The following article, As Senate Takes Action On Latest Coronavirus Bill, White House Eyes $850B Stimulus Package Next, was first published on Flag And Cross.
Officials in the White House, along with congressional lawmakers are seeking to work on and push through yet another bill designed to help provide economic relief for those impacted by the coronavirus that has been marching across America.
The spending bill is worth hundreds of billions of dollars — yes, you read that correctly — and is being concocted as the Senate is working on the modest second relief bill which provides leave for workers and expedites testing for the illness.
Here’s more on this third bill from Fox News:
Fox News has learned that the White House specifically is pushing an $850 billion stimulus, largely in the form of tax relief measures.
Roughly $500 billion of this would be tied to a payroll tax cut, while $250 billion would come in the form of Small Business Administration loans and another $58 billion would be directed to the airline industry, among other measures.
Treasury Secretary Steven Mnuchin will attend the Senate GOP’s weekly policy lunch Tuesday — which will take place in a larger room that it usually does so the senators can practice social distancing — to discuss the details of the comprehensive coronavirus proposal from the White House.
The Washington Post first reported Tuesday morning that Mnuchin’s proposal would come with the $850 billion price tag. The Post, citing anonymous sources, reported that Mnuchin’s proposal would focus mainly on putting cash in the hands of individuals and businesses.
Senate expected to debate/vote on both House coronavirus bills today. Mnuchin to meet Senate GOPers over lunch to discuss next coronavirus response steps. Senate Dems will meet via conference call
— Chad Pergram (@ChadPergram) March 17, 2020
The relief bills are meant to try and keep our economy afloat as the country more or less grinds to a stand still as we attempt to control the spread of the potentially deadly covid-19 virus.
If you look at the stock market, it’s taking a drastic dip, going lower than it has since 1987, which is a very big deal. We need to keep things afloat and prevent a collapse, and that includes helping folks who are out of work temporarily due to coronavirus have the means to pay their bills and provide themselves with necessities they need.
While it certainly seems like we’re in very dark times, President Trump stated in a press conference on Monday that he feels confident once this all passes the economy will surge and things will get back to normal.