So we were supposed to see the Republican stimulus legislation today, and I was super excited about it, I cleared my schedule to go through it, my wife and son actually left the house so that I could focus on getting through the legislation when it was released, but it looks like that’s a no-go.
Here’s what Mitch McConnell said on the Senate floor today:
The Senate Majority has assembled a framework for CARES 2.
The administration has requested additional time to review the fine details, but we will be laying down this proposal early next week.
We have an agreement in principle on the shape of the package.
It is the framework that will enable Congress to make law and deliver more relief to the American people that is tailored precisely to this phase of the crisis.
Chairmen Grassley, Alexander, Collins, Rubio, Shelby, Blunt, and Senators Cornyn and Romney have each spearheaded a part of CARES 2.
And so on Monday these committee chairmen and Republican members will introduce each component.
The sum of these efforts will be a strong, targeted piece of legislation aimed directly at the challenges we face right now.
So McConnell’s saying that they got the basics in place, but the White House wants more time to go over it, to, as McConnell said “review the fine details.”
This means that we’re going to have to wait until Monday to learn the specifics of the Republican stimulus legislation, and I’m pretty disappointed in that, not only because I was excited about reading it today and sharing it with you but because now we have a four-day, two working day delay when the clock is ticking.
Economy and Healthcare
But just to catch you up on what else McConnell said today about the legislation, he said that the country is in a middle ground right now between total lockdown and getting back on offense, reiterating the talking point that the legislation will be focused on kids, jobs and the economy, and healthcare.
School Reopening and Child Care Providers
He said that Committee Chairmen Lamar Alexander, Richard Shelby, and Roy Blunt are finalizing the $105 billion school reopening package, there will be money in there for child care providers.
Second Stimulus Check Same as CARES Act?
He said that Finance Committee Chairman Chuck Grassley who we talk about from time to time will be the one to unveil the stimulus check proposal on Monday, reportedly if you saw my last video Treasury Secretary Steven Mnuchin told reporters today that they’re looking at the second stimulus check simply being a re-do of the CARES Act stimulus check, same amounts, same people eligible.
PPP (Paycheck Protection Program)
McConnell said that in terms of PPP, Senators Susan Collins and Marco Rubio will unveil the sequel to the PPP, McConnell said that it would be targeted to give the hardest hit small businesses an opportunity to receive a second loan if they continue to pay their workers.
Finance Committee Chairman Chuck Grassley will also unveil the employee hiring and retention incentives as well as the funding for businesses to obtain PPE, COVID-19 testing, supplies and more.
Extension to the Unemployment Benefits
McConnell did confirm that there would be some kind of extension to the supercharged unemployment benefits, Mnuchin essentially said this morning it would be a 70% of wage replacement.
Social Security Trust Funds
Now, one thing that McConnell said that we haven’t really heard a whole lot about before has to do with the federal trust funds, here’s what McConnell said on that:
And finally looking to the long-term the COVID-19 crisis has weakened the federal trust funds that Americans rely on.
So as Senator Romney will explain our proposal will include a bipartisan bill cosponsored by Senate democrats to help a future Congress evaluate bipartisan proposals for protecting and strengthening the programs that Americans count on.
So McConnell didn’t say so directly, but I think a big component here is the two Social Security trust funds, the Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, we’ve had millions of people unemployed who are not having payroll taxes paid out of their paycheck because they’re not making a paycheck, that obviously creates a dent, an unforeseen dent, in the trust funds contributions out of which benefits are paid, so that’ll be interesting, what exactly the Republicans have in mind here.
More Funds to Public Health
And then finally McConnell said that the Republican legislation would allocate more funds to public health, including help for hospitals and healthcare workers, help to fund diagnostics and treatments and vaccines pertaining to COVID-19 when they are available.
He said there would be new policies to shield seniors from a spike in Medicare premiums and policies to help us better prepare for when the next public health crisis hits.
He finished off his Senate floor speech by talking about liability protection.
Well that’s really it, I’m sorry that I don’t really have anything more interesting to share with you, I was hoping to go over the long-awaited Republican stimulus relief bill today, but looks like more patience will be required.