McConnell and Congress under pressure to strike stimulus deal in December
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2020 has been a year of waiting. We waited to see if Congress would adopt a new stimulus package, waited for the results of the presidential race and waited for a COVID-19[female[feminine vaccine.
As millions of Americans have it fallen into poverty, Congress seems to have understood that our patience is dwindling. Senate Majority Leader Mitch McConnell acknowledged the growing frustration Americans felt when he said there was “no reason” that a new stimulus deal could not be passed. here is the end of 2020. It is only 30 days after its recognition.
Referring to this time of the pandemic as “the final chapters of this battle,” McConnell reminded Congress in the Senate that they had several things to accomplish before the end of the year. This includes resolving a possible government shutdown on December 11 and closing the big gap between how much Democrats want to spend on a new stimulus package and what Republicans are willing to put in place.
The Democratic proposal is a $ 2.2 trillion relief plan, including the renewal of the $ 600 weekly unemployment increase introduced by the CARES Act. Democrats also want another round of direct payments of $ 1,200 to U.S. individuals, funding to help state and local governments survive the impact of COVID-19, and help for small businesses.
Republicans, arguing the economy is doing better than expected, back a $ 500 billion program that helps fund public health and helps small businesses. The October version of their bill did not include another round of checks on Americans, making it unclear whether they would be willing to include such assistance in a final bill.
President Donald Trump and President-elect Joe Biden have both called on Congress to reach a deal – though their demands seem to be falling on deaf ears. As congressional leaders on both sides blame the other side for the stalemate, some members of Congress are trying to keep the negotiations alive.
As McConnell’s optimistic goal draws near, other less happy deadlines approach as well. If Congress fails to adopt another relief plan before the end of the year, the results could be disastrous. Millions of workers across the country could lose access to unemployment benefits, as well as sick leave and paid family leave. The moratorium on evictions would be lifted and more families would be left homeless. If Congress fails to find common ground, deferred loan repayments are also due. This while millions of Americans are already finding their Bank accounts run dangerously low.
Top economists are telling Congress they must adopt another contingency plan to minimize the economic fallout from the pandemic. Whether Congress will listen and whether McConnell’s sunny prediction will come true, it’s up to everyone to guess.