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Summary
After being passed in the House, the $1.9 trillion Coronavirus rescue package heads to the Senate for discussions
Republicans oppose the massive rescue package; analysts say it should be passed with bipartisan consensus
The Government in a hurry, sets March 14 as the deadline for seeing the Bill passed as the previous employment aid programe expires
America’s major rescue plan of $1.9 trillion for coronavirus pandemic which was passed in the House on Saturday is now headed to the Senate. The Senate is expected to start discussions on it from this week.
The American coronavirus relief package would pay for vaccines and medical supplies and would help small businesses at the state and local levels. However, the most important component of the plan is to give $1,400 in direct payments to individuals till August of this year and $ 400 per week as Federal unemployment benefit.
Senate to start discussions this week
It is expected that the Senators will start deliberating on the Coronavirus rescue plan of $1.9 trillion from this week. There can be amendments to the Bill but the Government would like to see the Bill passed as it is and by March 14 as the previous aid programe expires then.
It would be interesting to watch what turns out as Republicans who have backed all relief measures so far are opposed to this relief package saying that it was quite unnecessary. According to them, It is spending a lot of money without accountability.
Republicans Oppose
Most Republicans are opposing the huge cost to the plan saying that this is the third round of stimulus cheques which includes households that have experienced no financial difficulty. However, there are some Republicans who object to the package saying it will do little to help the economy recover and grow.
Others have also been saying that it would add to the budget deficit and would give a push to inflation. Republicans also say that the Bill should not be passed without bipartisan consensus.
It is learnt that a group of Senate Republicans offered the Government a scaled down stimulus package, but the White House insists that a even bigger package is needed to alleviate the sufferings of Americans due to COVID-19 pandemic.
While most of the Americans back Joe Biden’s stimulus package, according to analysts, the most debated part of the package in the Senate will be direct $1,400 stimulus cheques to the individuals. The price tag on this part of the plan could be $ 400 Billion. Those who oppose it say that this amount could go to households that don’t need it. The cheques could actually go to individuals who are earning more than $150,000 per year. Or who have not lost their jobs during the pandemic. Of course, there are many who need the stimulus urgently, but is there are a way to separate those who really need from those who don’t.
There must be several other priorities on which the amount can be spent like healthcare, infrastructure, and green economy.
Minimum Wage Proposal
Also a part of the House Bill is also a $15 minimum wage proposal. Current rate of minimum wage is $ 7.25, and the Democrats want to raise it to $15 over a period of time.
This proposal has been rejected several times earlier and the Republicans are talking about reducing the minimum wage figure from $15 to $10 an hour. Nancy Pelosi, the Speaker of the house said that the Democrats feel it is necessary and it would remain as a part of the Coronavirus Stimulus Bill.
