A new $900 billion stimulus package has been proposed, and many are wondering if it will include $1,200 stimulus checks. According to a report from CNBC, the new bill will not come with a provision for direct relief payments to Americans. The outlet notes that the main goal of the bipartisan-supported bill is to address and fund expiring programs such as unemployment insurance extension.
The new proposal also includes more money for Paycheck Protection Program loans, as well as for state and local government relief. There will also be money allocated for education, rental assistance, child care and broadband. Additionally, this new bill would also include measures for directly fighting the coronavirus pandemic, such as providing funds for vaccine distribution, testing and contact tracing. While the lack of direct financial assistance for Americans is raising some eyebrows, Democrat Sen. Mark Warner of Virginia — a supporter of the proposal — has called it an "interim package," which would meet the most serious needs until president-elect Joe Biden takes office in January.
"If there’s one thing I’m hearing uniformly it's: 'Congress, do not leave town for the holidays leaving the country and the economy adrift with all these initial CARES [Act] programs running out,'" Warner told CNBC’s Squawk Box. The implication here seems to be that once Biden is sworn in, a more comprehensive bill could be voted on, one which might include another round of direct stimulus payments to U.S. citizens. At this time, it is not clear how much outside support the new proposal may be able to rally.
Bipartisan Senate group to unveil $908B stimulus compromise. Details fluid but likely to include:
-- $300/week UI
-- $300B - PPP
-- $250B - state & local
-- Temporary liability shield
-- $50B 4 health/vaccine distribution
AND:— Jeff Stein (@JStein_WaPo) December 1, 2020
-- NO stimulus checks 2.0https://t.co/NDT9Jd8XWx
So far, there has not been a lot of overwhelming praise for the new bill on social media. Former Trump administration White House Communications Director Anthony Scaramucci — who has since become a strong critic of the outgoing President — offered his take, saying that the nation needs a "big, bold COVID relief" package.
"At least $1.5 trillion, including $1,500 checks mailed to every American," he added. "We have a strong federal government for exactly these types of historical moments." Scaramucci concluded by offering, "Cost of stimulus greatly exceeded by cost of inaction/inadequate action."