Pelosi Slams McConnell’s Latest Coronavirus Package, Says It’s A ‘Non-Starter’
By: Cristina Cabrera - TPM
Yeah, the Senate emergency response package needs some work. But I'm not sure Democrats understand the purpose of the Senate package.
The Senate legislation is true stimulus funding. And Democrats are correct, there does need to be restrictions on using the stimulus funds for stock buybacks, management bonuses, and some of the other shady misuses of stimulus funds the we saw during the Great Recession. Recovery from this disaster means that banks and the stock market are at the end of the line. Finance will just have to wait its turn.
Don't ignore the purpose of the Senate's stimulus package. The Senate is preparing for the peak of the pandemic and preparing to restart the consumer economy. At the peak of the pandemic, half of those expected to be infected with COVID-19 will have been infected. That half will have obtained natural immunity from COVID-19 and will have cleared the virus from their system so won't infect others. Those who have developed immunity by being infected will be able to return to normal activities.
The people that have obtained natural immunity from COVID-19 will be able to return to work, go shopping, eat out, travel, and do whatever they did before without being a risk to those who have not been infected. The people who have passed through the pandemic will want to return to normal.
Perhaps the Senate is being overly optimistic when the pandemic will peak. But the peak will come. Those who have become naturally immune to COVID-19 will be able to restart the consumer economy and begin the return to normal. What the Senate is proposing for stimulus will be necessary. It's not a matter of if it will be needed but, rather, when it will be needed.
House Speaker Nancy Pelosi (D-CA) shot down Senate Majority Leader Mitch McConnell’s (R-KY) latest emergency response package to the COVID-19 outbreak on Friday.
As you know, Senator McConnell has released his proposal for a third coronavirus response package, which is not at all pro-worker and puts corporations ahead of working people,” Pelosi wrote in a letter to her Democratic colleagues. “As written, it is a non-starter.”
The Democratic leader added that the new bill must “put money directly into the hands of those who need it most.”
McConnell unveiled Senate Republicans’ package on Thursday. Under the proposal, individuals would receive cash payments of up to $1,200, while couples would receive up to $2,400. The payments begin to phase out for those earning $75,000.
However, only $600 would go to those with no federal tax liability. Per the Washington Post, the bill would not assist approximately 22 million Americans who are making less than $40,000.
Additionally, the bill does not address the issue of corporations using bailout funds for stock buybacks.
Lawmakers are slated to continue negotiations over the bill on Saturday.