New $908 Billion Bipartisan Stimulus Proposal Released Today—Here’s What’s In It

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TOPLINE

A bipartisan group of lawmakers announced a new stimulus proposal Tuesday in an attempt to resuscitate failed coronavirus aid talks in Washington before the end of the year, but the effort won’t make it far without buy-in from House Speaker Nancy Pelosi (D-Calif.), who wants a broad multitrillion-dollar package, and Senate Majority Leader Mitch McConnell (R-Ky.), who wants a narrowly targeted $500 billion bill.

KEY FACTS

The lawmakers involved include Sen. Joe Manchin (D-W.Va.), Sen. Mitt Romney (R-Utah), Sen. Rob Portman (R-Ohio), Sen. Mark Warner (D-Va.), among others, along with members of the bipartisan Problem Solvers Caucus.

Right now, the plan—which is not finalized and could change—includes $300 weekly enhanced federal unemployment benefits for four more months, $240 billion in state and local aid, and liability protections for businesses, but it will likely exclude a second round of stimulus checks to keep the cost of the bill down, according to the Washington Post. 

The agreement would also provide for another $300 billion for the popular Paycheck Protection Program of forgivable loans, $40 billion for transit agencies, rental assistance, and $5 billion for healthcare, the Post reported. 

The framework is designed to tide the economy over between the end of December, when a number of key CARES Act provisions expire, and March 31, 2021, the lawmakers said at a press briefing on Tuesday.

It’s also possible that lawmakers could bundle some coronavirus relief provisions within the federal budget package that lawmakers must pass before December 11 to avert a government shutdown. 

Sen. Richard Shelby (R-Ala.), chair of the Senate Appropriations Committee, expressed skepticism this week, saying that more stimulus “doesn’t look good” and that there’s still a “big gulf” between Democrats and Republicans, according to Politico’s Jake Sherman. 

KEY BACKGROUND

This isn’t the first attempt by lawmakers from the Problem Solvers Caucus, which released a $1.5 trillion stimulus plan in September, to spur Congressional leadership into taking action. Despite that bipartisan push and widespread agreement from experts that more aid is necessary to shore up the economy during the winter months, Congress hasn’t passed a comprehensive aid bill since the CARES Act in March. 

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