Stimulus Package is Done - 900B

[TC Talks]

It's really a 400B package when you read McConnell's comments. They got something done but I imagine it's pretty messed up, here are the details right after the package was announced. It'll be interesting to see what other garbage is buried in the fine print.

Although text was not immediately available, the agreement was expected to provide stimulus payments of $600 to American adults and children and revive supplemental federal unemployment benefits at $300 per week — half the level of aid delivered by the $2.2 trillion stimulus law enacted in March, as the coronavirus pandemic’s devastating health and economic impact was just coming into focus.

It would extend two federal unemployment programs that expanded and extended regular benefits, and would have lapsed next week without action by Congress. The agreement will most likely provide for rental and food assistance, as well as billions of dollars for schools and small businesses, reviving the Paycheck Protection Program, a federal loan program that lapsed this year.

Notably absent from the final compromise were the two thorniest policy impediments that had stood in its way for months. In order to secure a deal just before Christmas and allow Congress to adjourn, Republicans agreed to drop a sweeping coronavirus liability shield and Democrats agreed to omit a direct stream of aid to state and local governments.

While the deal marked a triumphant moment in talks that had long been stalled, it was far narrower than the one Democrats had long insisted upon, and nearly twice the size of the one Republicans had said they could ever accept in the days leading up to the November election. Democrats had refused for months to scale back their demands for a multitrillion-dollar package, citing the devastating toll of the virus, and Republicans dug in against another large infusion of federal aid, pointing to the growing deficit.

In a nod to conservative concerns about the overall price of a package, the legislation is expected to repurpose more than $500 billion previously allocated under previous stimulus packages, Mr. McConnell said.

But in the end, the crucial breakthrough came just before midnight on Saturday, when Republicans dropped an effort to ban the Federal Reserve from establishing certain emergency lending programs to help stabilize the economy in the future.

[Matt]

It's really a 400B package when you read McConnell's comments. They got something done but I imagine it's pretty messed up, here are the details right after the package was announced. It'll be interesting to see what other garbage is buried in the fine print.

Although text was not immediately available, the agreement was expected to provide stimulus payments of $600 to American adults and children and revive supplemental federal unemployment benefits at $300 per week — half the level of aid delivered by the $2.2 trillion stimulus law enacted in March, as the coronavirus pandemic’s devastating health and economic impact was just coming into focus.

It would extend two federal unemployment programs that expanded and extended regular benefits, and would have lapsed next week without action by Congress. The agreement will most likely provide for rental and food assistance, as well as billions of dollars for schools and small businesses, reviving the Paycheck Protection Program, a federal loan program that lapsed this year.

Notably absent from the final compromise were the two thorniest policy impediments that had stood in its way for months. In order to secure a deal just before Christmas and allow Congress to adjourn, Republicans agreed to drop a sweeping coronavirus liability shield and Democrats agreed to omit a direct stream of aid to state and local governments.

While the deal marked a triumphant moment in talks that had long been stalled, it was far narrower than the one Democrats had long insisted upon, and nearly twice the size of the one Republicans had said they could ever accept in the days leading up to the November election. Democrats had refused for months to scale back their demands for a multitrillion-dollar package, citing the devastating toll of the virus, and Republicans dug in against another large infusion of federal aid, pointing to the growing deficit.

In a nod to conservative concerns about the overall price of a package, the legislation is expected to repurpose more than $500 billion previously allocated under previous stimulus packages, Mr. McConnell said.

But in the end, the crucial breakthrough came just before midnight on Saturday, when Republicans dropped an effort to ban the Federal Reserve from establishing certain emergency lending programs to help stabilize the economy in the future.

Sounds like you are micromanaging our elected officials. I thought you didn't do that? They have way more experience on legislation than you do.

[Bryce]

Weeee...

I get another check! Think I'll buy another firearm and stimulate the economy of a local business.

[TC Talks]

Weeee...

I get another check! Think I'll buy another firearm and stimulate the economy of a local business.

I will be investing in my local ESR fund.

[TC Talks]

It's really a 400B package when you read McConnell's comments. They got something done but I imagine it's pretty messed up, here are the details right after the package was announced. It'll be interesting to see what other garbage is buried in the fine print.

Although text was not immediately available, the agreement was expected to provide stimulus payments of $600 to American adults and children and revive supplemental federal unemployment benefits at $300 per week — half the level of aid delivered by the $2.2 trillion stimulus law enacted in March, as the coronavirus pandemic’s devastating health and economic impact was just coming into focus.

It would extend two federal unemployment programs that expanded and extended regular benefits, and would have lapsed next week without action by Congress. The agreement will most likely provide for rental and food assistance, as well as billions of dollars for schools and small businesses, reviving the Paycheck Protection Program, a federal loan program that lapsed this year.

Notably absent from the final compromise were the two thorniest policy impediments that had stood in its way for months. In order to secure a deal just before Christmas and allow Congress to adjourn, Republicans agreed to drop a sweeping coronavirus liability shield and Democrats agreed to omit a direct stream of aid to state and local governments.

While the deal marked a triumphant moment in talks that had long been stalled, it was far narrower than the one Democrats had long insisted upon, and nearly twice the size of the one Republicans had said they could ever accept in the days leading up to the November election. Democrats had refused for months to scale back their demands for a multitrillion-dollar package, citing the devastating toll of the virus, and Republicans dug in against another large infusion of federal aid, pointing to the growing deficit.

In a nod to conservative concerns about the overall price of a package, the legislation is expected to repurpose more than $500 billion previously allocated under previous stimulus packages, Mr. McConnell said.

But in the end, the crucial breakthrough came just before midnight on Saturday, when Republicans dropped an effort to ban the Federal Reserve from establishing certain emergency lending programs to help stabilize the economy in the future.

Sounds like you are micromanaging our elected officials. I thought you didn't do that? They have way more experience on legislation than you do.

I'm wait and see as I stated.

[Matt]

You don't trust them?

[G G]

I know something had to be done but I would prefer a smaller package on this.

[tapeisrolling]

Twitter says that the deduction for the '3 martini lunch' was a GOP request and it got put in. That will help all the folks facing eviction.

[Bryce]

Weeee...

I get another check! Think I'll buy another firearm and stimulate the economy of a local business.

I will be investing in my local ESR fund.

Really? I thought for sure you would donate it to the United Negro College Fund.

[Bryce]

Twitter says that the deduction for the '3 martini lunch' was a GOP request and it got put in. That will help all the folks facing eviction.

Hey, bar and lounge operators could use the help. There is all most no happy hour business anymore like there used to be in the 80's and 90's because business lost that write off.

[Rate This]

Twitter says that the deduction for the '3 martini lunch' was a GOP request and it got put in. That will help all the folks facing eviction.

Hey, bar and lounge operators could use the help. There is all most no happy hour business anymore like there used to be in the 80's and 90's because business lost that write off.

When your biggest employers are retail entities the whole happy hour thing seems a far off place of non-existent professionals.

[bmw]

Awesome - keep printing money we don't have, to give to people so they don't completely revolt against oppression.

[MotorCityRadioFreak]

Weeee...

I get another check! Think I'll buy another firearm and stimulate the economy of a local business.

I will be investing in my local ESR fund.

I thought conservatives said we all hated investment funds. Imagine that....

[TC Talks]

Awesome - keep printing money we don't have, to give to people so they don't completely revolt against oppression.

My favorite COVID response: The bill also includes $1.4 billion in new funding for Trump’s border wall with Mexico and new border security technology, Scalise said. - good thing they're building that wall to keep the covid out

So it sounds like you're with me that we need to eliminate the tax cuts for billionaires?

In the two years since the Tax Cuts and Jobs Act of 2017 took effect on Jan. 1, 2018, the annual U.S. federal deficit has grown from $681 billion to a bit over $1 trillion, according to numbers released last week by the Treasury Department.

Did the tax cuts cause the deficit increase? At first glance, no. Federal revenue in calendar year 2019 was $154 billion higher than in calendar year 2017, while spending rose $494 billion

Bloomberg

[TC Talks]

The best commentary about the stimulus so far...