McConnell Vows The Next Stimulus Bill Will Be The Last One
by Sarah HansenTOPLINE
Senate Majority Leader Mitch McConnell (R-Ky.) said Friday the next round of stimulus legislation will be the “final” bill Congress passes—his comments come after weeks of clashes between lawmakers over how and to what degree the federal government should step in to stem the damage caused by the coronavirus crisis.
KEY FACTS
Lawmakers have yet to reach a deal on a bill with bipartisan support.
The Heroes Act — a $3 trillion relief package designed by House Democrats led by Speaker Nancy Pelosi (D-Calif.)—passed the House earlier this month but has been widely criticized by Republicans, who said it was an unrealistic, partisan offering that was drafted without any Republican input and that it is likely to be “DOA” in the Senate.
McConnell on Friday said the next bill would be “written in the Senate” with the support of the Trump administration and input from Democrats.
While Democrats want to ramp up spending and pass new legislation as quickly as possible, Republicans have led by McConnell have advocated for waiting to see how the current stimulus spending and reopening efforts shake out in the economy before passing a new bill.
On Thursday, Pelosi criticized McConnell for dragging his feet on the next round: "You want a pause? Tell that to the virus,” she said.
Some members of the GOP, however, have urged their colleagues to move more quickly: “I think June doesn't need to come and go without a phase four,” Senator Roger Wicker (R-Miss.) said last week.
Crucial quote
“We’re taking a careful look at a fourth and final bill,” McConnell said Friday. “You could anticipate the decision being made on whether to go forward in about a month. And it will be narrowly crafted, designed to help us where we are a month from now, not where we were three months ago.”
Big number
$3 trillion. That’s how much the House-approved Heroes Act would be worth if it is signed into law. The Democrats proposal is anchored by $875 billion for state and local governments and $20 billion each for tribal governments and U.S. territories, a major Democratic priority that has been vehemently opposed by Republicans. The bill also includes another round of $1,200 stimulus checks, another $75 billion for testing, new provisions for hazard pay for essential workers, $75 billion in mortgage relief, $100 billion for rental assistance, another $25 billion for the Postal Service, student loan forgiveness up to $10,000 per borrower, and expansions to federal nutrition and unemployment programs.
Key background
Since the crisis began, lawmakers have passed four pieces of rescue legislation. The first two bills—which shored up funding for testing and small business loans, established tax credits for paid sick leave, and expanded unemployment benefits—were followed by the historic $2.2 trillion CARES Act. That’s the bill that created the Paycheck Protection Program and authorized the IRS to send out the first round of stimulus checks. The CARES Act was succeeded by another $484 billion package that replenished funding for emergency assistance for small businesses after the PPP exhausted its initial $350 billion in funding after less than two weeks.
What to watch for
A House-approved bill to expand the terms of the Paycheck Protection Program is also headed to the Senate.
Further reading
House Passes $3 Trillion Coronavirus Stimulus—But That Doesn't Mean More Checks Are Coming (Forbes)