Democrats march on for a new stimulus package. Republicans dismiss the idea.
A new stimulus bill proposal came from the US Democrats yesterday. The novel stimulus package will include $1,200 checks.
At the moment, the U.S. Government is still sending out the first round of checks passed by Congress as part of the Cares Act program. The current payments are $1,200 per person and $2,400 for married couples. Those who have children under 17 will receive an additional $500. During the second hand-out, the amount per child could reach $1,200. It applies to families with a maximum of three children.
Until now, the government made 130 million payments, worth $200 billion.
The stimulus proposed by the Democrats is believed to worth more than $3 trillion, surpassing the one approved in March, and can gain the title as the most extensive relief package in history. From this amount, $1 trillion would go to local and state governments. Another round of $1,200 stimulus checks will be handed out, but with a maximum of $6,000 per household. Student loan payments will be put on hold until September 2021, while the weekly unemployment insurance will be in force until January. Another $175 billion are to subsidize rent and mortgage payments.
$200 billion are to be designated to pay the first-line workers for dealing with the hazardous situation. Also, new safety standards will be in place for them. $75 billion are for testing and financial support for hospitals and health care providers.
The Republicans dismissed the $3 trillion bill for being aspirational and having little to zero chances of becoming law. They believe that everything will come together once the businesses will reopen, and people will get back to work. From a medical point of view, Dr. Anthony Fauci is fearful as far as the U.S. economic reopening is concerned. After his statement, the market reacted accordingly: USA30 lost 457 points, while USA500 closed at 2,870.12 points. TECH100 ended the day at 9,002.55 points.
The legislation will be up for a vote Friday morning.
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Sources: edition.cnn.com, cnbc.com, foxnews.com
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