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leilamulveny

House Passes $1.9 Trillion Covid-19 Stimulus Package; Biden Plans to Sign Friday - WSJ - 0 views

  • The House passed a $1.9 trillion coronavirus-relief bill and sent it to President Biden for his signature, with Democrats muscling an expansive round of new spending and antipoverty measures through Congress just as America begins to emerge from a year of pandemic-related shutdowns.
  • The vote was 220 to 211, with all GOP lawmakers and one Democrat, Rep. Jared Golden of Maine, voting against the bill.
  • Major expansions to several aid programs for low-income Americans will be temporary under the bill, though Democrats hope to make them permanent later in a broader effort to expand the federal safety net
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  • raised some fresh worries about inflation and potentially overheating the economy. Republicans opposed the bill, attacking its price tag and calling many of its measures bloated or unnecessary and unrelated to the crisis.
  • Mr. Biden, Vice President Kamala Harris and key cabinet secretaries plan to spend the coming weeks traveling around the country touting the package and explaining how the public can take advantage of its benefits, White House officials said. Ms. Psaki said the White House is planning interviews with local media outlets as well as a digital strategy related to the bill.
  • Like in previous packages, the full direct payments will go to individuals making as much as $75,000 and married couples making as much as $150,000, and the $300 weekly jobless-aid supplement lawmakers approved in December will continue through Sept. 6. Federal unemployment benefits had been set to begin expiring on March 14, spurring lawmakers to quickly approve the package.
  • After a push from centrist Democrats in the Senate, lawmakers did downsize some elements of the bill. The direct payments will go to zero for individuals with incomes of $80,000 and married couples with incomes of $160,000, a faster phase-down than in previous aid packages.
  • reconciliation also enabled Democrats to move forward with measures that Republicans oppose, including $350 billion in aid for state and local governments that Republicans have assailed as a political handout in excess of the budget hardships caused by the pandemic.
  • The bill will expand the child tax credit—increasing the benefit to $3,000 per child from $2,000, with a $600 bonus for children under age 6—make it refundable, and authorize periodic payments.
  • Lawmakers are expected to push to make the expansion, set to last through 2021, permanent.
  • The additional subsidies could mean lower premium payments for almost 14 million people insured on the individual market.
  • At $21.9 trillion as of March 1, the debt is roughly the size of the nation’s entire economic output, the highest since the aftermath of World War II.
  • Economists surveyed by The Wall Street Journal expect the aid package to propel the U.S. economy to its fastest annual growth in nearly four decades, boosting employment and reducing poverty while also reviving inflation. The economists expect the economy to grow 5.95%, measured from the fourth quarter of last year to the same period this year. The bill also puts roughly $86 billion into a new program to help multiemployer pension plans. The measure would allow the Pension Benefit Guaranty Corporation to provide cash assistance to troubled multiemployer pension plans and ensure they continue paying benefits to retirees.
aidenborst

Stimulus: When will Americans see the aid from Biden's relief proposal? It's up to Cong... - 0 views

  • President-elect Joe Biden unveiled a $1.9 trillion relief package Thursday that included more stimulus payments and other direct aid, but don't expect to see those funds in your bank account anytime soon.
  • Biden's massive plan includes several immediate relief items that are popular with a wide swath of Americans, including sending another $1,400 in direct stimulus payments, extending unemployment benefits and eviction protections, and offering more help for small businesses. It also would boost funding for vaccinations by $20 billion and for coronavirus testing by $50 billion.
  • But it also calls for making some larger structural changes, such as mandating a $15 hourly minimum wage, expanding Obamacare premium subsidies and broadening tax credits for low-income Americans for a year.
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  • Biden's relief proposal now shifts to Congress, where it may change substantially as Democratic leaders transform it into a bill. They must decide whether they want to use a special legislative process called reconciliation, which would require only a simple majority of votes to pass the Senate -- eliminating the need for Republican support -- but would limit the provisions that could be included. Also, reconciliation also be used only sparingly each year.
  • In his speech Thursday night, Biden said he would like to work with members of both parties to enact his American Rescue Plan, indicating that he wants to go the traditional route, which would require the backing of at least 10 Republican senators.
  • Democratic Rep. Alexandria Ocasio-Cortez of New York told The Washington Post on Thursday that people should get an additional $2,000 in stimulus checks on top of the $600 they received as part of the $900 billion relief package lawmakers passed last month -- more than the $1,400 top-off payment Biden is suggesting.
  • In coming weeks, senators will have their hands full with President Donald Trump's impeachment trial and with voting on the President-elect's Cabinet nominees, none of whom have been confirmed yet.
  • Whatever leaders decide, the effort is expected to have an easier time passing in the House -- which approved a $3 trillion relief package last May that contained measures similar to those in Biden's plan -- even though Democrats now hold a slimmer majority there.
  • One of those senators is Joe Manchin, a moderate Democrat from West Virginia. He has recently expressed doubts over providing $2,000 in stimulus payments, preferring a more targeted approach.
  • President-elect Joe Biden unveiled a $1.9 trillion relief package Thursday that included more stimulus payments and other direct aid, but don't expect to see those funds in your bank account anytime soon.
katherineharron

Stimulus package: Here's what's in Biden's $1.9 trillion economic rescue plan - CNNPoli... - 0 views

  • Bigger stimulus checks. More aid for the unemployed, the hungry and those facing eviction. Additional support for small businesses, states and local governments. Increased funding for vaccinations and testing.
  • The new payments would go to adult dependents that were left out of the earlier rounds, like some children over the age of 17.
  • Billed as the American Rescue Plan, the package augments many of the measures in Congress' historic $3 trillion coronavirus relief bill from March and in the $900 billion legislation from December,
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  • Biden is pushing for the big steps he says are needed to address immediate needs and control the coronavirus pandemic. He also plans to lay out an economic recovery plan in coming weeks that aims to create jobs and combat the climate crisis, among other measures.
  • The plan calls for sending another $1,400 per person to eligible recipients. This money would be in addition to the $600 payments that were approved by Congress in December and sent out earlier this month -- for a total of $2,000
  • nother $5 billion would be set aside to help struggling renters to pay their utility bills.
  • Biden would increase the federal boost the jobless receive to $400 a week, from the $300 weekly enhancement contained in Congress' relief package from December.
  • He would also extend the payments, along with two key pandemic unemployment programs, through September. This applies to those in the Pandemic Emergency Unemployment Compensation program who have exhausted their regular state jobless payments and in the Pandemic Unemployment Assistance program, which provides benefits to the self-employed, independent contractors, gig workers and certain people affected by the pandemic.
  • The plan would provide $25 billion in rental assistance for low- and moderate-income households who have lost jobs during the pandemic. That's in addition to the $25 billion lawmakers provided in December.
  • These are key parts of a $1.9 trillion proposal that President-elect Joe Biden unveiled Thursday evening.
  • Biden would extend the 15% increase in food stamp benefits through September, instead of having it expire in June.
  • The plan calls on Congress to create a $25 billion emergency fund and add $15 billion to an existing grant program to help child care providers, including family child care homes, to pay for rent, utilities, and payroll, and increased costs associated with the pandemic like personal protective equipment.
  • Biden wants to boost the Child Tax Credit to $3,600 for children under age 6 and $3,000 for those between ages 6 and 17 for a year.
  • He wants to increase and expand the Affordable Care Act's premium subsidies so that enrollees don't have to pay more than 8.5% of their income for coverage -- which is also one of his campaign promises. (The law is facing a challenge from Republican-led states that is currently before the Supreme Court.)
  • It also proposes making a $35 billion investment in some state, local, tribal, and non-profit financing programs that make low-interest loans and provide venture capital to entrepreneurs
  • Under Biden's proposal, people who are sick or quarantining, or caring for a child whose school is closed, will receive 14 weeks of paid leave. The government will reimburse employers with fewer than 500 workers for the full cost of providing the leave.
  • he plan calls for providing $15 billion to create a new grant program for small business owners, separate from the existing Paycheck Protection Program.
  • Also, he wants Congress to provide $4 billion for mental health and substance use disorder services and $20 billion to meet the health care needs of veterans.
  • Biden wants to send $350 billion to state, local and territorial governments to keep their frontline workers employed, distribute the vaccine, increase testing, reopen schools and maintain vital services.
  • Additional assistance to states has been among the most controversial elements of the congressional rescue packages, with Democrats looking to add to the $150 billion in the March legislation and Republicans resisting such efforts. The December package ultimately dropped an initial call to include $160 billion.
  • Biden's plan would also give $20 billion to the hardest-hit public transit agencies to help avert layoffs and the cutting of routes.
  • The plan would provide an additional $170 billion to K-12 schools, colleges and universities to help them reopen and operate safely or to facilitate remote learning.
  • The plan calls for investing $20 billion in a national vaccination program, including launching community vaccination centers around the country and mobile units in hard-to-reach areas
  • The proposal would also invest $50 billion in testing, providing funds to purchase rapid tests, expand lab capacity and help schools implement regular testing to support reopening.
  • It would also fund the hiring of 100,000 public health workers, nearly tripling the community health workforce.
  • Biden is calling on Congress to raise the minimum wage to $15 an hour, and to end the tipped minimum wage and the sub-minimum wage for people with disabilities.
brookegoodman

$2tn US coronavirus relief comes without climate stipulations | US news | The Guardian - 0 views

  • A $2tn US coronavirus relief package will dole out billions to struggling airlines and offer low-interest loans that fossil fuel companies could compete for – without requiring any action to stem the climate crisis.
  • The House is expected to vote on the package on Friday. It also includes nearly $500bn in lending authority that one environment group, Friends of the Earth, called a “corporate slush fund with insufficient guardrails to protect workers, taxpayers and the climate”.
  • In the end, the stimulus package focused on direct aid to individuals and the worst-hit industries, while setting climate considerations aside.
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  • “The provisions we were focused on simply would hold the airlines to what they already said they’re going to do,” Petsonk said. “People do not want to solve one crisis by making another crisis worse.” The 2008 auto industry bailout, in comparison, led to stricter rules for pollution from vehicle tailpipes.
  • “Was this a missed opportunity for climate? I think the answer to that is no,” Segal said. “This stimulus package was primarily about getting money into the hands of individual households and workers and in some service sectors that were particularly hurt.”
  • Democrats negotiated multiple measures meant to prevent abuse of the $500bn available in lending, including an oversight board, a special inspector general and provisions aimed at limiting Donald Trump’s businesses from benefiting – an issue that has already come under scrutiny.
  • “It’s great that [Trump’s son-in-law ] Jared Kushner isn’t going to get a subsidised line of credit. It’s much more worrying in human terms that Chevron, Exxon and every other polluter you can imagine is eligible to be propped up in terms of the stimulus package.”
  • The American Wind Energy Association (AWEA) projects that the US wind industry could lose 35,000 jobs and $35bn in investment. Those losses could lead to lease payment and tax revenue reductions for local and state governments. No tax credit extensions have been granted for the solar and wind industries, meaning they may lose access to credits if they miss deadlines.
  • In one climate win for Democrats, the bill does not include a discussed $3bn to buy oil to fill the Strategic Petroleum Reserve in order to lift global oil prices.
  • He frequently spreads, at best, misinformation and, at worst, lies. But the Guardian is working tirelessly to filter out misinformation and separate fact from fiction.
  • The need for a robust, independent press has never been greater, and with your support we can continue to provide fact-based reporting that offers public scrutiny and gives people the tools to make decisions about their lives, health and security. You’ve read more than 11 articles in the last four months.
leilamulveny

Stimulus Package Update: What's in the Covid-19 Relief Bill - WSJ - 0 views

  • . The Senate passed the bill on Saturday and now sends it back to the House
  • The size of the package has stayed roughly the same since it was unveiled by Mr. Biden during the transition period, and after he rebuffed a proposal by a group of 10 Republicans who argued for a $618 billion bill.
  • The current House legislation contains $1,400 checks for individuals making less than $75,000 annually, and phased-out amounts for people with higher incomes. Married couples who file taxes jointly can receive two $1,400 checks if their combined income is below $150,000. A compromise with moderate Senate Democrats resulted in the benefit being phased out faster above the income threshold. Payments would phase out at $80,000 for individuals and $160,000 for married couples.
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  • Children and adult dependents would be eligible for the full $1,400.
  • Enhanced unemployment benefits totaling $300 a week are set to expire on March 14, creating a de facto deadline for Congress to act. Senate Democrats struck a last-minute agreement Friday to set federal unemployment benefits at $300 a week, down from the $400 passed by the House, but extend their duration by a month, through September. In addition, the first $10,200 of the benefits for 2020 wouldn’t be taxable.
  • the restaurant industry will receive $25 billion in relief targeted at small and midsize restaurants and chains.
  • Vaccine development would also get a boost, with around $20 billion going to federal biomedical research for vaccine and therapeutic manufacturing and procurement, along with around $3 billion for a strategic national stockpile of vaccines. Another $25 billion would be spent on testing, contact tracing and reimbursing hospitals for lost revenue related to the pandemic.
  • While the package would make the child tax-credit changes only for one year, it is broadly expected that Democrats will seek to make them permanent in the future.
  • allow federal workers, including postal workers, to take as many as 600 hours of emergency paid leave related to Covid-19.
  • It allocates $8.75 billion to federal, state, local, territorial and tribal public-health agencies for distributing, administering and tracking vaccinations, with some funds specially dedicated to making sure the vaccination process reaches underserved communities.
  • Senate Democrats added a provision that would make much student-loan forgiveness free from income taxes, creating an exception from 2021 through 2025 to the normal rule that canceled debt is income
  • Not likely. Republicans see the bill as too large, saying it sprawls beyond pandemic aid and instead is a wish list of liberal priorities.
  • Republicans have used the budget-resolution amendment process to inflict political damage on Democrats and expose their differences on issues like providing aid to undocumented immigrants and raising the minimum wage. But they have been unable to strike many blows against support for the overall package, which enjoys strong approval in polls and has so far kept congressional Democrats united on its top-line priorities.
aidenborst

Child tax credit: 5 ways the stimulus package is expected to reduce poverty - CNNPolitics - 0 views

  • President Joe Biden's sweeping $1.9 trillion relief package represents one of the largest federal efforts to reduce poverty in the last half century.
  • The massive legislation, which the President is expected to sign Friday, provides aid to low-income Americans in numerous ways. Attention has focused on the third round of direct stimulus payments, but the bill also offers parents a guaranteed stream of income and gives childless workers a bigger tax break.
  • The package's key measures are expected to slash the poverty rate by about a third and reduce the share of children in poverty by more than half, according to estimates from both Columbia University and the Urban Institute.
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  • The provisions would cut the poverty rate among Black Americans by 38%, Hispanic Americans by 43% and White and Asian Americans by around 24%
  • In total, 16 million fewer people will be living in poverty in 2021
  • But there's one big catch. The benefits are all temporary -- a mix of one-time infusions and assistance that lasts no longer than a year.
  • "Getting this far is a huge win and a sign of progress in the conversation, as well as immediately putting money in people's pockets," said Elizabeth Lower-Basch, director of the income and work supports team at The Center for Law and Social Policy, a left-leaning group.
  • "I certainly don't think it's a done deal, but I think there's a lot more opportunity than there has been in the time that I've been working on these issues," she continued.
  • The enhanced portion of the credit will be available for single parents with annual incomes up to $75,000 and joint filers making up to $150,000 a year.
  • The key change is that the tax credit will become fully refundable so that more low-income parents could take advantage of it.
  • Families can receive a credit of $3,600 for each child under 6 and $3,000 for each one under age 18, up from the current credit of up to $2,000 per child under age 17.
  • It provides direct payments worth up to $1,400 per person to married couples earning less than $160,000 a year, heads of households making less than $120,000 and individuals with incomes below $80,000.
  • Those who have lost their jobs will continue to receive federal support through September 6. The relief package extends the $300 weekly boost to unemployment benefits and two key pandemic jobless benefits programs.
  • The bill also calls for making the first $10,200 of unemployment payments tax-free for households with annual incomes under $150,000.
  • Food stamp recipients will see a 15% increase in benefits continue through September, instead of having the enhancement expire at the end of June.
  • This amounts to about $25 more per person per month, or just under $100 per month for a family of four.
  • The package nearly triples the maximum credit childless workers can receive to $1,502, up from $543.
  • The minimum age to claim the childless credit will be reduced to 19, from 25, and the upper age limit will be eliminated.
  • This is the largest expansion to earned income tax credit since 2009.
Javier E

Confessions of a Tiger Couple - NYTimes.com - 0 views

  • Harvard sociologist Orlando Patterson, who is cited in “The Triple Package,” hadn’t yet read the book, but said he hoped that Chua and Rubenfeld were aware that they’re flirting with a Typhoid Mary. “I’m all for culture,” Patterson said, but “culture is a tricky concept. It has tripped up a lot of anthropologists and sociologists.”
  • “The Triple Package” is full of qualifications, earnest settings-of-the-terms, explicit attempts to head off misinterpretations at the pass. “This point is so important we’re going to repeat it,” they write in a section about Appalachian poverty, which they argue was caused by geography and industrial decline, rather than by any lack of triple-package values.
  • Chua remained optimistic.“I feel like it should be a book that if you approach it with an open mind, it actually shouldn’t be controversial. It should be thought-provoking.”
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  • “Battle Hymn” was written at a time when Chua’s sister was ill and Lulu, then 13, was going “public with her insurgency” against her mother’s oppressive methods. After a showdown in a Russian restaurant (yelling, smashed glass), Chua admits that she pushed her younger daughter too hard. But that doesn’t mean she thinks she shouldn’t have been pushing at all. For all of her claims about the book’s satire and hyperbole, she expresses a deep conviction about how she raised her daughters: “There is nothing I’m prouder of.”
  • Yale Law School prides itself on being a kind of oasis for the country’s brightest students, the ones who scored highest on the LSAT and got the best grades and have done something ambitious already — volunteered in an African refugee camp, say, or worked as a C.E.O. It’s among the most selective law schools, and unlike the bigger ones, it doesn’t grade on a curve. Incoming students are told they’re “off the treadmill.” They can take some time to figure out what it is that they really want to do.
  • In “The Triple Package,” Rubenfeld and Chua write that this is the point of striving: to get to a place where you can break out of the straitjacket of conventional success and pursue the life you really want to live
  • “The Triple Package” conveys a message familiar from self-help books: Adopt these values and you too can take control of your life. But you have only to step outside of Yale’s campus to see that the world doesn’t operate according to the same principles of effort and reward
Javier E

In a twist, Hollywood writers are feuding with an unlikely subject: Their own agents - ... - 0 views

  • At issue are essential questions of how Hollywood should operate in a world of massive global entertainment conglomerates. Are the middlemen who unite the creative and business communities increasingly central to the birthing of ideas, and should they thus be allowed — even encouraged — to expand their role?
  • Or does such expansion amount to profiteering in contradiction of their purpose, and tasks should be limited to the specific goal of landing clients jobs?
  • the writers say agencies are sharing revenue in a highly inequitable way, leaving many creative people to fight for scraps
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  • The WGA has two main objections. The most prominent is the creation in the past few years of quasi-production entities by the agencies — like Endeavor Content, part of the same holding company as the talent agency WME (William Morris Endeavor), or Wiip, supported by CAA (Creative Artists Agency). The creation of these units, the WGA says, means that writers are basically working for their agents, a situation rife with potential conflicts
  • The WGA also says it resists the much more established practice of so-called packaging fees, in which agencies take money, both upfront from a show’s budget as well as from back-end revenue, for bringing to a writer’s project other agency clients such as actors, producers and directors and then presenting the whole package to distributors and financiers
  • Goodman said packaging fees were directly responsible for the stagnation, in part because agents collect 10 percent from the studio, reducing the pool writers draw from, in part because those fees discourage agents from fighting for higher client payments because they’re already collecting such a large slice.
  • “The system works against mid-level and lower-level writers,” he said. Goodman also noted a creatively limited consequence of high packaging fees: Agents are reluctant to find clients from another agency to work on a writer’s project because it would mean splitting the packaging fees.
  • The WGA could rely on an archaic clause in California labor code that does not allow agencies to refer people with whom the agent has a “direct or indirect financial interest.” It has also leaned on agencies’ status as fiduciaries, which require them to act loyally to a client. But a judge has yet to weigh in on whether a production arm violates that duty.
  • One historical precedent, at least, does favor the writers. In the early 1960s, the courts forced MCA, a growing music-and-representation company, to sell its agency business after buying a movie studio, Universal Pictures.
brickol

'It's a Wreck': 3.3 Million File Unemployment Claims as Economy Comes Apart - The New Y... - 0 views

  • More than three million people filed for unemployment benefits last week, sending a collective shudder throughout the economy that is unlike anything Americans have experienced.
  • Just three weeks ago, barely 200,000 people applied for jobless benefits, a historically low number. In the half-century that the government has tracked applications, the worst week ever, with 695,000 so-called initial claims, had been in 1982.
  • The numbers provided only the first hint of the economic cataclysm in progress. Even comparatively optimistic forecasters expect millions more lost jobs, and with them foreclosures, evictions and bankruptcies. Thousands of businesses have closed in response to the pandemic, and many will never reopen. Some economists say the decline in gross domestic product this year could rival the worst years of the Great Depression.
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  • Cases in the United States now exceed 80,000, the most of any nation, even China and Italy, according to a New York Times database, and more than 1,000 deaths across the country have been linked to the virus.
  • President Trump said the federal government planned to designate areas as being at high, medium or low risk for spreading the virus to guide local decisions on imposing or relaxing restrictions on movement and commerce.
  • The terrifying speed of the U.S. economic collapse from the pandemic has spurred lawmakers to action. Late Wednesday night, senators agreed on a $2 trillion aid package that would provide cash payments to nearly all Americans and would expand the unemployment system, among other changes. Final congressional approval is expected on Friday.
  • A three-day rally has lifted stocks in the S&P 500 index more than 17 percent, including a rise of 6.2 percent on Thursday, though prices remain far lower than they were a month ago.
  • Some part-time and low-wage workers don’t qualify for unemployment benefits. Nor do gig workers, independent contractors and the self-employed, although the emergency aid package passed by the Senate would broaden eligibility to include many of them. Others who do qualify may not know it
  • The congressional relief package is intended to, in effect, press “pause” on the economy, allowing idled workers and shuttered businesses to keep paying their bills so that they can spring back quickly once the health crisis eases. If it works, the recovery could be relatively swift; if it doesn’t, the cascade of layoffs and business failures could stretch on far longer.
  • Low-wage workers — many of them black, like Ms. Moore-Caraway, or Hispanic — have been hit especially hard by the sudden economic reversal. Many work in the industries most affected by the outbreak, such as restaurants and travel, and few can work from home. They are also less likely to have sick leave or other paid time off, and they have less money saved to help overcome a missed paycheck.
  • Black and Hispanic workers “always bear the brunt” of economic slowdowns, said Alix Gould-Werth, a researcher at the Washington Center for Equitable Growth, a left-leaning think tank. “Now they’re bearing the brunt of these twin crises, the health crisis and the economic crisis.”
  • Under the congressional aid package, most families would receive $1,200 per adult and $500 per child in direct payments. The bill would also increase unemployment benefits by $600 a week and extend how long laid-off workers could receive benefits. And it would waive some requirements for receiving jobless benefits, like the requirement that recipients look for work.
  • An earlier relief bill, passed by Congress last week, provided $1 billion to help state unemployment systems that are breaking under the stress of record call volumes. Departments across the country reported huge spikes in call volumes and online applications.
katherineharron

Pelosi promises 'strong bipartisan vote' for $2 trillion stimulus in the House - CNNPol... - 0 views

  • House Speaker Nancy Pelosi on Thursday predicted that the House will overwhelmingly approve the $2 trillion stimulus package with a "strong bipartisan vote" after the measure passed the Senate late Wednesday night.
  • The House is on track to vote on the package on Friday, with House Majority Leader Steny Hoyer announcing Wednesday evening that the House would convene 9 a.m. ET Friday to consider the relief package
  • The legislation was expected to pass by voice vote, a move that would allow the House to avoid compelling all of its members to return to Washington for a recorded roll call vote. But Hoyer's office advised members Thursday evening they are encouraged to be in Washington Friday at 10 a.m. because the bill may not pass that way after all. "There is now a possibility," the notice from Hoyer's office said, that a Republican may force a recorded vote.
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  • Pelosi argued that "if somebody has a different point of view, they can put it in the record," adding, "but we're not worried about that."
  • Republican Rep. Thomas Massie of Kentucky is viewed as the most likely member to try to force the recorded vote, after indicating publicly his reservations for letting the bill pass by voice vote. Democratic Rep. Alexandria Ocasio-Cortez of New York has not ruled out the possibility of asking for the yeas and nays, but Democrats don't believe she will.
Javier E

For Trump and G.O.P., the Welfare State Shouldn't Be the Enemy - The New York Times - 0 views

  • Historically, however, the level of government spending and the level of regulation have been packaged together and treated as a single variable. This has forced a choice between two options: the “liberal” package of big government and heavy regulation or the “conservative” package of small government and light regulation.
  • But this is a false choice. Regulatory policy and fiscal policy are independent dimensions, and they can be rebundled in different packages. Mr. Trump’s gestures toward a big-government, low-regulation package — rooted more in instinct than intellect — proved popular with Republican voters
  • Republicans need to recognize finally that secure property rights, openness to global trade and a relatively low regulatory burden are much more important than fiscal policy for innovation, job creation and rising standards of
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  • Government spending reliably rises as economies grow. When countries get richer, one of the first things their people do is vote for more generous government social services. This pattern, which economists have labeled Wagner’s Law, has held more or less steady for a century in dozens of developed democratic countries.
  • The Republican legislative agenda is stalled because party members have boxed themselves in with their own bad ideas about what freedom and rising prosperity require. A new pro-growth economic platform that sets aside small-government monomania and focuses instead on protecting citizens’ basic rights to commit “capitalist acts between consenting adults,” as the libertarian philosopher Robert Nozick put it, has both practical and political advantages
  • Third, the idea that reducing taxpayer-financed government spending is the key to giving people more freedom and revving up the economy encourages conservative hostility to government as such
  • not only are sound safety nets popular, but they also increase the public’s tolerance for the dislocations of a dynamic free-market economy
  • a generous and effective safety net can be embraced as a tool to promote and sustain a culture of freedom, innovation and risk taking. Politically, repairing and improving the slipshod infrastructure of the safety net would liberate Republicans from the bad faith of attacking the welfare state in one breath, halfheartedly promising not to cut entitlements in the next and then breaking that promise once in power.
yehbru

Covid relief bill: Biden's stimulus package is huge, ambitious and about to pass - CNNP... - 0 views

  • President Joe Biden plans to use the $1.9 trillion Covid-19 relief bill expected to pass Congress on Wednesday as a platform for a generational transformation of the economy to benefit the least well-off Americans and alleviate poverty.
  • according to a CNN poll released Tuesday, the relief bill is broadly popular, and Biden's approval rating tilts positive around 50 days after he took the oath of office.
  • Some economists, meanwhile, fear that it could trigger an inflationary spike in an economy that already appears to be in recovery and could overheat if there is a swift exit from the pandemic.
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  • Early successes are crucial for presidents, since they must harness their power when it is at its apex early in their terms. Political muscle is built for later legislative fights by enacting priorities and uniting party factions behind a common cause. Presidents who struggle to get early priorities passed are not necessarily doomed. But they risk creating an impression of disarray that can hurt them in their first midterm elections, as was the case with President Bill Clinton's collapsed effort to overhaul American health care.
  • And progressives who were dismayed by the removal of a hike in the federal minimum wage to $15 an hour elected to bank their gains, staying behind the effort and vowing to fight another day.
  • The President judged the $600 billion cost of an alternative package offered by 10 GOP senators as insufficient for the scale of the crisis. In votes so far in the House and the Senate, the bill has not attracted a single Republican supporter as Biden's opponents stake out early positions for the midterm elections on the basis of a pro-Trump base of activists who are keen to deny the new President an early victory.
  • Various polls show that more than 60% of the public supports it, which means some Republican and independent voters are on board.
  • With its tax credits for children and low-income workers, an extension of health insurance subsidies and nutrition and rental assistance, the American Rescue Plan is intended to do far more than simply stimulate the economy.
  • "It's a real tragedy when you look at that package. We know that the result of that package is going to be middle-class tax increases," the Wyoming Republican said.
  • The bill is sure to be a fulcrum of the Democratic midterm election campaign next year.
  • But if the current pace of vaccinations is maintained and the end game of the pandemic is not derailed by a wave of sickness and death caused by Covid-19 variants, Biden can expect a much faster and more robust economic rebound.
  • The bill is almost the inverse of Trump's sole major legislative triumph outside of a conservative refashioning of the judiciary: a massive tax cut that cost $1.5 trillion and was targeted mostly at corporations and more well-off Americans.
  • His initial $1.9 trillion request, not far off half the entire US annual federal budget, is playing into Republican claims that his administration will be rooted in out-of-control socialism.
  • The partisan nature of the votes on Biden's recovery package also has some Democrats pondering whether to seek to abolish filibuster rules that mean most major legislation needs a 60-vote majority to pass. The $1.9 trillion behemoth was advanced using a process known as reconciliation, which applies only to budget issues and can be used only sparingly.
  • But it seems equally certain that Democratic priorities like voting rights will die in a 50-50 Senate.
mimiterranova

COVID-19 Relief: Congress Passes $1.9 Trillion Package : NPR - 0 views

  • This legislation is about giving the backbone of this nation — the essential workers, the working people who built this country, the people who keep this country going — a fighting chance," Biden said in a statement Wednesday.
  • The bill will direct a new round of aid to Americans — in the form of direct payments, extended unemployment benefits, an expanded child tax credit and more — almost a year after the pandemic first upended daily life in the United States.
  • Though Republicans have largely opposed the plan since Biden introduced it in January, the budget reconciliation process allowed Democrats to push the bill forward without support from across the aisle.
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  • Ahead of the vote on Wednesday, Rep. Jason Smith, R-Mo., reiterated Republican opposition to provisions they consider "unrelated" to the pandemic.
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    House Gives Final Approval To $1.9 Trillion COVID-19 Relief Package
hannahcarter11

Democrats to Unveil Up to $3,600 Child Tax Credit as Part of Stimulus Bill - The New Yo... - 0 views

  • Top House Democrats are preparing to unveil legislation that would send up to $3,600 per child to millions of Americans, as lawmakers aim to change the tax code to target child poverty rates as part of President Biden’s sweeping $1.9 trillion stimulus package.
  • The proposal would expand the child tax credit to provide $3,600 per child younger than 6 and $3,000 per child up to 17 over the course of a year, phasing out the payments for Americans who make more than $75,000 and couples who make more than $150,000.
  • The credits would be split into monthly payments from the Internal Revenue Service beginning in July, based on a person’s or family’s income in 2020. Although the proposed credit is only for a year, some Democrats said they would fight to make it permanent, a sweeping move that could reshape efforts to fight child poverty in America.
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  • The one-year credit appears likely to garner enough support to be included in the stimulus package, but it will also have to clear a series of tough parliamentary hurdles because of the procedural maneuvers Democrats are using to muscle the stimulus package through, potentially without Republican support.
  • With House Democratic leadership aiming to have the stimulus legislation approved on the chamber floor by the end of the month, Congress moved last week to fast-track Mr. Biden’s stimulus plan even as details of the legislation are still being worked out.
  • But the child tax credit could provide an opportunity for some bipartisan support, since Senator Mitt Romney, Republican of Utah, introduced a similar measure that would send payments of up to $1,250 per month to families with children.
  • Janet L. Yellen, the Treasury secretary, warned on Sunday that the United States labor market was stalling and in a “deep hole” that could take years to emerge from if lawmakers did not quickly pass the stimulus package.
  • Ms. Yellen said that passing the stimulus package could allow the economy to reach full employment by next year. Failing to do so, she said, could leave the jobless rate elevated for years to come.
  • Researchers at Columbia University found that Mr. Biden’s overall stimulus proposal could cut child poverty in half in 2021 because of the expansion of the child credit, as well as other changes to tax credits and expansions of unemployment and food assistance benefits.
hannahcarter11

Congressional Leaders Near Deal On COVID-19 Relief Bill : NPR - 0 views

  • Congressional leaders are nearing an agreement on a roughly $900 billion COVID-19 relief package that is likely to include a fresh round of smaller stimulus checks, according to congressional aides familiar with the talks.
  • The package is expected to include many elements of the bipartisan proposal released by a group of centrist House and Senate members earlier this week, including further federal unemployment insurance, an extended ban on evictions and a continued pause on federal student loan payments
  • The bill is not expected to include any new direct money for state and local governments as Democrats have demanded nor is it expected to include Republican-backed liability limitations.
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  • The talks are continuing, though Pelosi and McConnell say they are committed to completing a bill before the end of the year. Leaders plan to attach the coronavirus measure to an omnibus spending bill. Doing so may require them to pass an additional short-term funding stopgap to allow committees to write legislative language for the COVID-19 provisions. The federal government is scheduled to run out of money on Dec. 18 so a temporary bill would avoid any brief shutdown as both chambers process the package.
  • The proposal is expected to include more money for the Paycheck Protection Program and for vaccine distribution.
  • But he noted that the package was a "down payment" and that Congress would need to pass another bill in the early part of 2021.
  • Instead, a bipartisan group of more moderate lawmakers from both parties launched their own working group to craft a workable agreement. Groups like these frequently emerge, but it is rare that leaders fully embrace their proposals.
  • The biggest change to the legislation produced by the bipartisan group is the addition of a new round of stimulus checks. Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., have demanded that checks be included in the package and have considered blocking any legislation that does not include the funds.
clairemann

House Democrats Outline Tax Increases for Wealthy Businesses and Individuals - The New ... - 0 views

  • WASHINGTON — Senior House Democrats are coalescing around a draft proposal that could raise as much as $2.9 trillion to pay for most of President Biden’s sweeping expansion of the social safety net by increasing taxes on the wealthiest corporations and individuals.
  • The preliminary proposal, which circulated on and off Capitol Hill on Sunday, would raise the corporate tax rate to 26.5 percent for the richest businesses and impose an additional surtax on individuals who make more than $5 million.
  • fall short of fully financing the entire package Democrats are cobbling together, despite promises by Mr. Biden and Democratic leaders that it would be fully paid for in order to assuage concerns from moderates in their caucus.
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  • “makes significant progress toward ensuring our economy rewards work and not just wealth by cutting taxes for middle-class families, reforming the tax code to prevent the offshoring of American jobs and making sure the wealthiest Americans and big corporations pay their fair share,” said Andrew Bates, a White House spokesman.
  • The full committee still needs to release and advance text of the legislation, and it is unclear if enough Democrats will embrace the package in the House and the Senate. In order to protect the economic package from a Republican filibuster and pass it with a simple majority, Democrats can spare only three votes in the House and must remain united in the Senate.
  • In part because of the deep divisions in the Democratic caucus over the scope and structure of the package, Representative Richard E. Neal of Massachusetts, the chairman of the Ways and Means Committee, had remained remarkably enigmatic about his own preferences for the legislation. Before hearings this week, the committee has been releasing key components of the package, including an extension of monthly payments to families with children through 2025 and tax incentives for cleaner energy.
katherineharron

Third stimulus relief plan: Here's what we know about the Senate bill - CNNPolitics - 0 views

  • While the final Senate bill has not been released yet, lawmakers are expected to make two major changes -- narrowing eligibility for the stimulus checks and nixing an increase in the federal minimum wage to $15 an hour.
  • The bulk of the Senate legislation will, however, largely mirror the $1.9 trillion package approved by the House and laid out by President Joe Biden in January.
  • Senate Democratic leaders are facing more hurdles to advancing the legislation since the party can't afford to lose a single member thanks to the 50-50 split in the chamber. Plus, they must adhere to the strict rules of reconciliation, which they are using to approve the bill without any Republican support.
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  • The Senate is expected to amend the House bill on the $1,400-per-person stimulus payments to tighten eligibility.
  • Individuals earning less than $75,000 a year and married couples earning less than $150,000 will receive $1,400 per person, including children. That will get money to about 90% of households.
  • The checks will phase out faster than previous rounds, completely cutting off individuals who earn more than $80,000 a year and married couples earning more than $160,000 -- regardless of how many children they have.
  • Unlike the previous two rounds, adult dependents -- including college students -- are expected to be eligible for the payments
  • In an effort to combat poverty, it would expand the child tax credit to $3,600 for each child under 6 and $3,000 for each child under age 18. Currently, qualifying families can receive a credit of up to $2,000 per child under age 17.
  • Out-of-work Americans will start running out of Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation benefits in mid-March, when provisions in December's $900 billion relief package begin phasing out. The $300 enhancement also ends in mid-March.
  • The parliamentarian ruled in late February that increasing the hourly threshold does not meet a strict set of guidelines needed to move forward in the reconciliation process, which would allow Senate Democrats to pass the relief bill with a simple majority and no Republican votes.The House legislation would increase the federal minimum wage to $15 an hour by 2025 in stages. It would also guarantee that tipped workers, youth workers and workers with disabilities are paid the full federal minimum wage.
  • Some senators were looking to make some changes to the House bill, including reducing the federal boost to unemployment benefits to $300 a week and extending the duration of pandemic jobless programs by another month. But these efforts have not progressed.The House bill calls for extending two key pandemic unemployment programs through August 29. It would also increase the federal weekly boost to $400, from the current $300, and continue it for the same time period.
  • The House plan would extend the 15% increase in food stamp benefits through September, instead of having it expire at the end of June.It also contains $880 million for the Special Supplemental Nutrition Program for Women, Infants, and Children, known as WIC, to help increase participation and temporarily improve benefits, among other measures. Biden called for investing $3 billion in the program.
  • The legislation would send roughly $19.1 billion to state and local governments to help low-income households cover back rent, rent assistance and utility bills. About $10 billion would be authorized to help struggling homeowners pay their mortgages, utilities and property taxes. It would provide another $5 billion to help states and localities assist those at risk of experiencing homelessness.
  • The legislation would provide $350 billion to state and local governments, as well as tribes and territories. States and the District of Columbia would receive $195.3 billion, while local governments would be sent $130.2 billion to be divided evenly between cities and counties. Tribes would get $20 billion and territories $4.5 billion.
  • Unlike Biden's proposal, the House bill would not reinstate mandatory paid family and sick leave approved in a previous Covid relief package. But it does continue to provide tax credits to employers who voluntarily choose to offer the benefit through October 1.
  • The bill would provide nearly $130 billion to K-12 schools to help students return to the classroom. Schools would be allowed to use the money to update their ventilation systems, reduce class sizes to help implement social distancing, buy personal protective equipment and hire support staff. It would require that schools use at least 20% of the money to address learning loss by providing extended days or summer school, for example.
  • The House bill now includes nearly $40 billion for colleges. Institutions would be required to spend at least half the money to provide emergency financial aid grants to students.
  • The bill would also provide $39 billion to child care providers. The amount a provider receives would be based on operating expenses and is available to pay employees and rent, help families struggling to pay the cost, and purchase personal protective equipment and other supplies.
  • Enrollees would pay no more than 8.5% of their income towards coverage, down from nearly 10% now. Also, those earning more than the current cap of 400% of the federal poverty level -- about $51,000 for an individual and $104,800 for a family of four in 2021 -- would become eligible for help.
  • The bill would provide $15 billion to the Emergency Injury Disaster Loan program, which provides long-term, low-interest loans from the Small Business Administration. Severely impacted small businesses with fewer than 10 workers will be given priority for some of the money. It also provides $25 billion for a new grant program specifically for bars and restaurants. Eligible businesses may receive up to $10 million and can use the money for a variety of expenses, including payroll, mortgage and rent, utilities and food and beverages.
  • The House bill provides $14 billion to research, develop, distribute, administer and strengthen confidence in vaccines. It would also put $46 billion towards testing, contact tracing and mitigation, including investing in laboratory capacity, community-based testing sites and mobile testing units, particularly in medically underserved areas.It would also allocate $7.6 billion to hire 100,000 public health workers to support coronavirus response.The legislation also provides $50 billion to the Federal Emergency Management Agency, with some of the funds going toward expanding vaccination efforts.The President's plan called for investing $20 billion in a national vaccination program.
yehbru

American Rescue Plan Details: Tax Credit, COVID-19 Vaccine Funds : Coronavirus Updates ... - 0 views

  • The Senate passed its version of the $1.9 trillion coronavirus relief bill on Saturday, paving the way for the plan to be taken up by the House on Tuesday or Wednesday before heading to President Biden's desk for his signature.
  • The colossal package known as the American Rescue Plan allocates money for vaccines, schools, small businesses and anti-poverty programs such as an expanded child tax credit that would mean new monthly payments to many parents.
  • Republicans are expected to universally oppose the bill, arguing that they were effectively shut out of the process through reconciliation and that the package is too broad, saying only 9% of the funds go directly toward COVID-19 relief.
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  • But Democrats counter that the bill takes a holistic look at the entire American economy and how it was affected by the pandemic.
  • Senate Democrats agreed to lower the income cutoff at which payments phase out from $100,000 to $80,000 for individuals, and from $200,000 to $160,000 for couples filing jointly, following demands from moderate Democrats.
  • Progressive Democrats vigorously pursued including a minimum wage hike in this legislation, which would have gradually increased the federal minimum wage to $15 an hour by 2025.
  • Individuals earning up to $75,000 and couples earning up to $150,000 would receive the full direct payments of $1,400 per person. Individuals will also receive an additional $1,400 payment for each dependent claimed on their tax returns.
  • "The major pieces of the bill — payments to individuals, extended unemployment, money for states and localities, money for schools — all of those things were in the COVID package that passed last year that all the Republicans voted for. So they were OK then, but they're not OK now, and I frankly can't really figure out that argument."
  • Under the Senate version, federal unemployment insurance payments will remain at $300 per week — down from $400 per week
  • The bill includes $7.25 billion in new money for the small-business loan program known as PPP and would allow more nonprofits to apply, including those groups that engage in advocacy and some limited lobbying. It also allows larger nonprofits to be eligible.
  • There are over $128 billion in grants to state educational agencies, with 90% allocated to local educational agencies, plus $39 billion in grants to higher education institutions.
  • The bill includes $4.5 billion for the Low Income Home Energy Assistance Program, known as LIHEAP, to help families with home heating and cooling costs.
  • The bill provides $37 million to the Commodity Supplemental Food Program for low-income seniors.
  • The Centers for Disease Control and Prevention is set to receive $7.5 billion to track, administer and distribute COVID-19 vaccines. Another $46 billion would go toward diagnosing and tracing coronavirus infections, and $2 billion would go toward buying and distributing various testing supplies and personal protective equipment.
  • There is $25 billion for emergency rental assistance, including $5 billion for emergency housing vouchers for people experiencing homelessness, survivors of domestic violence and victims of human trafficking.
katherineharron

House gears up for vote on Biden's Covid relief plan - CNNPolitics - 0 views

  • The US House of Representatives is gearing up for a final vote on President Joe Biden's $1.9 trillion Covid relief plan in an effort to send it to the White House to be signed into law later this week.
  • the Senate passed its version of the bill over the weekend
  • House Speaker Nancy Pelosi told reporters a final vote will come "Wednesday morning at the latest" and that the timing depends on when they get the bill back from the Senate, but that there are no hang-ups to the legislation.
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  • "It depends on when we get the paper from the Senate," Pelosi said on Monday. "It has to be very precise, and it takes time to do that. It has some changes that they have to precisely write. It could be that we get it tomorrow afternoon and then it has to go to Rules. And we'd take it up Wednesday morning at the latest."
  • House Majority Leader Steny Hoyer said Monday that the relief bill had not made its way back to the House yet. "I talked to Leader Schumer. He said as soon as they could get it ready, but it was complicated and they were working on it," Hoyer said when asked about the delay in sending the bill back to the House.
  • that a final vote on the bill could come Tuesday or Wednesday.
  • "We are very excited that this bill will pass imminently. If not today, it will be scheduled for a vote tomorrow," Clarke said
  • The Senate version of the bill largely mirrors the $1.9 trillion package first approved by the House and laid out by President Joe Biden in January.
  • The sweeping aid legislation originally passed the Democrat-controlled House at the end of February, but it needs to be taken up in the chamber again following changes made to the legislation in the Senate.
  • The nearly $2 trillion package includes a slate of Democratic priorities, including up to $1,400 stimulus checks to many Americans, and billions of dollars for states and municipalities, schools, small businesses and vaccine distribution. It also extends a 15% increase in food stamp benefits from June to September, helps low-income households cover rent, makes federal premium subsidies for Affordable Care Act policies more generous and gives $8.5 billion for struggling rural hospitals and health care providers.
  • Pelosi said she does not expect more Democrats to vote against the bill because of the changes that were made in the Senate, saying, "I think more will vote for it," and that she felt "sad" for Republicans who will vote against it
  • Asked about bipartisanship, Clark told Berman this is a "time of great divide" but said they'll find issues to work on together. She also said the lack of support by Republicans on certain measures was "stunning."
  • Progressive Democrats have expressed frustration over changes made to the legislation, but top progressives are not signaling that they will jeopardize its passage in the House.
  • "I don't think that the changes the Senate made were good policy or good politics," Jayapal said. "However, they were relatively minor in the grand scheme of things, with the exception of course in the $15 minimum wage."
  • An estimated 11.4 million workers will lose their unemployment benefits between mid-March and mid-April unless Congress passes its next coronavirus relief package quickly, a recent study by The Century Foundation found.
katherineharron

Woman suspected of sending letter containing ricin to Trump arrested - CNNPolitics - 0 views

  • A woman suspected of sending a letter containing the poison ricin to President Donald Trump was arrested
  • CNN previously reported that law enforcement had intercepted a ricin package sent to Trump last week, according to two law enforcement officials, and that investigators were looking into the possibility that it came from Canada.
  • Two tests had been done to confirm the presence of ricin. All mail for the White House is sorted and screened at an offsite facility before reaching the White House.
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  • In a statement provided to CNN on Saturday, the FBI's Washington field office said that "the FBI and our U.S. Secret Service and U.S. Postal Inspection Service partners are investigating a suspicious letter received at a U.S. government mail facility. At this time, there is no known threat to public safety."
  • "We are aware of the concerning reports of packages containing ricin directed toward US federal government sites," Mary-Liz Power, chief spokeswoman for Canada's Minister of Public Safety Bill Blair, told CNN on Saturday.
  • Ricin is a highly toxic compound extracted from castor beans that has been used in terror plots. It can be used in powder, pellet, mist or acid form. If ingested, it causes nausea, vomiting and internal bleeding of the stomach and intestines, followed by failure of the liver, spleen and kidneys, and death by collapse of the circulatory system.
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