US lawmakers are intensely discussing a new stimulus package that could cost between $2.2 trillion and $2.6 trillion. The bill could be voted on this week as talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin heat up over the content of the bill.
New Stimulus Bill: Final Effort for Economic Relief Aid Pre-Presidential Election
The discussion of the new stimulus bill unveiled on Monday by House Speaker Nancy Pelosi is heating up as lawmakers hope to pass an economic relief aid package before the November presidential election.
The new stimulus bill is an updated version of the $3.4 trillion HEROES Act that the House passed in May but was stalled in the Senate. Democrats expect the new stimulus bill to cost about $2.2 trillion, but White House senior economic adviser Larry Kudlow believes it to be an underestimate. He told CNBC Tuesday:
We don’t think the numbers are right — $2.2 trillion — which is a very big number. There’s some leftover spending that’s not included there and some tax cuts that are repealed. It might come to $2.6 trillion.
Among other provisions, the updated HEROES Act “Restores unemployment benefits, ensuring weekly $600 federal unemployment payments through next January and preventing unemployed workers from exhausting their eligibility,” the bill summary details. It also includes $75 billion for coronavirus testing, contact tracing and isolation measures, along with $28 billion for procurement, distribution and education campaigns for a safe and effective vaccine. Moreover, the bill:
Provides additional direct payments, cushioning the economic blow of the coronavirus crisis with a more robust second round of economic impact payments of $1,200 per taxpayer and $500 per dependent.
Since the bill was proposed, Pelosi has been in constant discussion with Treasury Secretary Steven Mnuchin regarding the content of the bill. “I say we’re going to give it one more serious try to get this done, and I think…