Coronavirus

Pelosi and Schumer Agree to Bipartisan $900 Billion Coronavirus Relief Bill as McConnell Pushes for $500 Billion

The top Democrats originally supported a $2.2 trillion measure.

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House Speaker Rep. Nancy Pelosi (D–Calif.) and Senate Minority Leader Sen. Chuck Schumer (D–N.Y.) on Wednesday agreed that a bipartisan $908 billion coronavirus relief bill should form the foundation for an impending package as lawmakers seek to deliver aid amid the COVID-19 pandemic. But Senate Majority Leader Sen. Mitch McConnell (R–Ky.) appeared to reject that same plan the day prior, instead pushing a $500 billion measure that reportedly has President Donald Trump's support.

Pelosi and Schumer initially championed a $2.2 trillion piece of legislation. The pared-down bill includes $160 billion for state and local governments, $288 billion in small business assistance with Paycheck Protection Program (PPP) loans, and money for $300 weekly federal unemployment benefits to supplement state benefits.

"While we made a new offer to Leader McConnell and Leader [Kevin] McCarthy on Monday, in the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations," Schumer and Pelosi said in a statement.

The lawmakers behind the legislation include Sens. Bill Cassidy (R–La.), Mitt Romney (R–Utah), Lisa Murkowski (R–Alaska), Susan Collins (R–Maine), Angus King (I–Maine), Joe Manchin (D–W.Va.), Mark Warner (D–Va.), Jeanne Shaheen (D–N.H.), and Maggie Hassan (D–N.H.).

It is not yet clear if McConnell will budge, though Treasury Secretary Steven Mnuchin intimated Wednesday that Trump was poised to sign the $500 billion version.

As of Tuesday, McConnell's plan zeroed in on the PPP, carving out about $333 billion for the loan assistance initiative meant to help small businesses across the country retain their staffs amid an increase in coronavirus-related restrictions and a drop-off in demand. It also allots funds for liability protections, education, and distribution for a COVID-19 vaccine.

The PPP has been the subject of much debate since its implementation, which came with its share of problems upon being rolled out. Though it has certainly helped some businesses stay afloat, the initial loan forgiveness terms stipulated that recipients use 75 percent of their money on retaining staff, leaving some businesses full of employees with no business and little way to meet other expenses, like rent. That was eventually softened to 60 percent.

While it was touted as a boon for the little guy, new data shows that over half of funds went toward 600 businesses, most of them large, some of them national chains. On the surface, that makes sense, as bigger firms have more employees and thus would require heavier sums of money. But another PPP hitch was that banks were reluctant to process loans for non-clients, and sometimes rejected applicants if they had no lending relationship with the bank. Large businesses were more likely to clear that hurdle and were also far better positioned than small firms to take tap into capital markets.

As of September, about 100,000 businesses that temporarily closed due to COVID-19 are now shuttered for good.

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  1. Well now it’s all in the perspective.
    Compared to 2.2 trillion 9 billion seems reasonable, while 5 billion is just paltry.

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  2. So where is the bi-partisan part?
    Any info on the Republicans involved?
    Not a particularly informative “article” for a website begging for funding.

    1. SchumerandPelosi said it twice in a sentence. It is so.

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  3. There are no treasures of American journalism at reason, just liars owned by rich businesspeople.

    Preach it, Shikha!

    1. Did she actually say that somewhere?

      1. I think on facebook, then deleted it. People on the twitters were talking about it and someone asked what the deleted post said and an apparently real person who seemed to be a fan of Ms. Dalmia posted that. It sounds like something Shikha would say in a fit of anger on social media (and it’s TRUE!) so I’m factchecking it, with “high confidence”, as SETTLED SCIENCE .

        4 hatchet-wielding juvenile George Washingtons or whatever the opposite of Pinocchios and flaming trousers is.

        1. Might be the most honest thing she’s ever said.

        2. “a fan of Ms. Dalmia”. A creature so rare that until this incident, it was widely believed that they could only exist in Ms. Dalmia’s fertile imagination.

          1. i loved her stuff it was insane and garnered a million comments

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            1. All the more reason to keep her! Now I really want to know what happened.

        3. I gotta retract this. Fuckin’ twitter. A left-libertarian asks what the deleted post says and this statement follows but it is a reply to Steve Chapman and not to the left-libertarian lady asking the question.

  4. Still carries $160 to bail out state and local governments – the ones shutting down the economy, btw – and that means bailing out Illinois’ ridiculous pension mess and everything wrong with California’s finances, so this whole idea gets a big NO from me.

  5. https://www.zerohedge.com/political/after-new-wave-lockdowns-most-people-will-accept-any-solution-because-theyll-be-so

    “When people become desperate enough, those in power can get most of them to do just about anything. The first wave of lockdowns knocked us into the worst economic downturn since the Great Depression of the 1930s, it sent suicide rates soaring all over the globe, and it plunged millions upon millions of ordinary citizens into a deep state of despair. Now another wave of lockdowns is being instituted all over the planet, and this is going to perfectly set the stage for the “solutions” that the elite plan to offer all of us in 2021…”

    1. https://planetfreewill.news/uk-minister-warns-brits-could-be-denied-normal-life-without-covid-vaccination/

      “Brits could be denied entry into bars, theaters, and sporting events if they can not prove they’ve received vaccination against COVID-19, according to the head of the United Kingdom’s vaccine rollout…”

      1. Once you let them take away the guns – – – – – – – – – – – – – –

      2. Dude… please explain how stressing out about shit you can’t control adds anything positive to your life. I like you and for some stupid reason I don’t want you to have a stroke.. Though that’s probably an insult. Whatevz

        1. That applies to 99% of the shit you read in a newspaper, or at Reason for that matter… so why are you even here?

        2. Because the shit i can’t control increasingly is hunting all of us down and imposing upon us whether we want it to or not.
          The least I can do is communicate what I see.
          You know, kinda like those hundreds of people who have signed affidavits attesting to the massive irregularities they’ve witnessed in polling locations. But on a much lesser scale.
          Ignorance may be bliss, but it isn’t an option for everybody.

        3. Sarc: “I like you, but I think you’re so fucking dumb that what you think about is killing you. But some dumb ass might take that as an insult.

  6. https://tomluongo.me/2020/12/01/politics-positivism-and-the-science-of-tyranny/

    “There is nothing worse than the politicization of science. If there is one thing that 2020 has taught us it is that we live within this basic framework.

    Science is nothing today if not political.

    But it’s beyond even that. This is a framework of experts in all major intellectual arenas, be it economics, psychology, diet or health. And they have all been tied in some basic way to public safety and the role of government in administering that goal, supposedly for the betterment of all of us…”

  7. Individual states shut their economies down, not the feds. There should be no more bailouts.

    1. But Mr. Liberty biden himself is promising a bailout of all the states.

  8. Stop voting for democrats and get your lives back.

    1. You just summoned White Knight.

      1. Whiter knight gets the same point across without the sophistry.

      2. As in the White Knights of the KKK?

        Is their name a Freudian slip?

    2. Seems like it doesn’t matter who we vote for

      1. It certainly won’t in the future.

  9. I’m so glad the two thieves have cordially agreed on how they’re going to spend my money.

    1. Costs way less than mean tweets.

  10. About that DOJ investigation…
    https://www.zerohedge.com/political/barr-comments-twisted-ap-doj-says-not-done-probing-election-fraud
    “Some media outlets have incorrectly reported that the DOJ has concluded its investigation of election fraud and announced an affirmative finding of no fraud in the election. That is not what the Associated Press reported nor what the Attorney General stated,” a DOJ spokesperson said, according to CBS News reporter Catherine Herridge.

    1. But Reason said….

  11. Pelosi and Schumer Agree to Bipartisan $900 Billion Coronavirus Relief Bill as McConnell Pushes for $500 Billion

    Well, I suppose Pelosi and Schumer agreeing is “bi-partisan”, in that it’s two partisans that agree…

    You aren’t even trying anymore to keep your mask up, are you?

    1. It’s the simplest of lies that show some of us what Reason has become. Others need a complicated explanation of why saying 2 members of the same party agreeing to something is bipartisan is a lie.

  12. Meanwhile dumbfuck Joe Biteme claims that 250,000 will die between now and January from COVID. He is so goddamn stupid and wrong it’s literally ridiculous he will have any power soon.

    1. Oh, he won’t.
      He’s just the vehicle for our de facto dictator.

    2. Well, there will be the Executive Order that all deaths will be counted as COVID deaths. Maye that’ll do it.

  13. The lawmakers behind the legislation include Sens. Bill Cassidy (R–La.), Mitt Romney (R–Utah), Lisa Murkowski (R–Alaska), Susan Collins (R–Maine), Angus King (I–Maine), Joe Manchin (D–W.Va.), Mark Warner (D–Va.), Jeanne Shaheen (D–N.H.), and Maggie Hassan (D–N.H.).

    What an ensemble cast of assholes.

  14. “Pelosi and Schumer initially championed a $2.2 trillion piece of legislation. The pared-down bill includes $160 billion for state and local governments, $288 billion in small business assistance with Paycheck Protection Program (PPP) loans, and money for $300 weekly federal unemployment benefits to supplement state benefits.”

    —-Binion

    $160 billion for state and local government + 288 + 300 = 748 billion. My understanding is that the compromise bill is for $908 billion. Where’s the other $260 billion going? It really does matter what it’s being spent on. I oppose spending $160 billion for state and local government–and so should ever libertarian. There’s never been a better opportunity for California and New York to slash their spending and get their pension systems under control.

    The skinny $560 billion bill McConnell is championing (and has been championing for months), last I heard, contains no money for the state and local government. Oh, and it should also be noted that the Republicans’ $560 billion bill isn’t $560 billion in new spending. $212 billion of that $560 billion is repurposed money from the first pandemic bill. It’s money that was already authorized but never spent.

    The Republicans’ $560 billion [$348 billion] in new funding would go to small businesses to keep their employees on the payroll, liability protections for businesses that are sued for opening after their employees or customers contract Covid-19, and a one-month extension of the unemployment-insurance program. Oh, and it apparently features another $1,200 check for all of us–something the Democrats’ bill doesn’t have.

    Don’t get your hopes up about that check. Chances are that nothing will come of this. For one thing, the Republicans in the Senate were opposed to McConnell’s $560/$348 billion bill before the election. Why would they cave now that the pressure of the election is off? Bailing out California and New York is widely opposed outside of California and New York. They can refuse to pass this bill until Biden is President and let the Democrats take total responsibility for forcing federal taxpayers in swing states bail out California and New York. Why would they want to give that issue up for 2022?

    And we haven’t even started talking about whether Trump will sign it. Trump refused to sign anything that bailed out the states before the election, too–except for some funding related to reopening the schools IF IF IF the local school districts actually opened and stayed opened. Hard to get the economy going again when a working parent has to stay home to watch the kids. The Democrats refused that offer before, and it was a non-starter with the Republicans in the senate. Nothing has changed in this far as I can tell–except that now that the election is over, the Republicans have even less incentive to sing off on the Democrats’ deal.

    Like I said, McConnell can’t even get enough Republicans to support a $560/$348 billion bill. Why would they sign off on $2.2 trillion–because lefty journalists everywhere want them to?!

    Color me skeptical.

    1. P.S. The stimulus bill the Democrats passed back in May had a $1 trillion for states and local government. Only giving them $160 billion is a vast improvement, but it’s still $160 billion too much.

    2. For the Rs, it is about pure politics. If they pass their skinny bill, that ends the issue. Done, no more serious talk about stimulus again. They take the issue off the table without actually helping any poor people.

      1. That’s ridiculous.

        If the Republicans don’t pass the skinny bill, the Democrats will just wait until Biden is in the White House–and put even more pressure on the senate Republicans to pass it.

        The only reason they want the Republicans to pass it now is so that they can make the Republicans share the blame for bailing out the states, etc. And I don’t see any reason why Trump would want to sign the bill at this point anyway.

        1. For all the Democrats know, they may win in Georgia–and then it won’t matter what the Republicans did once Biden takes over. They’ll pass their trillions in stimulus and bailouts without any Republicans input at all.

          1. The Ds will take at least 1 GA senate seat.
            Book it.

            During the game today, Perdue ran an ad that was entirely “they’re lying about me taking advantage of the stock market when covid (tyranny) was about to break out. They had quotes like “senate clears GA senator of wrongdoing”.
            Ossof ad ran immediately after. It was some matronly black woman in a diner with some sort of covid sob story (I didn’t pay attention past the first 5 seconds).

            With as pissed off as Trump supporters are at the GOP laying down, yet again, for D bullshit – refusing to raise hell over what appears to be blatant fraud might be the final straw – it won’t even take cheating (which the Ds will do anyway, in some form) to get at least one of those seats.
            We’re about to see just how impotent “voting against” really is when it’s actually relied upon instead of just being a preprogrammed narrative used to cover for convenient invention.

      2. So Democrats ban people put millions out of work and go party at French Laundry out of concern for poor people?

        1. …and then tell them that they’re voting against their interests when they vote Trump.

          1. But at least sarcasmic feels like he is principled when a Democrat wins.

      3. For the Rs, it is about pure politics.

        You bet that it is. It’s only Democrats who pretend that such decisions are not intrinsically political.

        If they pass their skinny bill, that ends the issue.

        That bill is about as “skinny” as John Goodman. And it doesn’t “end the issue” because someone has to pay for it, and because states will just be coming back for more.

    3. “…and money for $300 weekly federal unemployment benefits to supplement state benefits.”

      So that’s not $300 billion. That’s $300 per week for folks who get unemployment. Who knows how much that adds up to?

      1. I still don’t get why that has to be a fixed amount. Why not just do a dollar-for-dollar federal match of state benefits? It will basically put everyone fairly close to what they were making before getting laid off without overpaying people who made less (thus incentivizing them to stay un employed)

  15. Trumpism is a unique, existential threat to democracy and sane budgeting.

    1. And he’s a warmonger.

    2. Mismanagement of crises does tend to be very expensive.

      1. It’s not a crisis the federal government should be managing, and it’s not a crisis the federal government should be paying for.

    3. ^Dumb*ass we don’t live in a democracy!!! It’s a Constitutional Union of Republican States.

  16. EXCUSE ME, EXCUSE ME, EXCUSE ME!!! lol… 🙂 Does the Union of States government EVEN have a delegated power to pass out “commie-money” for ANY reason at ALL??????????????????

  17. Looks like they’re backpedaling because they think they may get their way for 4 years instead of self-imploding with another bankrupting 2.2 trillion if trump was elected.

    And if we are good slaves, they may put t off for 8 years!

    1. Terrifying if true, not an unreasonable point

  18. Headline should be” McConnel Saves Taxpayers 1,3 trillion dollars.”

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