The Republican proposal seeks to grant more resources to pay the payroll of companies
With the pressure of a new stimulus bill with the presidential elections of November 3 just over two weeks away, a clash of differences could be established within the Republican Party.
Negotiations for a stimulus program have been in the works for months, now they are getting a bit dramatic. What was initially a tug of war between White House negotiators and Democrats is turning into a battle that could cause divisions in the president’s party.
Donald Trump is pressing Treasury Secretary Steven Mnuchin to reach a stimulus agreement with the Speaker of the House of Representatives, Nancy Pelosi, and to authorize a larger bill than those previously submitted.
“We are making some progress. We have to have some clarifications because we still have big differences, ”Pelosi said on MSNBC on Friday according to a statement from her press office.
On the other side are Senate Republicans, who have resisted passing the nearly $ 2 trillion, a proposal they attacked when it was presented on October 9.
This Monday, the Majority Leader Mitch McConnell and the rest of the Senate will vote an independent bill of $ 500,000 million to extend the Check Protection Program (PPP), a loan for companies to help retain employees during the current coronavirus pandemic. However, it is not expected to be approved by the House of Representatives. “That’s where the administration is willing to go,” McConnell said.
Larry Kudlow, the White House’s top economic adviser, told Fox Business on Friday that Secretary Mnuchin was negotiating a deal. “If President Pelosi wanted a deal, I think we could get enough Senate Republicans to get a deal. But with less than three weeks to go… I don’t know, ”Kudlow said.
Although the federal administration has consistently emphasized that Republican senators would be in line with Trump’s wishes, The New York Times claims that there are signs that they could indicate that they would break with the president, fearing the chances of personal reelection and a “blood bath”If the election results give Democrats control over both houses of Congress and the presidency.
In addition to the election, the coronavirus is gaining momentum. On Friday the United States exceeded 8 million known cases with new COVID-19 spots in most of the Midwest, according to a report from The Atlantic.
On Thursday, the Department of Labor announced a total of 886,000 jobless claims for the week, an increase of 77,000 unemployed, compared to the previous week. 14 million people who received aid for the grant delivery unemployment rate $ 600 dollars per week of the CARES Act, fell back into poverty after benefits expiredaccording to a new study from the Center for Poverty and Social Policy at Columbia University. During the CNBC show on Thursday, Mnuchin insisted that “We need to get the money out to the public now, the people who suffer the most.”
How likely is the Republican bill to become law?
McConnell plans to take its Senate proposal to a vote on October 19 to provide more payroll assistance. “Our first order of business will be to vote again on aid directed at American workers, including new funding for the PPP,” he said Tuesday, according to a press release.
It is difficult to say what will happen, and whether increased pressure in the run-up to the elections will soften the position of either side. There are currently two ideas at stake for a separate bill.
The Washington Post reported that the White House has also recently urged Congress to reuse $ 130,000 million in unused money from the payroll protection program that was part of the CARES Act. The money would again finance small businesses or the airline industry, but this it would not be enough to finance the program of stimulus checks for the population.
In August, the Select Committee of the House of Representatives on the Coronavirus Crisis, detected that more than $ 1 billion, labeled for emergency aid for the coronavirus, were intended for companies that received multiple loans from the Payment Protection Program (PPP).
The researchers identified a fraud in the program that offered small business loans that met the requirements where they were delivered up to $ 10 million in emergency loans to each of the companies to pay the payroll of the employees and to cover the basic expenses that triggered the coronavirus crisis.
In the event that a stimulus check proposal is approved before the election, here we offer you Four Possible Scenarios of a Second Stimulus Check Approval Schedule.
You may be interested: