medicaid programs. And he recommended loan guarantees to affected industries.
“While policy can’t offset the supply shock, it can make sure demand does not crater,” he told Businessweek. “Sending checks to low- and moderate-income individuals would be helpful and should be possible. ... A major infrastructure program commitment would reassure businesses about future demand — projects needn’t be ‘shovel ready’ for that to work. … While profligacy is not the goal, policy makers should prioritize reassurance over the near-term deficit.”
Harvard’s Kenneth Rogoff told Bloomberg TV that the U.S. needs $500 billion to $1 trillion in fiscal stimulus “for starters,” with much of that money directed at lower-income earners who would spend it quickly. “The perfect storm that creates these really disastrous financial crises,” he said, “often involves having a government at war with itself, caught on its back, very often before an election.”
Sounds frighteningly familiar, doesn’t it?
Read the full piece at Bloomberg Businessweek.


thefiscaltimes--2020-03-17--Why the Republican Tax Law Could Hinder a Recovery

The Tax Cuts and Jobs Act of 2017 – President Trump ’ s main legislative accomplishment and pride of the Republican-controlled 115th U.S. Congress – could make the current economic slowdown worse , says Politico ’ s Brian Faler .
As part of the effort to cover the cost of the legislation , which will add roughly $ 2 trillion to the deficit over 10 years , lawmakers reduced the ability of struggling businesses to get quick cash refunds from the IRS by refiling previous tax returns to reflect current losses .
The elimination of so-called carrybacks , estimated to @ @ @ @ @ @ @ that many businesses that might have turned to the IRS to boost their liquidity in the midst of a recession are unable to do so .
“ It is a big problem , ” Alan Viard of the conservative American Enterprise Institute told Faler .
“ It ’ s a bad feature of the TCJA .
All of a sudden , it ’ s become more salient and important.
” John Buckley , a former head of the Joint Committee on Taxation , said that things looked different three years ago : “ @ @ @ @ @ @ @ , and there was little prospect of recession , but these things have perverse effects when there ’ s a downturn.
” Buckley also said that the eliminated tax rule would come in handy today : “ Liquidity is going to be a big deal for a lot of these companies .
If the goal is to give liquidity to troubled companies , the quickest and easiest thing to do is give a carryback.
” Some groups , including the U.S. Chamber of Commerce , are pushing to bring the provision back , @ @ @ @ @ @ @ easy to reintroduce as it was to eliminate .
A new carryback rule would likely be seen as a corporate tax cut and as a major revision to the 2017 tax law , which could be problematic for both parties in Congress .

The Tax Cuts and Jobs Act of 2017 – President Trump’s main legislative accomplishment and pride of the Republican-controlled 115th U.S. Congress – could make the current economic slowdown worse, says Politico’s Brian Faler.
As part of the effort to cover the cost of the legislation, which will add roughly $2 trillion to the deficit over 10 years, lawmakers reduced the ability of struggling businesses to get quick cash refunds from the IRS by refiling previous tax returns to reflect current losses. The elimination of so-called carrybacks, estimated to save about $200 billion, means that many businesses that might have turned to the IRS to boost their liquidity in the midst of a recession are unable to do so.
“It is a big problem,” Alan Viard of the conservative American Enterprise Institute told Faler. “It’s a bad feature of the TCJA. All of a sudden, it’s become more salient and important.”
John Buckley, a former head of the Joint Committee on Taxation, said that things looked different three years ago: “It was enacted when things were flush, and there was little prospect of recession, but these things have perverse effects when there’s a downturn.” Buckley also said that the eliminated tax rule would come in handy today: “Liquidity is going to be a big deal for a lot of these companies. If the goal is to give liquidity to troubled companies, the quickest and easiest thing to do is give a carryback.”
Some groups, including the U.S. Chamber of Commerce, are pushing to bring the provision back, but it won’t be as easy to reintroduce as it was to eliminate. A new carryback rule would likely be seen as a corporate tax cut and as a major revision to the 2017 tax law, which could be problematic for both parties in Congress.


thefiscaltimes--2020-03-17--Trump Wants a $1 Trillion Coronavirus Stimulus

As U.S. economic activity screeches to a halt due to the coronavirus pandemic , the Trump administration is asking Congress for a massive , rapidly evolving stimulus package that will likely top $ 1 trillion .
“ We ’ re going big , ” Trump told reporters Tuesday at a White House briefing .
“ We want to go big.
” ‘ Americans need cash now ’ : At the heart of the plan is a push to send many Americans cash payments , and quickly .
“ Americans need cash now , and the president wants to give cash @ @ @ @ @ @ @ in the next two weeks , ” Treasury Secretary Steven Mnuchin said at Tuesday ’ s briefing .
The administration reportedly has not decided how large the checks would be but wants them to top $ 1,000 .
Mnuchin indicated that high-income households may not be eligible .
“ I think it ’ s clear we don ’ t need to send people who make a million dollars a year checks , ” he said .
The threshold is likely to be far lower than that , around $ 75,000 to $ 85,000 @ @ @ @ @ @ @ of checks would cost the government $ 250 billion , according to CNN .
But cost considerations are being set aside as the administration looks to mitigate the economic damage from the pandemic .
Mnuchin reportedly said Tuesday the Congress could worry about deficits at a later date .
“ Cobbling together a stimulus package worth more than $ 1 trillion would mark a major ideological shift for Republicans , who spent years decrying debt and government bailouts following the 2008 global financial crisis , ” Politico ’ s Nancy Cook and Ben @ @ @ @ @ @ @ surrounding the spread of the coronavirus and the volatility in the stock market , the White House does not seem concerned about the price tag — only stopping the financial freefall .
The administration proposal reportedly also includes $ 200 billion for expanded loans to small businesses plus $ 50 billion in aid to the airline industry .
Tax day payments are getting delayed : Mnuchin also announced Tuesday that the tax payment deadline will be pushed back 90 days after April 15 , with individual taxpayers who owe up to $ 1 @ @ @ @ @ @ @ penalties or interest .
Taxpayers will still have to file by April 15 , however .
Multiple phases of coronavirus relief : Cash payments would be part of a third phase of coronavirus relief being negotiated now by Mnuchin and congressional leadership .
President Trump had been pressing for a temporary payroll tax cut , but lawmakers were cool to the idea , and the president on Tuesday indicated that he would prioritize the cash payments as he seeks faster action .
“ Payroll tax is one way , but it does come @ @ @ @ @ @ @ months , ” he told reporters .
`` And we want to do something much faster than that .
So I think we have ways of getting money out pretty quickly and very accurately.
” The White House wants the next phase of stimulus to also include support for businesses and aid for the airline industry , which on Monday asked the government for as much as $ 60 billion in grants and loans .
Mnuchin reportedly has discussed the idea of combining the new stimulus measures with the revised relief package now @ @ @ @ @ @ @ the House on Monday night .
That legislation provides for paid sick and family leave and free virus testing as well as enhanced unemployment benefits , increased food aid and higher funding for Medicaid benefits .
But Senate Majority Leader Mitch McConnell said Tuesday he would bring the House bill up for a separate vote before proceeding with the larger stimulus package .
`` A number of my members think there were considerable shortcomings in the House bill .
My counsel to them is to gag and vote for it anyway , '' @ @ @ @ @ @ @ would keep the Senate in session until the third phase is completed .
It ’ s not clear yet whether the White House ’ s proposal will be able to speed through Congress , though , as Democrats have expressed concern that the administration ’ s plans thus far have centered on tax cuts and industry bailouts .
Senate Minority Leader Chuck Schumer is pitching a stimulus of at least $ 750 billion that would provide more money for health care and schools , expand unemployment insurance and provide loan assistance , among @ @ @ @ @ @ @ tension between the White House ’ s approach and the bills Democrats are trying to advance , ” The Washington Post reported .
“ White House officials are leaning hard into the idea of tax cuts and industry assistance , while Democrats have said their proposals are focused more on helping workers , health care providers , schools , and senior citizens .
”

As U.S. economic activity screeches to a halt due to the coronavirus pandemic, the Trump administration is asking Congress for a massive, rapidly evolving stimulus package that will likely top $1 trillion.
“We’re going big,” Trump told reporters Tuesday at a White House briefing. “We want to go big.”
‘Americans need cash now’: At the heart of the plan is a push to send many Americans cash payments, and quickly.
“Americans need cash now, and the president wants to give cash now. And I mean now, in the next two weeks,” Treasury Secretary Steven Mnuchin said at Tuesday’s briefing.
The administration reportedly has not decided how large the checks would be but wants them to top $1,000. Mnuchin indicated that high-income households may not be eligible. “I think it’s clear we don’t need to send people who make a million dollars a year checks,” he said. The threshold is likely to be far lower than that, around $75,000 to $85,000, CNN reports.
The first wave of checks would cost the government $250 billion, according to CNN. But cost considerations are being set aside as the administration looks to mitigate the economic damage from the pandemic. Mnuchin reportedly said Tuesday the Congress could worry about deficits at a later date.
“Cobbling together a stimulus package worth more than $1 trillion would mark a major ideological shift for Republicans, who spent years decrying debt and government bailouts following the 2008 global financial crisis,” Politico’s Nancy Cook and Ben White noted. “But with uncertainty surrounding the spread of the coronavirus and the volatility in the stock market, the White House does not seem concerned about the price tag — only stopping the financial freefall.
The administration proposal reportedly also includes $200 billion for expanded loans to small businesses plus $50 billion in aid to the airline industry.
Tax day payments are getting delayed: Mnuchin also announced Tuesday that the tax payment deadline will be pushed back 90 days after April 15, with individual taxpayers who owe up to $1 million able to defer payments without incurring penalties or interest. Taxpayers will still have to file by April 15, however.
Multiple phases of coronavirus relief: Cash payments would be part of a third phase of coronavirus relief being negotiated now by Mnuchin and congressional leadership.
President Trump had been pressing for a temporary payroll tax cut, but lawmakers were cool to the idea, and the president on Tuesday indicated that he would prioritize the cash payments as he seeks faster action. “Payroll tax is one way, but it does come over a period of months, many months,” he told reporters. "And we want to do something much faster than that. So I think we have ways of getting money out pretty quickly and very accurately.”
The White House wants the next phase of stimulus to also include support for businesses and aid for the airline industry, which on Monday asked the government for as much as $60 billion in grants and loans.
Mnuchin reportedly has discussed the idea of combining the new stimulus measures with the revised relief package now being considered by the Senate after passing the House on Monday night. That legislation provides for paid sick and family leave and free virus testing as well as enhanced unemployment benefits, increased food aid and higher funding for Medicaid benefits. But Senate Majority Leader Mitch McConnell said Tuesday he would bring the House bill up for a separate vote before proceeding with the larger stimulus package.
"A number of my members think there were considerable shortcomings in the House bill. My counsel to them is to gag and vote for it anyway," he said.
McConnell also said he would keep the Senate in session until the third phase is completed.
It’s not clear yet whether the White House’s proposal will be able to speed through Congress, though, as Democrats have expressed concern that the administration’s plans thus far have centered on tax cuts and industry bailouts. Senate Minority Leader Chuck Schumer is pitching a stimulus of at least $750 billion that would provide more money for health care and schools, expand unemployment insurance and provide loan assistance, among other things.
“There is emerging tension between the White House’s approach and the bills Democrats are trying to advance,” The Washington Post reported. “White House officials are leaning hard into the idea of tax cuts and industry assistance, while Democrats have said their proposals are focused more on helping workers, health care providers, schools, and senior citizens.”


thefiscaltimes--2020-03-16--Coronavirus Treatment Cost Could Exceed $20,000 Per Patient: Report

The average total cost of care for the sickest pneumonia patients comes to more than $ 20,000 , according to a new analysis published by the Peterson-KFF Health System Tracker .
That could provide a rough sense of how much treatment for Covid-19 will cost for patients who are admitted to the hospital in the coming weeks .
Researchers reviewed historical data for patients with private insurance under the age of 65 who had been admitted to the hospital for pneumonia , breaking them down into three categories : those with pneumonia but no further complications ; those with pneumonia @ @ @ @ @ @ @ health problems such as diabetes or heart disease ) ; and those with pneumonia and major complications .
The total cost of treating the third group , shared by both insurers and patients , came to $ 20,292 on average .
Costs varied considerably in different parts of the country , however , ranging from $ 11,533 at the 25th percentile of cases to $ 24,178 at the 75th percentile .
The analysts also looked at out-of-pocket costs for patients , a complicated question given the wide variety of deductibles and copayment requirements @ @ @ @ @ @ @ it all down , the analysts came up with a cost of about $ 1,300 for out-of-pocket expenses for the sickest patients .
“ Medical costs are already a common concern in the U.S. , particularly for people without insurance , those with high deductibles , and those in worse health , ” the report says .
“ In the context of the COVID-19 pandemic , it is of even greater concern , as many people could be incurring high out-of-pocket costs , at a time when there is also risk of a @ @ @ @ @ @ @ , Larry Levitt of the Kaiser Family Foundation noted that the “ economic consequences for patients is a particularly American challenge .
”

The average total cost of care for the sickest pneumonia patients comes to more than $20,000, according to a new analysis published by the Peterson-KFF Health System Tracker. That could provide a rough sense of how much treatment for Covid-19 will cost for patients who are admitted to the hospital in the coming weeks.
Researchers reviewed historical data for patients with private insurance under the age of 65 who had been admitted to the hospital for pneumonia, breaking them down into three categories: those with pneumonia but no further complications; those with pneumonia and either complications or comorbidity (additional health problems such as diabetes or heart disease); and those with pneumonia and major complications. The total cost of treating the third group, shared by both insurers and patients, came to $20,292 on average.
Costs varied considerably in different parts of the country, however, ranging from $11,533 at the 25th percentile of cases to $24,178 at the 75th percentile.
The analysts also looked at out-of-pocket costs for patients, a complicated question given the wide variety of deductibles and copayment requirements in various health care plans. Boiling it all down, the analysts came up with a cost of about $1,300 for out-of-pocket expenses for the sickest patients.
“Medical costs are already a common concern in the U.S., particularly for people without insurance, those with high deductibles, and those in worse health,” the report says. “In the context of the COVID-19 pandemic, it is of even greater concern, as many people could be incurring high out-of-pocket costs, at a time when there is also risk of a recession.”
Commenting on the analysis Monday, Larry Levitt of the Kaiser Family Foundation noted that the “economic consequences for patients is a particularly American challenge.”


thefiscaltimes--2020-03-18--What’s in the Trump Administration’s $1 Trillion Stimulus Plan

Senate Republicans are racing to pull together a massive economic stimulus plan , the third phase of Congress ’ s coronavirus relief efforts , following an $ 8.3 billion emergency funding bill and the paid leave package passed Wednesday by the Senate .
Negotiations on the stimulus , including eventual talks with House Democrats , will likely extend into next week .
Senate Majority Leader Mitch McConnell reportedly has given four special task forces until Thursday to come up with their pieces of the plan , covering health issues , tax policy , small businesses and major industries .
The @ @ @ @ @ @ @ issued a two-page outline of its own $ 1 trillion proposal — larger than the stimulus plan adopted after the financial crisis — and that plan reportedly grew to $ 1.3 trillion as of Wednesday .
“ Treasury Secretary Steven Mnuchin ’ s goal to pump money into the economy quickly has him adding another decimal-point to his plan nearly every time he speaks , ” Bloomberg ’ s Saleha Mohsin , Jennifer Jacobs and Josh Wingrove wrote Wednesday .
Mnuchin reportedly warned lawmakers that the unemployment rate could surge as high as @ @ @ @ @ @ @ enact the stimulus .
The administration plan , which could still change as negotiations continue , includes : • $ 500 billion for two rounds of direct payments to taxpayers .
The first round would start April 6 , while the second would start May 18 .
Each round would be for the same amount , with the size of the payments based on income level and family size .
• A $ 300 billion loan program for small businesses — those with 500 or fewer employees .
The government would guarantee 100 @ @ @ @ @ @ @ capped at $ 1,540 per employee per week .
Employers would be required to keep paying all workers for eight weeks .
• $ 150 billion in aid to “ other severely distressed sectors of the U.S. economy .
”

Senate Republicans are racing to pull together a massive economic stimulus plan, the third phase of Congress’s coronavirus relief efforts, following an $8.3 billion emergency funding bill and the paid leave package passed Wednesday by the Senate.
Negotiations on the stimulus, including eventual talks with House Democrats, will likely extend into next week. Senate Majority Leader Mitch McConnell reportedly has given four special task forces until Thursday to come up with their pieces of the plan, covering health issues, tax policy, small businesses and major industries.
The White House, in the meantime, issued a two-page outline of its own $1 trillion proposal — larger than the stimulus plan adopted after the financial crisis — and that plan reportedly grew to $1.3 trillion as of Wednesday. “Treasury Secretary Steven Mnuchin’s goal to pump money into the economy quickly has him adding another decimal-point to his plan nearly every time he speaks,” Bloomberg’s Saleha Mohsin, Jennifer Jacobs and Josh Wingrove wrote Wednesday.
Mnuchin reportedly warned lawmakers that the unemployment rate could surge as high as 20% if Congress doesn’t enact the stimulus.
The administration plan, which could still change as negotiations continue, includes:
$500 billion for two rounds of direct payments to taxpayers. The first round would start April 6, while the second would start May 18. Each round would be for the same amount, with the size of the payments based on income level and family size.
A $300 billion loan program for small businesses — those with 500 or fewer employees. The government would guarantee 100% of six weeks of payroll, capped at $1,540 per employee per week. Employers would be required to keep paying all workers for eight weeks.
A roughly $50 billion airline bailout.


thefiscaltimes--2020-03-18--Second Coronavirus Bill Provides Limited Paid Sick Leave

The coronavirus relief bill passed by the Senate today in a 90-8 vote provides two weeks of paid sick leave for some workers and up to three months of paid family leave , with the cost of that leave covered through refundable tax credits .
The paid leave provisions would cost nearly $ 105 billion over two years , according to the congressional Joint Committee on Taxation .
President Trump is expected to sign the bill soon .
The legislation also includes provisions that : • Require insurers to cover the cost of diagnostic tests .
• Expand food and @ @ @ @ @ @ @ banks and meal-delivery programs for seniors .
What critics are saying : After passing the House early Saturday morning , the legislation was amended in a 90-page technical correction that watered down some its provisions , reportedly in response to pressures from business groups .
The Hill ’ s Niv Elis says that advocacy groups are slamming the legislation , charging that they will exclude far too many workers affected by the pandemic .
Companies with over 500 employees — which account for the majority of employment in the U.S. — are excluded @ @ @ @ @ @ @ leave .
Companies with fewer than 50 employees can apply for waivers .
All told , only about 20 % of U.S. workers will be covered by the bill , according to a critical op-ed in The New York Times — one that House Speaker Nancy Pelosi pushed back against .
Republican Senator Tom Cotton also criticized the way the paid leave rules work .
“ We worry that the bill setting up a new and complicated system relying on businesses giving paid sick leave and then getting a refundable tax credit wo @ @ @ @ @ @ @ pressure on those businesses to lay workers off , ” Cotton said .
Senate Majority Leader Mitch McConnell agreed that the bill was problematic , saying that “ the House bill has real shortcomings .
It does not even begin to cover all of the Americans who will need help in the days ahead.
” But McConnell supported the bill nevertheless , and said he would focus on the next much larger relief bill that will provide direct cash assistance to taxpayers .
Pelosi said in a statement Tuesday that House Democrats would @ @ @ @ @ @ @ .

The coronavirus relief bill passed by the Senate today in a 90-8 vote provides two weeks of paid sick leave for some workers and up to three months of paid family leave, with the cost of that leave covered through refundable tax credits. The paid leave provisions would cost nearly $105 billion over two years, according to the congressional Joint Committee on Taxation. President Trump is expected to sign the bill soon.
The legislation also includes provisions that:
Require insurers to cover the cost of diagnostic tests.
Expand food and nutrition services, including aid to food banks and meal-delivery programs for seniors.
Provide emergency state unemployment insurance grants.
Increase Medicaid funding at the state level.
What critics are saying: After passing the House early Saturday morning, the legislation was amended in a 90-page technical correction that watered down some its provisions, reportedly in response to pressures from business groups.
The Hill’s Niv Elis says that advocacy groups are slamming the legislation, charging that they will exclude far too many workers affected by the pandemic. Companies with over 500 employees — which account for the majority of employment in the U.S. — are excluded, though many already offer workers paid leave. Companies with fewer than 50 employees can apply for waivers. All told, only about 20% of U.S. workers will be covered by the bill, according to a critical op-ed in The New York Times — one that House Speaker Nancy Pelosi pushed back against.
Republican Senator Tom Cotton also criticized the way the paid leave rules work. “We worry that the bill setting up a new and complicated system relying on businesses giving paid sick leave and then getting a refundable tax credit won't move quickly enough and could put pressure on those businesses to lay workers off,” Cotton said.
Senate Majority Leader Mitch McConnell agreed that the bill was problematic, saying that “the House bill has real shortcomings. It does not even begin to cover all of the Americans who will need help in the days ahead.” But McConnell supported the bill nevertheless, and said he would focus on the next much larger relief bill that will provide direct cash assistance to taxpayers.
Pelosi said in a statement Tuesday that House Democrats would seek to expand the emergency leave mandate.


thefiscaltimes--2020-03-18--Cash for Everyone? How Congress Embraced Coronavirus Payments

Opinions in Washington about how best to boost an economy nosediving into recession as a result of the coronavirus pandemic have quickly coalesced around the idea of sending cash directly to Americans .
Politico ’ s Michael Grunwald detailed how that one idea suddenly garnered bipartisan support in a town otherwise riven by partisanship : “ In just the past two days , the idea that the federal government should simply give people money to help them through the coronavirus pandemic has been endorsed across the political spectrum—by Democratic senators like Sherrod Brown and Michael Bennet , Republican senators like @ @ @ @ @ @ @ about every economist who worked for President Barack Obama , and finally , this afternoon , by President Donald Trump .
… “ At a time when Washington is bitterly polarized over almost everything—including other stimulus proposals that would target beleaguered industries or low-income workers—airlifting cash into American households is one of those rare concepts that almost every politician can embrace , even though it smacks of the big government liberalism that Republicans mock , even though every dollar gets added to the deficit.
” The biggest surprise may be the extent to @ @ @ @ @ @ @ and backed the industry-specific bailouts that are also part of the Trump administration ’ s $ 1 trillion stimulus proposal .
“ Such a massive rescue package would seem to mean an agonizing vote for the GOP — the last major bailout in 2008 helped launch the conservative tea party movement and many senior lawmakers still boast about their opposition to it , ” Politico ’ s Melanie Zanona and Marianne Levine write .
“ But Republicans say the coronavirus is an entirely different animal : the hospitality and airline industries didn ’ @ @ @ @ @ @ @ and Levine note that some conservative groups — including those backed by billionaire Charles Koch — are urging Congress to limit the scope of any bailouts and reject any more expansive measures directing aid to specific industries .
“ There are still a number of fiscal hawks and conservative hard-liners who have pushed back against deficit-busting bills — and they are certain to raise concerns during the coming debate , ” Politico ’ s team writes .
But concerns about the cost of a stimulus package and ballooning a deficit that was already @ @ @ @ @ @ @ year have largely been limited to the far corners of the GOP , drowned out elsewhere by the need to act quickly to rescue the economy — and perhaps the November election prospects that may depend on it .
“ The one argument that isn ’ t being made against giving people money in the Trump era is the argument that Republicans made relentlessly against stimulus handouts in the Obama era : They will increase the budget deficit .
Deficits have exploded to over $ 1 trillion under Trump despite a strong economy @ @ @ @ @ @ @ well over $ 2 trillion .
But the Republican Party that mocked Keynesian economics in 2009 is now eager to pour tax dollars into the faltering economy—perhaps accompanied by a Publishers Clearinghouse-style letter from Donald J. Trump—and worry about the fiscal consequences later .
”

Opinions in Washington about how best to boost an economy nosediving into recession as a result of the coronavirus pandemic have quickly coalesced around the idea of sending cash directly to Americans.
Politico’s Michael Grunwald detailed how that one idea suddenly garnered bipartisan support in a town otherwise riven by partisanship:
“In just the past two days, the idea that the federal government should simply give people money to help them through the coronavirus pandemic has been endorsed across the political spectrum—by Democratic senators like Sherrod Brown and Michael Bennet, Republican senators like Mitt Romney and Tom Cotton, just about every economist who worked for President Barack Obama, and finally, this afternoon, by President Donald Trump. …
“At a time when Washington is bitterly polarized over almost everything—including other stimulus proposals that would target beleaguered industries or low-income workers—airlifting cash into American households is one of those rare concepts that almost every politician can embrace, even though it smacks of the big government liberalism that Republicans mock, even though every dollar gets added to the deficit.”
The biggest surprise may be the extent to which congressional Republicans have embraced the idea and backed the industry-specific bailouts that are also part of the Trump administration’s $1 trillion stimulus proposal.
“Such a massive rescue package would seem to mean an agonizing vote for the GOP — the last major bailout in 2008 helped launch the conservative tea party movement and many senior lawmakers still boast about their opposition to it,” Politico’s Melanie Zanona and Marianne Levine write. “But Republicans say the coronavirus is an entirely different animal: the hospitality and airline industries didn’t cause the global pandemic.”
Zanona and Levine note that some conservative groups — including those backed by billionaire Charles Koch — are urging Congress to limit the scope of any bailouts and reject any more expansive measures directing aid to specific industries. “There are still a number of fiscal hawks and conservative hard-liners who have pushed back against deficit-busting bills — and they are certain to raise concerns during the coming debate,” Politico’s team writes.
But concerns about the cost of a stimulus package and ballooning a deficit that was already expected to top $1 trillion this year have largely been limited to the far corners of the GOP, drowned out elsewhere by the need to act quickly to rescue the economy — and perhaps the November election prospects that may depend on it.
As Grunwald says:
“The one argument that isn’t being made against giving people money in the Trump era is the argument that Republicans made relentlessly against stimulus handouts in the Obama era: They will increase the budget deficit. Deficits have exploded to over $1 trillion under Trump despite a strong economy, and are now poised to soar well over $2 trillion. But the Republican Party that mocked Keynesian economics in 2009 is now eager to pour tax dollars into the faltering economy—perhaps accompanied by a Publishers Clearinghouse-style letter from Donald J. Trump—and worry about the fiscal consequences later.”


thefiscaltimes--2020-03-17--Warren: Here’s What I Want Companies to Do to Get a Bailout

Sen. Elizabeth Warren ( D-MA ) on Tuesday released a set of requirements she would like to impose on U.S. corporations that receive assistance from the federal government in the wake of the coronavirus pandemic .
“ When the 2008 financial crisis hit , the federal government responded with a bankers ' bailout .
The rich and powerful got richer and more powerful , ” Warren said in an op-ed on CNN Monday .
“ Any stimulus package must ... pass an important test : federal money that goes to big corporations or specific industries must be used to help @ @ @ @ @ @ @ strings attached to ensure that the money goes to maintain payroll , not to enrich shareholders or pay executive bonuses.
” Here ’ s the list of “ progressive priorities and requirements ” Warren wants to see in any stimulus package : • Companies must maintain their payrolls and use funds to keep people working or on payroll .
• Companies must provide a $ 15 minimum wage as quickly as practicable but no later than one year of the national emergency declaration ending .
• Companies are permanently prohibited from engaging in @ @ @ @ @ @ @ from paying out dividends or executive bonuses while they are receiving any relief and for three years thereafter .
• Companies must set aside at least one seat -- but potentially two or more , as the amount of relief increases -- on the board of directors for representatives elected by workers .
• Collective bargaining agreements should remain in place and should not be reopened or renegotiated pursuant to this relief program .
• Corporations must obtain shareholder and board approval for all political expenditures .
• CEOs must be required to @ @ @ @ @ @ @ face criminal penalties for violating these certifications .
Warren hasn ’ t said how she plans to enact her proposals , or whether they are a necessary condition for her support of the stimulus packages currently being debated in Congress .

Sen. Elizabeth Warren (D-MA) on Tuesday released a set of requirements she would like to impose on U.S. corporations that receive assistance from the federal government in the wake of the coronavirus pandemic.
“When the 2008 financial crisis hit, the federal government responded with a bankers' bailout. The rich and powerful got richer and more powerful,” Warren said in an op-ed on CNN Monday. “Any stimulus package must ... pass an important test: federal money that goes to big corporations or specific industries must be used to help their employees. Funds must come with strings attached to ensure that the money goes to maintain payroll, not to enrich shareholders or pay executive bonuses.”
Here’s the list of “progressive priorities and requirements” Warren wants to see in any stimulus package:
Companies must maintain their payrolls and use funds to keep people working or on payroll. Companies must provide a $15 minimum wage as quickly as practicable but no later than one year of the national emergency declaration ending. Companies are permanently prohibited from engaging in share repurchases. Companies are prohibited from paying out dividends or executive bonuses while they are receiving any relief and for three years thereafter. Companies must set aside at least one seat -- but potentially two or more, as the amount of relief increases -- on the board of directors for representatives elected by workers. Collective bargaining agreements should remain in place and should not be reopened or renegotiated pursuant to this relief program. Corporations must obtain shareholder and board approval for all political expenditures. CEOs must be required to personally certify a company is compliance and face criminal penalties for violating these certifications.
Warren hasn’t said how she plans to enact her proposals, or whether they are a necessary condition for her support of the stimulus packages currently being debated in Congress.


thefiscaltimes--2020-03-19--Mnuchin and McConnell Say Cash for Companies Is Not a ‘Bailout’

Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell both emphasized Thursday that federal aid to big businesses such as airlines planned as part of the administration ’ s proposed stimulus package of $ 1 trillion or more is not a “ bailout.
” The administration ’ s plan , still subject to negotiations with Congress , calls for $ 50 billion in loan guarantees for passenger and cargo air carriers as well as $ 150 billion for other “ severely distressed sectors ” of the U.S. economy , such as cruise operators and hotel companies .
The stimulus @ @ @ @ @ @ @ for loans , not grants , to small businesses affected by the pandemic .
“ We ’ re not talking about so-called bailouts for firms that made reckless decisions , ” McConnell said .
“ None of these firms — not corner stores , not pizza parlors , not airlines — brought this on themselves .
We ’ re not talking about a taxpayer-funded cushion for companies that made mistakes .
We ’ re talking about loans which must be repaid.
” Mnuchin has struck a similar note .
“ This isn ’ @ @ @ @ @ @ @ Fox Business on Thursday .
“ We 're not going to force things on people , but people who need liquidity , we 're going to make sure that the taxpayers are compensated fairly.
” The Washington Post ’ s Robert Costa and Philip Rucker report that Mnuchin also sought to ensure that Senate Republicans were careful about the language they used when he met with them on Tuesday : “ [ T ] he secretary pleaded with them not to use the politically charged word ‘ bailout ’ in describing the proposed @ @ @ @ @ @ @ large corporations that stands to benefit from the administration ’ s plan .
One senator raised a hand and asked if they should instead call them ‘ freedom payments , ’ which prompted laughter , according to a person briefed on the closed-door meeting who spoke on the condition of anonymity to be candid about the discussion .
”

Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell both emphasized Thursday that federal aid to big businesses such as airlines planned as part of the administration’s proposed stimulus package of $1 trillion or more is not a “bailout.”
The administration’s plan, still subject to negotiations with Congress, calls for $50 billion in loan guarantees for passenger and cargo air carriers as well as $150 billion for other “severely distressed sectors” of the U.S. economy, such as cruise operators and hotel companies.
The stimulus package would also provide $300 billion for loans, not grants, to small businesses affected by the pandemic.
“We’re not talking about so-called bailouts for firms that made reckless decisions,” McConnell said. “None of these firms — not corner stores, not pizza parlors, not airlines — brought this on themselves. We’re not talking about a taxpayer-funded cushion for companies that made mistakes. We’re talking about loans which must be repaid.”
Mnuchin has struck a similar note. “This isn’t a bailout,” he told Fox Business on Thursday. “We're not going to force things on people, but people who need liquidity, we're going to make sure that the taxpayers are compensated fairly.”
The Washington Post’s Robert Costa and Philip Rucker report that Mnuchin also sought to ensure that Senate Republicans were careful about the language they used when he met with them on Tuesday:
“[T]he secretary pleaded with them not to use the politically charged word ‘bailout’ in describing the proposed relief for Boeing, one of many large corporations that stands to benefit from the administration’s plan. One senator raised a hand and asked if they should instead call them ‘freedom payments,’ which prompted laughter, according to a person briefed on the closed-door meeting who spoke on the condition of anonymity to be candid about the discussion.”


thefiscaltimes--2020-03-19--Trump Supports Government Equity Stakes in Businesses That Get Bailout Funds

President Trump said Thursday that he supports the controversial idea of having the government take equity stakes in some companies that receive federal funds as part of the coronavirus stimulus effort .
The White House ’ s top economic adviser , Larry Kudlow , had floated the idea on Wednesday .
The background : Taking equity stakes would be a way to protect taxpayer money , but it can be extremely controversial — or at least it was more than a decade ago , when the Obama administration did it in the wake of the financial crisis .
Critics decried @ @ @ @ @ @ @ in the ownership of private businesses , even if those equity stakes turned out to be profitable for the government .
“ While deeply controversial politically , taxpayer backstops for the financial , automotive and housing-finance industries during the 2007-09 crisis were a key component of averting another Great Depression , ” Bloomberg ’ s Justin Sink and Luke Kawa write .
“ While there were losses in some cases , equity stakes helped the government come out ahead on many of the transactions.
” Sink and Kawa note that Kudlow had been @ @ @ @ @ @ @ the wake of the 2008 financial crisis and called the Obama administration ’ s rescue of General Motors “ an attack on free-market capitalism.
” “ Call it Bailout Nation or Ownership Nation , it ’ s an unprecedented degree of government command , control , and planning , all in the name of a tough economic downturn , ” Kudlow reportedly wrote at the time .
This week , Kudlow said that the 2008 GM bailout had been a good deal for the government .

President Trump said Thursday that he supports the controversial idea of having the government take equity stakes in some companies that receive federal funds as part of the coronavirus stimulus effort.
The White House’s top economic adviser, Larry Kudlow, had floated the idea on Wednesday.
The background: Taking equity stakes would be a way to protect taxpayer money, but it can be extremely controversial — or at least it was more than a decade ago, when the Obama administration did it in the wake of the financial crisis. Critics decried the idea of having the government involved in the ownership of private businesses, even if those equity stakes turned out to be profitable for the government.
“While deeply controversial politically, taxpayer backstops for the financial, automotive and housing-finance industries during the 2007-09 crisis were a key component of averting another Great Depression,” Bloomberg’s Justin Sink and Luke Kawa write. “While there were losses in some cases, equity stakes helped the government come out ahead on many of the transactions.”
Sink and Kawa note that Kudlow had been adamantly opposed to such government intervention in the wake of the 2008 financial crisis and called the Obama administration’s rescue of General Motors “an attack on free-market capitalism.”
“Call it Bailout Nation or Ownership Nation, it’s an unprecedented degree of government command, control, and planning, all in the name of a tough economic downturn,” Kudlow reportedly wrote at the time.
This week, Kudlow said that the 2008 GM bailout had been a good deal for the government.


thefiscaltimes--2020-03-19--How Much Would It Cost to Send Americans Coronavirus Relief Checks?

Analysts at the Committee for a Responsible Federal Budget did some quick calculations on the cost of sending Americans checks @ @ @ @ @ government effort to support the economy during the coronavirus crisis .
One proposal that is @ @ @ @ @ $ 2,000 to each adult and $ 500 to each child – would cost about @ @ @ @ @ said Thursday .
Although it looks like Congress and the administration intend to move forward @ @ @ @ @ plan , plenty of questions remain , including income cutoffs and taxability of the aid @ @ @ @ @ of some of those options in the chart below .

Analysts at the Committee for a Responsible Federal Budget did some quick calculations on the cost of sending Americans checks as part of a massive government effort to support the economy during the coronavirus crisis.
One proposal that is currently being discussed – sending $2,000 to each adult and $500 to each child – would cost about $570 billion, CRFB said Thursday.
Although it looks like Congress and the administration intend to move forward with some kind of support plan, plenty of questions remain, including income cutoffs and taxability of the aid. CRFB provided an analysis of some of those options in the chart below.


thefiscaltimes--2020-03-19--McConnell Releases Senate GOP’s Four-Part Coronavirus Stimulus Plan

Senate Majority Leader Mitch McConnell on Thursday introduced the Republican plan for the next phase of economic response to the coronavirus pandemic , setting the stage for talks with Democrats as lawmakers race to deal with the fallout from the virus .
`` It is critical that we move swiftly and boldly to begin to stabilize our economy , preserve Americans ' jobs , get money workers and families and keep up our fight on the health front , '' McConnell said Thursday .
`` This is exactly , exactly what our proposal will do . ''
In outlining the @ @ @ @ @ @ @ on four major components : • Help for small businesses : Senate Republicans are looking at providing “ hundreds of billions of dollars ” in federally guaranteed loans , with money used for “ core expenses ” such as payroll and rent converting into grants that don ’ t have to be paid back .
• Cash payments to individuals : Senate Republicans are proposing sending $ 1,200 in cash per adult ( $ 2,400 for married couples ) and $ 500 per child , slightly different than the $ 1,000 per adult @ @ @ @ @ @ @ the Trump administration .
The direct payments would go to people earning up to $ 75,000 a year and then phase out gradually , with individuals earning above $ 90,000 not eligible for assistance .
But the plan reportedly would provide only $ 600 to poor families who do n't pay federal income taxes .
The idea of direct payments reportedly has generated some deep division among Republicans , with some objecting to the concept while others reportedly pushed for the lower payments to people who don ’ t pay federal income taxes @ @ @ @ @ @ @ the virus : McConnell said the industries affected had not brought this trouble upon themselves .
“ We are not talking about a taxpayer-funded cushion for companies that made mistakes , ” he said .
“ We are talking about loans , which must be repaid , for American employers whom the government itself is temporarily crushing for the sake of public health.
” • Funding for the public health response : “ Our proposal will go even further to remove barriers to care , speed innovation , fund the hospitals and health @ @ @ @ @ @ @ expand healthcare workers ’ access to the tools they need , including respirator masks , ” McConnell said .
What ’ s next : Lawmakers are racing to get something done , but this package is likely to be contentious , both within the GOP and in talks with Democratic leaders Chuck Schumer and Nancy Pelosi .
“ McConnell is seeking to first build a consensus among Senate Republicans — on everything from direct payments to loans — and then will bring his proposal to Schumer to iron out the details , ” @ @ @ @ @ @ @ talks to last well into the weekend , and McConnell is urging lawmakers to stay close by so that the Senate can quickly vote on and pass the aid package.
” Schumer and Senate Democrats have outlined a $ 750 billion package of their own focused more on existing safety net programs .
And House Democrats are working on another coronavirus stimulus plan , but they also have internal disagreements to sort out , with some in the party reportedly urging larger cash payments while others have pushed to further strengthen existing programs @ @ @ @ @ @ @ And what ’ s after that : Even as lawmakers seek to quickly finalize a massive stimulus , talks are reportedly ramping up regarding a fourth legislative package that could include infrastructure spending and a payroll tax cut .

Senate Majority Leader Mitch McConnell on Thursday introduced the Republican plan for the next phase of economic response to the coronavirus pandemic, setting the stage for talks with Democrats as lawmakers race to deal with the fallout from the virus.
"It is critical that we move swiftly and boldly to begin to stabilize our economy, preserve Americans' jobs, get money workers and families and keep up our fight on the health front," McConnell said Thursday. "This is exactly, exactly what our proposal will do."
In outlining the plan, McConnell said it was based on four major components:
Help for small businesses: Senate Republicans are looking at providing “hundreds of billions of dollars” in federally guaranteed loans, with money used for “core expenses” such as payroll and rent converting into grants that don’t have to be paid back.
Senate Republicans are looking at providing “hundreds of billions of dollars” in federally guaranteed loans, with money used for “core expenses” such as payroll and rent converting into grants that don’t have to be paid back. Cash payments to individuals: Senate Republicans are proposing sending $1,200 in cash per adult ($2,400 for married couples) and $500 per child, slightly different than the $1,000 per adult and $500 per child pitched by the Trump administration. The direct payments would go to people earning up to $75,000 a year and then phase out gradually, with individuals earning above $90,000 not eligible for assistance. But the plan reportedly would provide only $600 to poor families who don't pay federal income taxes.
The idea of direct payments reportedly has generated some deep division among Republicans, with some objecting to the concept while others reportedly pushed for the lower payments to people who don’t pay federal income taxes.
Senate Republicans are proposing sending $1,200 in cash per adult ($2,400 for married couples) and $500 per child, slightly different than the $1,000 per adult and $500 per child pitched by the Trump administration. The direct payments would go to people earning up to $75,000 a year and then phase out gradually, with individuals earning above $90,000 not eligible for assistance. But the plan reportedly would provide only $600 to poor families who don't pay federal income taxes. The idea of direct payments reportedly has generated some deep division among Republicans, with some objecting to the concept while others reportedly pushed for the lower payments to people who don’t pay federal income taxes. Loans for industries affected by the virus: McConnell said the industries affected had not brought this trouble upon themselves. “We are not talking about a taxpayer-funded cushion for companies that made mistakes,” he said. “We are talking about loans, which must be repaid, for American employers whom the government itself is temporarily crushing for the sake of public health.”
McConnell said the industries affected had not brought this trouble upon themselves. “We are not talking about a taxpayer-funded cushion for companies that made mistakes,” he said. “We are talking about loans, which must be repaid, for American employers whom the government itself is temporarily crushing for the sake of public health.” Funding for the public health response: “Our proposal will go even further to remove barriers to care, speed innovation, fund the hospitals and health centers that will treat patients, and expand healthcare workers’ access to the tools they need, including respirator masks,” McConnell said.
What’s next: Lawmakers are racing to get something done, but this package is likely to be contentious, both within the GOP and in talks with Democratic leaders Chuck Schumer and Nancy Pelosi.
“McConnell is seeking to first build a consensus among Senate Republicans — on everything from direct payments to loans — and then will bring his proposal to Schumer to iron out the details,” Politico reports. “Senators expect those talks to last well into the weekend, and McConnell is urging lawmakers to stay close by so that the Senate can quickly vote on and pass the aid package.”
Schumer and Senate Democrats have outlined a $750 billion package of their own focused more on existing safety net programs. And House Democrats are working on another coronavirus stimulus plan, but they also have internal disagreements to sort out, with some in the party reportedly urging larger cash payments while others have pushed to further strengthen existing programs, including unemployment insurance and Medicaid.
And what’s after that: Even as lawmakers seek to quickly finalize a massive stimulus, talks are reportedly ramping up regarding a fourth legislative package that could include infrastructure spending and a payroll tax cut.


thefiscaltimes--2020-03-20--Senate Leaders Scramble for Deal on Massive Stimulus Plan

Top lawmakers and the White House scrambled Friday to negotiate a massive , bipartisan stimulus package to address the widespread economic fallout of the coronavirus pandemic , aiming to bridge some deep divisions on specific proposals .
The negotiators hope to reach a deal before an ambitious end-of-day deadline set by Senate Majority Leader so that the bill can be ready for a vote on Monday .
McConnell took procedural steps Friday to prepare for that vote .
The negotiations are reportedly being conducted by four bipartisan task forces covering rebates and tax breaks to help individual Americans ; aid @ @ @ @ @ @ @ ; and relief for specific industries most affected by the crisis .
Stimulus likely getting bigger : The package being negotiated is reportedly likely to exceed the $ 1 trillion cost of the Senate GOP plan released Thursday evening , with both lawmakers and the White House reportedly pushing to make it bigger and to change the structure of the direct payments to Americans laid out in the Senate proposal .
Treasury Secretary Steven Mnuchin reportedly has been pressing to spend more on direct payments to Americans while Democratic leaders also are looking @ @ @ @ @ @ @ as hospitals and other health-care facilities .
Democrats reportedly are pushing to bolster unemployment insurance for workers who are furloughed or laid off as businesses close or scale back .
As of Friday afternoon , Sen. John Thune ( R-SD ) said two main sticking points remained in the talks : whether or not to bolster unemployment insurance and funding for hospitals , according to The Hill .
Pushback on smaller payments for the poor : The 247-page coronavirus relief package unveiled by Senate Republicans on Thursday , called the CARES Act , @ @ @ @ @ @ @ 1,200 per person and $ 2,400 per married couple .
Those payments would phase out for those earning between $ 75,000 and $ 99,000 , based on 2018 tax returns , with individuals earning over $ 99,000 and married couples making more than $ 198,000 not eligible .
But people with incomes up to $ 2,500 would get a minimum payment of $ 600 ( or $ 1,200 for couples ) .
That regressivity drew bipartisan scorn .
“ We are beginning to review Senator McConnell ’ s proposal and on first reading @ @ @ @ @ @ @ and instead puts corporations way ahead of workers , ” Pelosi and Schumer said in a joint statement Thursday night .
GOP Sens .
Mitt Romney of Utah and Josh Hawley of Missouri were also among those criticizing the regressivity of the direct payments .
“ The current bill has promise but it shouldn ’ t give lower earners smaller checks , ” Romney tweeted .
“ We need to fix this to ensure lower earners get equal payments.
” The final package is reportedly likely to ensure poorer Americans don ’ t @ @ @ @ @ @ @ at a White House briefing Friday , said that the direct payments Americans would be “ much more ” than $ 1,000 and that he ’ d be open to coming back to Congress for more .
“ I want to get workers money , ” he said , adding that if more stimulus is needed , “ we ’ ll do something later , I ’ m sure .
”

Top lawmakers and the White House scrambled Friday to negotiate a massive, bipartisan stimulus package to address the widespread economic fallout of the coronavirus pandemic, aiming to bridge some deep divisions on specific proposals. The negotiators hope to reach a deal before an ambitious end-of-day deadline set by Senate Majority Leader so that the bill can be ready for a vote on Monday.
McConnell took procedural steps Friday to prepare for that vote.
The negotiations are reportedly being conducted by four bipartisan task forces covering rebates and tax breaks to help individual Americans; aid for small businesses; health care issues; and relief for specific industries most affected by the crisis.
Stimulus likely getting bigger: The package being negotiated is reportedly likely to exceed the $1 trillion cost of the Senate GOP plan released Thursday evening, with both lawmakers and the White House reportedly pushing to make it bigger and to change the structure of the direct payments to Americans laid out in the Senate proposal.
Treasury Secretary Steven Mnuchin reportedly has been pressing to spend more on direct payments to Americans while Democratic leaders also are looking to spend more on workers as well as hospitals and other health-care facilities. Democrats reportedly are pushing to bolster unemployment insurance for workers who are furloughed or laid off as businesses close or scale back.
As of Friday afternoon, Sen. John Thune (R-SD) said two main sticking points remained in the talks: whether or not to bolster unemployment insurance and funding for hospitals, according to The Hill.
Pushback on smaller payments for the poor: The 247-page coronavirus relief package unveiled by Senate Republicans on Thursday, called the CARES Act, would provide payments of up to $1,200 per person and $2,400 per married couple. Those payments would phase out for those earning between $75,000 and $99,000, based on 2018 tax returns, with individuals earning over $99,000 and married couples making more than $198,000 not eligible. But people with incomes up to $2,500 would get a minimum payment of $600 (or $1,200 for couples).
That regressivity drew bipartisan scorn. “We are beginning to review Senator McConnell’s proposal and on first reading, it is not at all pro-worker and instead puts corporations way ahead of workers,” Pelosi and Schumer said in a joint statement Thursday night. GOP Sens. Mitt Romney of Utah and Josh Hawley of Missouri were also among those criticizing the regressivity of the direct payments. “The current bill has promise but it shouldn’t give lower earners smaller checks,” Romney tweeted. “We need to fix this to ensure lower earners get equal payments.”
The final package is reportedly likely to ensure poorer Americans don’t receive smaller payments.
President Trump, at a White House briefing Friday, said that the direct payments Americans would be “much more” than $1,000 and that he’d be open to coming back to Congress for more. “I want to get workers money,” he said, adding that if more stimulus is needed, “we’ll do something later, I’m sure.”


thefiscaltimes--2020-03-20--Why a Coronavirus Stimulus of More Than $1 Trillion May Not Be Enough

As Congress scrambles to prepare a package of $ 1 trillion or more to help counter the vast economic destruction of the coronavirus pandemic , a growing chorus of economists is warning that much more will be needed .
“ They should be doing much more than they are thinking about and doing it much quicker , at least $ 2 trillion with the promise of more to come , ” Ian Shepherdson , chief economist at Pantheon Macroeconomics , tells Politico ’ s Ben White .
He adds : “ This will be the biggest economic hit that any @ @ @ @ @ @ @ ” The risk of doing too little : The economic toll of the pandemic is growing by the hour as efforts to prevent the spread of the virus force more and more businesses to cut back or close altogether .
California Gov .
Gavin Newsom on Thursday ordered the state ’ s nearly 40 million residents to stay home except for essential purposes .
Illinois Gov .
J .
B. Prtizker issued a similar order to take effect Saturday .
And New York Gov .
Andrew Cuomo on Friday ordered all non-essential workers @ @ @ @ @ @ @ ’ s typically bustling Times Square now resembles a ghost town .
Economists expect jobless claims to quickly soar into the millions .
“ Given the sharp rise in unemployment we will likely see in coming weeks , there is an enormous risk that our fiscal policy response will be too small to cushion the blow to individuals and families or to significantly affect the downward trajectory of the economy , ” the left-leaning Center on Budget and Policy Priorities said in a report published Thursday .
“ The risk of an inadequate @ @ @ @ @ @ @ families that can ’ t make ends meet and a considerably deeper and longer recession — vastly exceeds the risk of doing ‘ too much.
’ ” Expecting the pandemic to persist : The concern isn ’ t just the size of the hit , but how long it may last .
Torsten Slok , chief international economist at Deutsche Bank Securities , tells Politico that a $ 1.2 trillion stimulus would only cover about two to three weeks of economic activity — not a more protracted economic downturn in which small businesses @ @ @ @ @ @ @ layoffs from companies small and large leave millions of workers without income .
Former Minneapolis Federal Reserve President Narayana Kocherlakota warns in a Bloomberg column that the economic drag from the pandemic could last well into next year .
“ Responding to this kind of protracted slowdown will require a bigger stimulus than the 6 % of gross domestic product proposed by the administration .
Instead , policy makers should be planning for two years in which , in the absence of a fiscal intervention , the output gap will be significantly negative @ @ @ @ @ @ @ of GDP , or on the same scale as the recession caused by the 2008-09 financial crisis .
It ’ s going to take a much larger fiscal infusion to make up for that shortfall -- something more on the order of $ 2.5 trillion rather than $ 1.2 trillion .
”

As Congress scrambles to prepare a package of $1 trillion or more to help counter the vast economic destruction of the coronavirus pandemic, a growing chorus of economists is warning that much more will be needed.
“They should be doing much more than they are thinking about and doing it much quicker, at least $2 trillion with the promise of more to come,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, tells Politico’s Ben White.
He adds: “This will be the biggest economic hit that any developed economy has ever seen outside wartime.”
The risk of doing too little: The economic toll of the pandemic is growing by the hour as efforts to prevent the spread of the virus force more and more businesses to cut back or close altogether. California Gov. Gavin Newsom on Thursday ordered the state’s nearly 40 million residents to stay home except for essential purposes. Illinois Gov. J. B. Prtizker issued a similar order to take effect Saturday. And New York Gov. Andrew Cuomo on Friday ordered all non-essential workers to stay home. New York City’s typically bustling Times Square now resembles a ghost town.
Economists expect jobless claims to quickly soar into the millions.
“Given the sharp rise in unemployment we will likely see in coming weeks, there is an enormous risk that our fiscal policy response will be too small to cushion the blow to individuals and families or to significantly affect the downward trajectory of the economy,” the left-leaning Center on Budget and Policy Priorities said in a report published Thursday. “The risk of an inadequate response — resulting in significant hardship to families that can’t make ends meet and a considerably deeper and longer recession — vastly exceeds the risk of doing ‘too much.’”
Expecting the pandemic to persist: The concern isn’t just the size of the hit, but how long it may last.
Torsten Slok, chief international economist at Deutsche Bank Securities, tells Politico that a $1.2 trillion stimulus would only cover about two to three weeks of economic activity — not a more protracted economic downturn in which small businesses are forced to shut down and mass layoffs from companies small and large leave millions of workers without income.
Former Minneapolis Federal Reserve President Narayana Kocherlakota warns in a Bloomberg column that the economic drag from the pandemic could last well into next year.
“Responding to this kind of protracted slowdown will require a bigger stimulus than the 6% of gross domestic product proposed by the administration. Instead, policy makers should be planning for two years in which, in the absence of a fiscal intervention, the output gap will be significantly negative -- possibly as much as 6% of GDP, or on the same scale as the recession caused by the 2008-09 financial crisis. It’s going to take a much larger fiscal infusion to make up for that shortfall -- something more on the order of $2.5 trillion rather than $1.2 trillion.”


thefiscaltimes--2020-03-20--Tax Filing Deadline Pushed Back to July 15

The IRS will delay the federal tax filing deadline by three months , Treasury Secretary Steven Mnuchin said Friday .
@ @ @ @ @ Day from April 15 to July 15 , ” Mnuchin said in a tweet .
@ @ @ @ @ 15 to file and pay taxes , with no interest or penalties .
The delay @ @ @ @ @ million in taxes owed for individuals and $ 10 million for businesses .
Taxpayers who @ @ @ @ @ to file sooner .
The announcement updates an earlier plan that would have delayed the @ @ @ @ @ but still required taxpayers to file their forms by April 15 .
The Treasury secretary @ @ @ @ @ will add as much as $ 300 billion in liquidity to the economy , providing @ @ @ @ @ cash cushion as they struggle with the dramatic slowdown caused by the coronavirus pandemic .

The IRS will delay the federal tax filing deadline by three months, Treasury Secretary Steven Mnuchin said Friday.
“We are moving Tax Day from April 15 to July 15,” Mnuchin said in a tweet. Filers will have until July 15 to file and pay taxes, with no interest or penalties. The delay is capped at $1 million in taxes owed for individuals and $10 million for businesses. Taxpayers who are owed refunds are encouraged to file sooner.
The announcement updates an earlier plan that would have delayed the payment deadline by three months but still required taxpayers to file their forms by April 15.
The Treasury secretary has said that the delay will add as much as $300 billion in liquidity to the economy, providing individuals and businesses with a cash cushion as they struggle with the dramatic slowdown caused by the coronavirus pandemic.


thefiscaltimes--2020-03-23--Senate Fails Again on Coronavirus Relief Bill

They still don ’ t have a deal .
For the second time in two days , Senate Democrats on Monday blocked a nearly $ 2 trillion coronavirus relief package , as a four-day-long scramble to finalize the legislation remained stalled by partisan differences and angry recriminations .
The Washington Post reports that “ near-pandemonium erupted on the Senate floor with lawmakers venting fury about their failed efforts to address the pandemic ’ s impact on the U.S. economy.
” The vote Monday was 49-46 , with Sen. Doug Jones of Alabama the only Democrat to support advancing the legislation @ @ @ @ @ @ @ senators said the situation calls for fast action and accused their Democratic counterparts of putting their political agenda ahead of the dire needs of the American public .
`` The country is burning , and your side wants to play political games , '' Sen. John Thune of South Dakota said .
Senate Majority Leader Mitch McConnell accused Democrats – and House Speaker Nancy Pelosi specifically – of derailing progress toward a compromise by making late demands , including tax credits for solar and wind energy and emissions standards for airlines .
`` @ @ @ @ @ @ @ from San Francisco , and suddenly , the Senate 's serious bipartisan process turned into this left-wing episode of 'Supermarket Sweep , ' unrelated issues left and right , '' he said .
What Democrats are saying : Democrats continue to argue that the stimulus package disproportionately benefits corporations over workers and health care providers , and that a lack of restrictions and oversight for a $ 500 billion fund designed to help businesses hit by the pandemic make it a “ slush fund ” that could be exploited by companies and their @ @ @ @ @ @ @ that would allow the Treasury secretary to withhold names of companies getting federal money for six months and to waive a restriction on companies that take taxpayer money from buying back their own stock .
Democrats are also pushing for an expansion of unemployment insurance to last four months instead of three and are looking to get hundreds of billions of dollars for hospitals and states , according to Politico .
And they say that Republicans have included some political provisions of their own , including extending an abstinence education program .
The @ @ @ @ @ @ @ , Senate Democrats and Treasury Secretary Steven Mnuchin , who is representing the Trump administration in the ongoing talks , insisted that the sides were making progress and getting close to a deal .
But McConnell reportedly warned that , given the delays , a final vote might not happen until Friday or Saturday .
Read more at The Washington Post or Politico .

They still don’t have a deal.
For the second time in two days, Senate Democrats on Monday blocked a nearly $2 trillion coronavirus relief package, as a four-day-long scramble to finalize the legislation remained stalled by partisan differences and angry recriminations.
The Washington Post reports that “near-pandemonium erupted on the Senate floor with lawmakers venting fury about their failed efforts to address the pandemic’s impact on the U.S. economy.”
The vote Monday was 49-46, with Sen. Doug Jones of Alabama the only Democrat to support advancing the legislation.
What Republicans are saying: GOP senators said the situation calls for fast action and accused their Democratic counterparts of putting their political agenda ahead of the dire needs of the American public. "The country is burning, and your side wants to play political games," Sen. John Thune of South Dakota said. Senate Majority Leader Mitch McConnell accused Democrats – and House Speaker Nancy Pelosi specifically – of derailing progress toward a compromise by making late demands, including tax credits for solar and wind energy and emissions standards for airlines. "The speaker of the House flew back from San Francisco, and suddenly, the Senate's serious bipartisan process turned into this left-wing episode of 'Supermarket Sweep,' unrelated issues left and right," he said.
What Democrats are saying: Democrats continue to argue that the stimulus package disproportionately benefits corporations over workers and health care providers, and that a lack of restrictions and oversight for a $500 billion fund designed to help businesses hit by the pandemic make it a “slush fund” that could be exploited by companies and their executives. They also object to language that would allow the Treasury secretary to withhold names of companies getting federal money for six months and to waive a restriction on companies that take taxpayer money from buying back their own stock.
Democrats are also pushing for an expansion of unemployment insurance to last four months instead of three and are looking to get hundreds of billions of dollars for hospitals and states, according to Politico. And they say that Republicans have included some political provisions of their own, including extending an abstinence education program.
The bottom line: Despite the failed vote, Senate Democrats and Treasury Secretary Steven Mnuchin, who is representing the Trump administration in the ongoing talks, insisted that the sides were making progress and getting close to a deal. But McConnell reportedly warned that, given the delays, a final vote might not happen until Friday or Saturday.
Read more at The Washington Post or Politico.


thefiscaltimes--2020-03-23--Biden Slams Trump's Coronavirus Response

Where ’ s Joe Biden ?
The Democratic presidential frontrunner has faced questions over his lack of visibility in recent days as the coronavirus crisis has grown .
On Monday , in what was reportedly his first public appearance in six days , the former vice president slammed President Trump ’ s response to the pandemic and the stimulus bill that failed in a Senate vote Sunday .
“ My point is not simply that the president was wrong , ” Biden said in the speech from his home in Wilmington , Delaware .
“ My point is that the @ @ @ @ @ @ @ problem in the first place and to treat it with the seriousness it deserves , is still too much a part of how the president is addressing the problem.
” Biden focused on what he called four key points of action needed now .
He called for : 1 .
Steps to increase the capacity of the health care system .
“ I ’ m glad the president has finally activated the National Guard , ” he said .
“ Now we need the Armed Forces and the National Guard to help with @ @ @ @ @ @ @ .
We need to activate a reserve corps of doctors and nurses and beef up the number of responders dealing with this crush of cases.
” 2 .
Trump to use the Defense Production Act to increase the supply of goods needed to treat patients .
3 .
Trump to end the infighting in his administration and provide clear guidance to the public based on recommendations from scientists .
4 .
An economic response that would protect workers and taxpayers .
“ We should be doing everything in our power to keep workers @ @ @ @ @ @ @ , help the economy come out on the other side strong , ” Biden said .
“ The federal government should provide the resources to make that happen , while still protecting the American taxpayers .
We can do both.
” Stumbling over his words at times during his speech , Biden joined Senate Democrats in criticizing the $ 1.8 trillion stimulus plan that failed to advance in a Senate vote Sunday , saying it included a $ 500 billion “ slush fund ” for corporations with almost no conditions .
“ A @ @ @ @ @ @ @ ” he said , adding that the bill should include an enforceable requirement that corporations taking taxpayer money keep workers on their payrolls .
Biden said he had also sent a letter urging Republicans to withdraw their lawsuit challenging the constitutionality of the Affordable Care Act so as to eliminate the uncertainty it creates for some Americans ’ health care coverage .

Where’s Joe Biden? The Democratic presidential frontrunner has faced questions over his lack of visibility in recent days as the coronavirus crisis has grown. On Monday, in what was reportedly his first public appearance in six days, the former vice president slammed President Trump’s response to the pandemic and the stimulus bill that failed in a Senate vote Sunday.
“My point is not simply that the president was wrong,” Biden said in the speech from his home in Wilmington, Delaware. “My point is that the mindset that was slow to recognize the problem in the first place and to treat it with the seriousness it deserves, is still too much a part of how the president is addressing the problem.”
Biden focused on what he called four key points of action needed now. He called for:
1. Steps to increase the capacity of the health care system. “I’m glad the president has finally activated the National Guard,” he said. “Now we need the Armed Forces and the National Guard to help with hospital capacity, supplies, and logistics. We need to activate a reserve corps of doctors and nurses and beef up the number of responders dealing with this crush of cases.”
2. Trump to use the Defense Production Act to increase the supply of goods needed to treat patients.
3. Trump to end the infighting in his administration and provide clear guidance to the public based on recommendations from scientists.
4. An economic response that would protect workers and taxpayers. “We should be doing everything in our power to keep workers on payrolls, make small businesses healthy, help the economy come out on the other side strong,” Biden said. “The federal government should provide the resources to make that happen, while still protecting the American taxpayers. We can do both.”
Stumbling over his words at times during his speech, Biden joined Senate Democrats in criticizing the $1.8 trillion stimulus plan that failed to advance in a Senate vote Sunday, saying it included a $500 billion “slush fund” for corporations with almost no conditions. “A no-strings corporate bailout makes no sense,” he said, adding that the bill should include an enforceable requirement that corporations taking taxpayer money keep workers on their payrolls.
Biden said he had also sent a letter urging Republicans to withdraw their lawsuit challenging the constitutionality of the Affordable Care Act so as to eliminate the uncertainty it creates for some Americans’ health care coverage.
Watch Biden’s speech here.


thefiscaltimes--2020-03-19--Hospitals Say They Need $100 Billion

Hospitals Say They Need $100 Billion

Professional groups representing hospitals , doctors and nurses say they need $ 100 billion to help pay for the surge @ @ @ @ @ Covid-19 outbreak .
In a letter to Congress Thursday , the American Hospital Association , @ @ @ @ @ the American Nurses Association said “ hospitals are currently losing up to $ 1 million @ @ @ @ @ infected with the virus , and they expect to losses to continue and possibly grow @ @ @ @ @ would be used to pay for patient treatment , equipment , childcare for providers , @ @ @ @ @ Axios ’ s Bob Herman notes that the hospitals , flush with cash in recent @ @ @ @ @ for the services they perform .
“ Medicare , Medicaid and commercial insurers will still @ @ @ @ @ all coronavirus care they provide , ” Herman said Thursday , adding that providers have @ @ @ @ @ for coronavirus-related services .

Professional groups representing hospitals, doctors and nurses say they need $100 billion to help pay for the surge in expenses related to the Covid-19 outbreak.
In a letter to Congress Thursday, the American Hospital Association, the American Medical Association and the American Nurses Association said “hospitals are currently losing up to $1 million per day” treating patients infected with the virus, and they expect to losses to continue and possibly grow larger. The requested funds would be used to pay for patient treatment, equipment, childcare for providers, and expanded hospital capacity.
Axios’s Bob Herman notes that the hospitals, flush with cash in recent years, will receive payment for the services they perform. “Medicare, Medicaid and commercial insurers will still pay hospitals and doctors for all coronavirus care they provide,” Herman said Thursday, adding that providers have already created new billing codes for coronavirus-related services.


thefiscaltimes--2020-03-24--Congress Closes In on a $2 Trillion Coronavirus Deal

Congressional negotiators and the Trump administration are nearing a bipartisan agreement on a massive coronavirus relief bill totaling nearly $ 2 trillion — a spending package that would be far and away the largest in U.S. history .
Lawmakers were reportedly reviewing legislative language , with Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin expected to announce the deal as soon as Tuesday evening ahead of a Senate vote that could be held within hours .
“ The Senate bill would direct payments of $ 1,200 to most American adults and $ 500 to most children , create @ @ @ @ @ @ @ companies , states , and cities , and extend another $ 367 billion to help small companies deal with payroll problems , ” The Washington Post reports .
“ It would bolster the unemployment insurance system , and pump $ 150 billion into U.S. hospitals .
The bill more than doubled in size in just a few days , amounting to the largest emergency stimulus package in American history.
” Schumer said that Democrats had secured large increases in funding for hospitals as well as an unemployment insurance provision that would have the @ @ @ @ @ @ @ of full salaries for furloughed workers , who could continue to get health benefits from employers .
Some differences reportedly remain , though , and the situation remains fluid .
House Speaker Nancy Pelosi told members of her party in an afternoon conference call that she was still holding out for a 15 % increase in food stamp benefits and more comprehensive insurance coverage for testing , according to Roll Call .
Pelosi reportedly indicated that Democrats were also pushing for more money to help employer pension plans avoid insolvency in the coming @ @ @ @ @ @ @ delay a deal .
One major sticking point had been a $ 500 billion “ Exchange Stabilization Fund ” for loans and loan guarantees to help distressed corporations and industries , including airlines and cruise ship operators .
The plan as proposed by Senate Republicans would have allowed the Treasury secretary to withhold the names of companies taking federal money , and the amounts involved , for up to six months .
Democrats had pressed for greater transparency and oversight of the program , including tougher restrictions against the money being used for @ @ @ @ @ @ @ to keep companies taking federal help from laying off workers .
Asked on Monday who would oversee the program , President Trump said “ I ’ ll be the oversight.
” That ’ s precisely what Democrats had feared — that the program , left entirely to the discretion of the Treasury secretary , could turn into no-strings-attached corporate handouts or be politicized , with money directed toward favored companies or industries .
“ We ’ re not here to create a slush fund for Donald Trump and his family , or a @ @ @ @ @ @ @ be able to hand out to their friends , ” Sen. Elizabeth Warren told reporters .
“ We ’ re here to help workers , we ’ re here to help hospitals .
And right now what the Republicans proposed does neither of those.
” In the end , under Tuesday ’ s agreement , the $ 500 billion program will reportedly include an inspector general confirmed by the Senate and an oversight committee , similar to the structure of the Troubled Asset Relief Program created during the financial crisis .
High hopes @ @ @ @ @ @ @ of a deal , with the Dow Jones Industrial Average soaring more than 11 % , its biggest one-day jump since 1933 .
But it ’ s still not clear just how effective the unprecedented infusion of federal cash will be at stemming the rapidly developing public health and economic crisis — or how much more federal help will be needed .
What ’ s next : If the Senate votes on the stimulus bill Tuesday night , the House could potentially approve the package by unanimous consent , a process that would @ @ @ @ @ @ @ members stay away from Capitol Hill .
But a single objection from any of the 435 House members would require lawmakers to come back for a floor vote .
Either way , Congress is likely to have to take up one or more additional coronavirus-related economic packages .
We ’ ll have more details on the stimulus bill on Wednesday .

Congressional negotiators and the Trump administration are nearing a bipartisan agreement on a massive coronavirus relief bill totaling nearly $2 trillion — a spending package that would be far and away the largest in U.S. history. Lawmakers were reportedly reviewing legislative language, with Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin expected to announce the deal as soon as Tuesday evening ahead of a Senate vote that could be held within hours.
“The Senate bill would direct payments of $1,200 to most American adults and $500 to most children, create a $500 billion lending program for companies, states, and cities, and extend another $367 billion to help small companies deal with payroll problems,” The Washington Post reports. “It would bolster the unemployment insurance system, and pump $150 billion into U.S. hospitals. The bill more than doubled in size in just a few days, amounting to the largest emergency stimulus package in American history.”
Schumer said that Democrats had secured large increases in funding for hospitals as well as an unemployment insurance provision that would have the federal government cover up to four months of full salaries for furloughed workers, who could continue to get health benefits from employers.
Some differences reportedly remain, though, and the situation remains fluid. House Speaker Nancy Pelosi told members of her party in an afternoon conference call that she was still holding out for a 15% increase in food stamp benefits and more comprehensive insurance coverage for testing, according to Roll Call. Pelosi reportedly indicated that Democrats were also pushing for more money to help employer pension plans avoid insolvency in the coming years. Other last-minute issues could also delay a deal.
One major sticking point had been a $500 billion “Exchange Stabilization Fund” for loans and loan guarantees to help distressed corporations and industries, including airlines and cruise ship operators. The plan as proposed by Senate Republicans would have allowed the Treasury secretary to withhold the names of companies taking federal money, and the amounts involved, for up to six months. Democrats had pressed for greater transparency and oversight of the program, including tougher restrictions against the money being used for stock buybacks and executive compensation and protections to keep companies taking federal help from laying off workers.
Asked on Monday who would oversee the program, President Trump said “I’ll be the oversight.” That’s precisely what Democrats had feared — that the program, left entirely to the discretion of the Treasury secretary, could turn into no-strings-attached corporate handouts or be politicized, with money directed toward favored companies or industries.
“We’re not here to create a slush fund for Donald Trump and his family, or a slush fund for the Treasury Department to be able to hand out to their friends,” Sen. Elizabeth Warren told reporters. “We’re here to help workers, we’re here to help hospitals. And right now what the Republicans proposed does neither of those.”
In the end, under Tuesday’s agreement, the $500 billion program will reportedly include an inspector general confirmed by the Senate and an oversight committee, similar to the structure of the Troubled Asset Relief Program created during the financial crisis.
High hopes for help: Stocks surged on hopes of a deal, with the Dow Jones Industrial Average soaring more than 11%, its biggest one-day jump since 1933. But it’s still not clear just how effective the unprecedented infusion of federal cash will be at stemming the rapidly developing public health and economic crisis — or how much more federal help will be needed.
What’s next: If the Senate votes on the stimulus bill Tuesday night, the House could potentially approve the package by unanimous consent, a process that would allow for speedy passage and let House members stay away from Capitol Hill. But a single objection from any of the 435 House members would require lawmakers to come back for a floor vote. Either way, Congress is likely to have to take up one or more additional coronavirus-related economic packages.
We’ll have more details on the stimulus bill on Wednesday.