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Thread: White House, Senate reach deal on massive stimulus package

  1. #1

    White House, Senate reach deal on massive stimulus package

    In general, it's getting passed tomorrow, but I'm sure there are lots of open questions still lingering.... and arguments.



    https://thehill.com/homenews/senate/...imulus-package

    By Jordain Carney and Alexander Bolton - 03/25/20 01:14 AM EDT

    The White House and Senate leaders reached a deal early Wednesday morning on a massive stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus crisis.

    The agreement caps five days of intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnell (R-Ky.) convened Republican and Democratic colleagues, with talks stretching late into the evening each of the following four days.

    The revamped Senate proposal will inject approximately $2 trillion into the economy in the form of tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions. The deal includes $500 billion for a major corporate loan program through the Federal Reserve, a $367 billion small business rescue package, $130 billion for hospitals and $200 billion for other “domestic priorities,” such as transportation, veterans, child care and seniors.

    The bill will give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.



    “At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell declared during a speech on the Senate floor after 1:30 a.m.

    "We are going to pass this legislation later today," he added.

    Senate Democratic Leader Charles Schumer (N.Y.) touted the bill as "the largest rescue package in American history."

    The final talks were conducted among McConnell, Schumer, Treasury Secretary Steven Mnuchin, White House legislative affairs director Eric Ueland and incoming White House chief of staff Mark Meadows.

    Schumer kept in close touch with Speaker Nancy Pelosi (D-Calif.), who introduced her own $2.5 trillion bill Monday, throughout the process.

    "Ladies and gentleman, we're done. We have a deal," Ueland told reporters after one of the final meetings in McConnell's office after midnight Tuesday night.

    The deal hammered out by negotiators creates an inspector general and oversight committee for the corporate assistance program, similar to what was done for the Troubled Asset Relief Program of a decade ago, according to a senior administration official.

    It will also provide $25 billion in direct financial aid to struggling airlines and $4 billion for air cargo carriers, two industries that have taken a big hit in the economic downturn. If airlines accept a grant or a loan, they will have to agree to restrictions on key issues like executive compensation and stock buybacks, the senior administration official said.

    Senate Republicans on Tuesday were characterizing the direct assistance as “snap loans” instead of grants, to avoid the stigma of the proposal being called a bailout, but it has yet to be determined how the government would be compensated.

    Congress is under intense pressure to quickly pass the deal and reassure both the markets and an American public rattled by the spread of the coronavirus, with the United States having more than 55,000 confirmed cases as of Tuesday night, according to John Hopkins University.

    The deal comes two days after talks appeared to unravel when Democrats accused Republicans of walking away from negotiations and drafting the bill on their own. Schumer and Pelosi announced early Sunday afternoon that there was no agreement after they met with Mnuchin, McConnell and House Minority Leader Kevin McCarthy (R-Calif.) in the Capitol.

    But Schumer and Mnuchin met at least five times Monday as they worked until midnight. Mnuchin was back in the Capitol at 9:30 a.m. Tuesday, when he and Meadows, President Trump’s next chief of staff, met with McConnell before restarting his shuttle diplomacy with Schumer.

    And Pelosi appeared cautiously optimistic on Tuesday that the Senate would reach a deal that could also get support in the House.

    "I'm optimistic that we can get something done. I've praised Chuck and Senate Democrats for staying for staying strong," Pelosi told MSNBC's Andrea Mitchell. "We've been working together in terms of the policy issues there, great progress has been made."

    But the days-long talks weren’t without plenty of drama. Tempers flared when the discussions hung up on disagreements over the length of unemployment assistance, restrictions on executive pay and stock buybacks and a Democratic push to require distressed corporations that accept taxpayer assistance to keep workers on payroll.

    Republicans were furious when the negotiations dragged past McConnell’s stated goal of passing a bill on Monday and Democrats twice blocked procedural motions to move on to a largely GOP-drafted stimulus plan. Democrats temporarily blocked Republicans from speaking on the Senate floor, a tactic Sen. Tom Cotton (R-Ark.) could be overheard calling “complete bull----.”

    “Are you kidding me?” a visibly enraged McConnell asked from the Senate floor.

    Still, as Monday wore on, Schumer kept hopes of a deal alive. The Democratic leader told members during a conference call that he expected to reach a deal with Mnuchin. They both stressed as they left the Capitol around midnight, and hours later when they returned, that they expected a deal on Tuesday.

    “We’re looking forward to closing a bipartisan deal today. The president wants us to get this done today,” Mnuchin said.

    As negotiations stretched late into the night Tuesday, McConnell called a group of GOP negotiators—Sens. Mike Crapo (Idaho), Pat Toomey (Pa.) and Roger Wicker (Miss.)—back to the Capitol.

    The final stages of the negotiations focused on putting conditions on corporate loans backstopped by the Treasury Department and Federal Reserve, such as restricting executive compensation and stock buybacks for companies that take taxpayer-funded assistance, according to an aide familiar with the talks.

    A last-minute fight over the Supplemental Nutrition Assistance Program (SNAP) cropped up as an 11th-hour issue on Tuesday after Pelosi said that a deal for a 15 percent increase in funding was taken out of the bill. A boost in food assistance money is a top priority for progressives in her caucus and members of the Congressional Black Caucus (CBC).

    How to address federal student loans, paid sick leave and worker safety standards—three priorities for Democrats—were still unresolved hours before the deal was announced, according to a source familiar with the talks.

    And both sides accused the other of trying to get unrelated provisions in the bill, which could be the final major piece of legislation Congress passes for months.

    Republicans accused Democrats of trying to include increased fuel emissions standards for airlines and expansion of wind and solar tax credits, while Democrats homed in on a provision in a draft circulated Sunday that would have blocked non-profits who receive Medicaid, like Planned Parenthood, from the previous coronavirus package from receiving Small Business Administration assistance under the stimulus package.

    One of the thorniest questions of the talks was how to deliver relief to the battered airline industry, whose representatives burned up the phone lines over the weekend and Monday calling senators.

    “They’re calling everybody,” one Democratic senator said of the airlines’ intense lobbying push for direct grants in addition to loans.

    Hundreds of billions of dollars in buffer capital for the Treasury Department will allow the Fed to hand out an additional $4 trillion in loans to distressed companies such as U.S. airlines and Boeing, the nation’s leading airplane manufacturer. Their stocks have been hit the hardest in the recent stock-market selloff that had erased the gains made since President Trump took office.

    The Fed loan program, which Democrats bashed as a corporate bailout program and Mnuchin’s “slush fund,” was one of the biggest sticking points during the late rounds of the negotiations.

    Republicans argued the Treasury Department needed $500 billion to help the Fed inject enough liquidity into the economy, while Democrats were enraged over a provision they said would let Mnuchin provide loans and guarantees and then wait six months before disclosing who got the assistance.

    Sen. Joe Manchin (D-W.Va.) touted that Democrats were able to get “better oversight,” including that “you can’t just … go ahead and give all your corporate executives, based on the back of the taxpayers, free carte blanche.”

    Some of the nation’s biggest companies could face bankruptcy without federal intervention.

    Fitch Ratings downgraded its outlook for United Airlines to negative on Thursday amid fears about its ability to pay back loans. S&P Ratings downgraded Boeing’s credit rating to just two notches above junk on Monday.

    Other major areas of disagreement were over how long to provide beefed-up unemployment benefits, how much to spend on hospitals and health care providers, and how much to provide to cash-strapped state governments through stabilization funding.

    The negotiations seesawed for days over unemployment benefits. In a concession to Democrats, the bill will include four months of boosted unemployment benefits, according to two sources briefed on the deal. Republicans initially proposed three months.

    Updated: 1:40 a.m.
    If the stampman tells you to kiss his ass, shall he get away with it and live? Don't let your courage cool, or a few bullies scare you. We've nothing to fear but slavery. Love your liberty, and fight for it like men who know its value. Once lost it will never, never be regained.
    -Hugh Ledlie, 1774.



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  3. #2
    Apparently the final agreed deal looks much more like the original GOP plan with only marginal changes in favor of dems. Dems caved because they had no more time or they'd lose the PR battle.

    I personally hoped this would last longer, enough time for the hydroxychloroquine to show good enough results that a drastic stimulus would not be necessary.
    JULESWIN-ISMS
    Quote Originally Posted by juleswin View Post
    Bernie will bring about a more free market in the US than Trump. Hence the reason I wouldn't mind having him as my next president.
    Quote Originally Posted by juleswin View Post
    If the US govt ends their official and clandestine attacks on Venezuela, I can brush up on my Spanish and move there.

    @Ehanced_Deficit's real agenda on RPF :
    DNC-S (Soros)
    CLINTON-PELO-SCHIFF
    NYT-CNN-SOCIALIST
    CIA-B (Brennan)

  4. #3
    Is the text of the bill public already?

    I would guess there are tons or poison pills and special favors in there.

  5. #4
    CNBC just covered a few of the points. Looks like the payroll tax cut Trump promised is NOT going to apply to workers, only employers -and- the cut will be recouped in following tax years. Any direct payments to people are to be offset against any tax refunds in future tax years, a la Obamacare mandate tax where the tax came out of any refund owed to filer. Another was that no businesses associated with Trump are eligible for Treasury relief. I assume there's a mad dash on to change the legal structure of Trump family businesses to avoid that connection.

    Moral of story is: No free stuff and no relief, slaves. Gov'ts shut everyone down by mandate but still want their cut later, come hell or high water.
    Last edited by devil21; 03-25-2020 at 07:17 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.

  6. #5
    This is a post on FB I found....

    I have some friends using their down time to dissect this...here is what has been added into the stimulus bill

    $100,000,000 to Nasa, because, who knows why.
    $20,000,000,000 to the USPS, because why the hell not
    $300,000,000 to the Endowment for the Arts / because screw it
    $300,000,000 for the Endowment for the Humanities/ because no one even knew that was a thing

    $15,000,000 for Veterans Employment Training / for when the GI Bill isn't enough
    $435,000,000 for mental health support / thats a lot of suicide hotlines
    $30,000,000,000 for the Department of Education stabilization fund/ because that will keep people employed

    $200,000,000 to Safe Schools Emergency Response to Violence Program
    $300,000,000 to Public Broadcasting / NPR has to be bought by the dems
    $500,000,000 to Museums and Libraries / Who the hell knows how we are going to use it

    $720,000,000 to Social Security Admin / but get this only 200,000,000 is to help people. The rest is for admin costs
    $25,000,000 for Cleaning supplies for the Capitol Building / I kid you not it's on page 136

    Still reading through this crap

    $7,500,000 to the Smithsonian for additional salaries
    $35,000,000 to the JFK Center for performing Arts
    $25,000,000 for additional salary for House of Representatives
    $3,000,000,000 upgrade to the IT department at the VA
    $315,000,000 for State Department Diplomatic Programs

    $95,000,000 for the Agency of International Development
    $300,000,000 for International Disaster Assistance
    $300,000,000 for Migrant and Refugee Assistance pg 147
    $90,000,000 for the Peace Corp pg 148
    $13,000,000 to Howard University pg 121

    9,000,000 Misc Senate Expenses pg 134
    $100,000,000 to Essential Air carriers pg 162 This of note because the Airlines are going to need billions in loans to keep them afloat. $100,000,000 is chump change

    $40,000,000,000 goes to the Take Responsibility to Workers and Families Act. This sounds like it's direct payments for workers. Pg 164

    $1,000,000,000 Airlines Recycle and Save Program pg 163
    $25,000,000 to the FAA for administrative costs pg 165

    $492,000,000 to National Railroad Passenger Corporation (Amtrak) pg 167

    $526,000,000 Grants to Amtrak to remain available if needed through 2021 pg 168 (what are the odds that doesn't go unused)

    Hidden on page 174 the Secretary has 7 days to allocate the funds & notify Congress

    $25,000,000,000 for Transit Infrastructure pg 169
    $3,000,000 Maritime Administration pg 172
    $5,000,000 Salaries and Expensive Office of the Inspector General pg 172
    No voter ID to get a ballot, & anonymous “ballot harvesting” pg 650

    $2,500,000 Public and Indian Housing pg 175
    $5,000,000 Community Planning and Development pg 175
    $2,500,000 Office of Housing

    $1,500,000,000 Tenant-Based Rental Assistance Office of Public and Indian Housing. 1,000,000,000 of which can be used as "additional administrative and other expenses". pg 176
    $720,000,000 to the public housing fund pg 177

    $100,000,000 for Community Block Grants for Native Americans pg 183
    $250,000,000 for Housing Block Grants for Tribes pg 182

    $130,000,000 for AIDS Housing pg 185
    $20,000,000 of which goes to one time grantees whatever the hell that means pg 186

    $15,000,000,000 for the Community Development Fund pg 188

    Only $10,000,000 of which is set aside for infrastructure for fighting infectious disease pg 191

    $5,000,000,000 in Homeless Assistance pg 193

    $100,000,000,000 for Rental Assistance - pg 198

    An additional $7,000,000 enforce the Fair Housing Act - 203

    Paid Family Leave for Sickness is 2 paid work weeks pg 213

    Emergency Family Leave
    Now applies to all employers not just companies over 500 employees pg 208
    Guarantees paid leave to employees who have an in-law who gets sick pg 209
    Opens up leave for some you are in a "committed relationships with" pg 212

    $1,000,000,000 for more Obamaphones!

    This shows me that they don't really think this is a big deal. Business as usual. Use a crisis to rob us blind.

    Still reading......

    $227,000,000 for grants to States for youth
    2 activities pg 80

    $261,000,000 for grants to States for dislocated worker employment and training activities, including supportive services and needs-related payments; pg 80

    $10,000,000 for Migrant and Seasonal
    Farmworker programs...WTF??

    $100,000,000 for ‘‘Job Corps’’,

    $15,000,000 for ‘‘Program Administration’’,

    $6,500,000, to the ‘‘Wage and Hour Division’’,

    $30,000,000, to OSHA

    $10,000,000 for Susan Harwood training grants
    $1,300,000,000, for ‘‘Primary Health Care’’,
    $75,000,000, for ‘‘Student Aid Administration’’,
    $9,500,000,000, for ‘‘Higher Education’’,

    Link to the Document....

    https://apps.npr.org/documents/docum...Hi-zJtlWF_VTOA

  7. #6
    cant wait to see what i wont get!

    why I should worship the state (who apparently is the only party that can possess guns without question).
    The state's only purpose is to kill and control. Why do you worship it? - Sola_Fide

    Baptiste said.
    At which point will Americans realize that creating an unaccountable institution that is able to pass its liability on to tax-payers is immoral and attracts sociopaths?

  8. #7
    Yeah, this sounds horrible.

    - ML

  9. #8
    Quote Originally Posted by phill4paul
    $25,000,000 for Cleaning supplies for the Capitol Building / I kid you not it's on page 136
    We all should stop arguing about the Orange Man and start businesses selling mops to Congress.

    The only real way to succeed financially these days is to find a way to suck from Uncle Sugar's teet somehow.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.



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  11. #9
    Gotta keep subsidizing poorly run failing businesses.



    Socialist Loser
    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  12. #10
    Thank goodness the government had been saving away for this rainy day so they have $2 trillion plus in savings to spend now. [sarc]
    Of course they have nothing.
    This socialist redistribution of wealth package will be fully funded by Federal Reserve inflation.
    Trump, the Republicans, Democrats, Congress, Deep State Media have all fully embraced MMT.
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  13. #11
    Does this count as Trump fulfilling his campaign promises of spending trillions?
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken

  14. #12
    Quote Originally Posted by devil21 View Post
    CNBC just covered a few of the points. Looks like the payroll tax cut Trump promised is NOT going to apply to workers, only employers -and- the cut will be recouped in following tax years. Any direct payments to people are to be offset against any tax refunds in future tax years, a la Obamacare mandate tax where the tax came out of any refund owed to filer. Another was that no businesses associated with Trump are eligible for Treasury relief. I assume there's a mad dash on to change the legal structure of Trump family businesses to avoid that connection.

    Moral of story is: No free stuff and no relief, slaves. Gov'ts shut everyone down by mandate but still want their cut later, come hell or high water.
    By Easter I will have lost a few thousand due to govt shutting business down . If they give me 1200 dollars they will never get a dime of it back from me .

  15. #13

    Arrow SIX TRILLION LIES



    SIX TRILLION LIES - Mike Maloney's Gold/Silver Market Update
    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  16. #14
    it just passed the Senate, ...now its onto the House.
    Mitch McConnell wrote a college thesis on Henry Clay.
    i have no idea whats in the bill, yes, it has a pricetag.



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