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Bipartisan Senate Group Pitches $908 Billion Stimulus Plan
Posted
December 1, 2020
Views
6,390
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December 1, 2020
6,390
52
25
1.21%
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2:13Now PlayingA bipartisan group of lawmakers in the House and Senate unveiled a $908 billion stimulus proposal Tuesday in an effort to break a months-long impasse that’s now threatening to tip the economy back into contraction.
Neither Republican nor Democratic leaders have signed on to the plan so far, however, leaving it facing the same long odds as a bipartisan House proposal that failed before Election Day. President-elect Joe Biden has so far backed House Speaker Nancy Pelosi, who has pushed a $2.4 trillion bill.
Pelosi and Treasury Secretary Steven Mnuchin, who have been the two main negotiators on a stimulus package, are scheduled to talk by telephone later in the day.
Mnuchin said he and Pelosi will mainly discuss work on the spending bill needed to keep the government running after Dec. 11, and they may talk “a little bit” about a new stimulus. He said he hasn’t had a chance to review the proposal from the lawmakers but that he appreciates “that there is some bipartisan support” for a plan.
Republican Senator Mitt Romney of Utah, one of the plan’s backers, said only $348 billion of the package would come from new spending. The rest would use funds left over in the Paycheck Protection Program and Federal Reserve facilities that were part of the $2.2 trillion stimulus plan passed in March.
“I don’t like borrowing money or spending money we don’t have,” Romney said at a news conference. “The time to borrow money, maybe the only time to borrow money, is when there’s a crisis, and this is a crisis.”
Under the proposed compromise, small businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans and other aid, and state and local governments would get about $240 billion, including money for schools, according to three people familiar with the proposal.
An additional $180 billion would go to an extension of pandemic unemployment benefits, providing an added $300-a-week for four months.
The proposal doesn’t include direct payments to individuals.
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