A bipartisan group of senators are expected to unveil a $908 billion stimulus proposal on Tuesday, according to The Washington Post. The stimulus proposal will break a months-long partisan impasse over providing emergency federal relief to the U.S. economy.
- The bipartisan group’s stimulus proposal would provide $300 a week in federal unemployment benefits, lower than $600 per week sought by Democrats.
- The bipartisan agreement also includes about $300 billion in funding for small businesses through the Paycheck Protection Program, $50 billion in healthcare, and $40 billion to assist hard-hit transit agencies and rental assistance funding.
- The stimulus proposal would also offer substantial relief to tens of millions of jobless Americans for four more months.
- The agreement includes $240 billion funding for state and local governments and a six-month moratorium on some coronavirus-related lawsuits against firms and other entities.
- Congressional aides are skeptical that the stimulus push will successfully be legislated.
- Some lawmakers have hoped the bipartisan stimulus deal could be added to the spending bill required to avoid a December 11 government shutdown.
- Economists have warned of devastating consequences to the economy if no stimulus deal is passed as critical relief programs are set to expire at the end of the year.
- Since President Donald Trump lost the November 3 elections, the White House has largely abandoned its aggressive push for stimulus.
- It is unclear whether President-elect Biden will push Democrats to accept a smaller package, although some of his economic advisers have called for an urgent stimulus deal.
- Congress has faced pressure to approve additional economic relief as talks between the White House and Democrats collapsed in summer and the fall ahead of the November 3 elections
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