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Tuesday, November 24, 2020

House Moderates To Release $1.52 Trillion For The Second Coronavirus Stimulus Plan

A glimmer of hope for the pandemic-torn USA: House Democrats and Republicans have finally come to an agreement to release a coronavirus stimulus plan of $1.52 trillion on Tuesday.

This comes after months of negotiations between the opposing parties. The delay in negotiations which were stifling American public due to lack of state aid in times of crisis can finally come to an end as hope rises in the horizon with the bipartisan relief compromise.

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The 50-member House members have finally come to an agreement regarding the relief fund and it is to be announced as a part of the Problem Solvers Caucus Plan in a news conference scheduled at 11 a.m. House aides mention that the problem Solvers Caucus Plan has been in place for six weeks and leaders from both the parties have been actively engaged in its development over the time.

In Addition to this, Steven Mnuchin, the Treasury Secretary announced to reliable sources at a House hearing this month that there is a fine chance that the White House will be willing to accept the $1.52 trillion coronavirus stimulus plan proposed by the House Moderates.

$1.52 Trillion Coronavirus Stimulus Plan Compromise Faces Criticism

As we have witnessed before, brokering a deal between the bipartisan House moderates is not an easy task. In the recent years several major deals have been delayed because of the long-drawn negotiations between the Democrats and the Republics.

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On Tuesday, the second coronavirus stimulus plan faced several criticisms from the leaders of both the parties. Steny Hoyer, a House Majority Leader criticised the compromise deal right after it’s release on Tuesday. Expressing disappointment, he mentioned that the Democrats should not have agreed to anything less than $2 trillion. The Problem Solves Caucus settled for a deal which is “lower than a responsible” one,

Republican Senator John Thune considered the coronavirus stimulus plan “problematic” stating the reason that the entire amount of the relief fund is the amount of local and state aid included. Thune had earlier stated at the Capitol that the overall figure will be greater than what most Republicans would be willing to agree to.

Coronavirus Stimulus Plan Proposal

This proposal has been brought to light after a thorny compromise between both the opposing parties. On local and state aid the House members are backing $500 billion. In case of insurance for supplemental unemployment, the group back $450 a week for 8 consecutive weeks and then caps it at 100% of previous wages or an upper limit of $600 per week. There have been divided opinions on this issue as Democrats ask for $600 per week but the White House, fearing dis-incentivization for work, wants to offer $300 a week.

The proposal also contains $1200 direct payments as a stimulus for American public along with $500 for individual child benefit.

The much-needed coronavirus stimulus plan has been endorsed by almost 75% of House members.

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