A bipartisan stimulus plan has surfaced after both parties’ failure of reaching an agreement with regard to a COVID-19 rescue package. The bipartisan caucus is made up of 50 lawmakers from both parties. They stated that they hope both parties compromise and pass a relief package as soon as possible. Especially with the upcoming November presidential elections, agreeing on a bill will be delayed further.
Key Points To Know About The BiPartisan Stimulus Plan
Similar to the first round of stimulus checks, this plan proposes to distribute $1,200 to eligible Americans as stimulus checks. Additionally, $500 stimulus money will be given to dependents. The White House, Republicans, and the Democrats all agree on this matter.
Businesses will be shielded through the Paycheck Protection Program. $145 billion, saved from the first wave, will be redirected to this program. An additional $95 billion will be added to it.
Federal pandemic unemployment benefits will be revived. It ensures that people who have lost jobs due to the pandemic will be given financial support. The bipartisan stimulus plan also proposes to fund local and state governments by reallocating $500 billion to them. This key has been a major running point for House Democrats. They originally demanded $1 trillion in fresh aid.
The bill further proposes that $100 billion be invested to improve American healthcare by tracing and increasing the number of coronavirus tests. Furthermore, rental assistance and mortgage will be taken care of by $25 billion, schools will receive $130 billion, postal services will receive $15 billion, and election logistics will be given $400 million.
The bipartisan stimulus plan also proposes to extend the 2020 Census deadline.
Representative Josh Gottheimer, who has signed the bipartisan stimulus plan, said that they cannot afford to wait till after the elections. He added that the bipartisan caucus hopes that the lawmakers will compromise and reach a deal.
What Are The Challenges That The Bipartisan Bill Faces?
While they have tried to include necessary measures from both parties’ plans, it is very likely that the Republicans will not agree to the bill since they have always strongly opposed the Democrat’s point of $1.5 trillion fund measure.
As per Politico, the $1.5 trillion price tag could increase up to $2 trillion by 2021 if the COVID-19 hit economy does not revive. As per reports, the White House is likely to agree to a COVID-19 rescue package of $1.3 trillion. Sources say that they don’t mind a budget of $1.5 trillion even. However, the Senate GOP shows no intention of budging from their opinion, which states that any COVID-19 rescue package should be under $1 trillion.
The HEALS Act, passed by the Republicans, has a price tag of $1 trillion. Meanwhile, the Democratic Party has proposed a COVID-19 rescue package of $3.4 trillion. The debacle peaked last week when the Senate GOP tried to pass a bill and failed.
The bipartisan stimulus plan seems to be the best option as of now.