Designed to drive the final nail in the American coffin. This is slush fund for mismanaged blue states, mismanaged blue state pension funds and bankrupt blue states.
The answer is Reopen America.
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The bill gives a tax cut to upper income blue state real estate owners for 2020 and 2021. pic.twitter.com/8dODlIRFZB
— Matt Stoller (@matthewstoller) May 12, 2020
— Matt Stoller (@matthewstoller) May 12, 2020
House Dems unveil coronavirus bill estimated to cost $3T, in largest stimulus package yet
By Marisa Schultz | Fox News
The House Democrats’ coronavirus relief proposal will reach about $3 trillion in new spending, amounting to the biggest and most expensive aid package yet to deal with the global pandemic, Fox News has learned.
Of the roughly $3 trillion, about $1 trillion would go to state, local and tribal governments, according to two sources briefed on the proposal.
Then a flurry of cash would be allocated to struggling Americans, including more direct payments, unemployment insurance and a new benefit that would subsidize rent and mortgage payments for Americans.
House Democrats called the legislation the HEROES Act. The text of the sprawling plan was circulated Tuesday. House Speaker Nancy Pelosi is scheduled to announce the plan at 3 p.m. ET.
But the price tag shows that Democrats have gone big — rather, huge — for the fifth round of coronavirus legislation. And it’s a figure sure to face deep skepticism from cost-conscious lawmakers growing uncomfortable with the historic pace of massive spending legislation. The U.S. Treasury already had to borrow $3 trillion to fund the first four coronavirus spending packages that passed with bipartisan support.
Although Treasury Secretary Steven Mnuchin said he’s comfortable borrowing that much money because of historically low interest rates, some Republicans are now cool to more spending — especially another $3 trillion worth.
House Majority Leader Steny Hoyer, D-Md., said he anticipates a vote on the relief package on Friday.
Like Pelosi, D-Calif., signaled last week, Hoyer said this legislation will be big to meet the needs of the American people reeling from forced economic shutdowns and widespread illness and death.
“This is an unprecedented time in our history,” Hoyer said. “…And as a result, we need to respond in unprecedented ways with unprecedented resources.”
The centerpiece of the legislation will be assistance for state, local and tribal governments to help plug budget holes from coronavirus crisis spending and declining tax revenues. Democrats billed this as help for the “heroes” in the public service workforce, such as first responders, teachers and transportation workers, who are at risk for layoffs.
The package will include more direct payments, beyond the $1,200 check most Americans received under earlier legislation, and more money for unemployment assistance. Hoyer declined to discuss the amount or details until the text is released.
In a nod to progressive demands, the legislation will include student loan relief and rent and mortgage assistance, Hoyer confirmed.
House Democrats will provide more funding for testing, contact tracing and treatment for victims and support for hospitals and health care providers, Hoyer said.
The legislation will provide expanded food assistance to struggling families through SNAP benefits and funding for elections and mail-in voting to prepare for the November election. The House Democrats plan will have funds for the struggling U.S. Postal Service and more aid for small businesses.
Hoyer alerted the House members, which have been away on recess, to return to Washington for votes on Friday on the fifth round of coronavirus legislation as well as a resolution to allow for proxy voting or virtual meetings — though Hoyer said no bipartisan agreement has been reached yet.
The House Rules Committee will meet Thursday to prepare for the Friday floor debate on the coronavirus legislation and the proxy proposal.
If the House passes this legislation it’s poised to be the largest stimulus package ever. The previous record was held by the $2.2 trillion CARES Act that President Trump signed into law March 27 that included the Paycheck Protection Program for small businesses and the $1,200 in cash assistance for most Americans.
Unlike the first four rounds of coronavirus relief, this bill is already proving to be more contentious with Republicans wanting to hit the brakes on spending. The White House wanted a payroll tax cut in any new legislation and Senate Republicans want protection for businesses from lawsuits.
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