Days after halting negotiations on a stimulus package, the sparked criticism has led to the White House taking a more aggressive push at passing a government rescue package before the election. On Friday, Trump made a $1.8 trillion stimulus offer to the Democrats, the largest one yet in negotiations with Speaker Nancy Pelosi. Trump has favored a broad economic aid package, with measures to provide more government support to businesses and individuals. Some of the provisions in the plan include:
$1,200 direct payments to adults plus $1,000 for each dependent child
$400 weekly federal unemployment benefits (end-date unclear)
$300 billion in aid to state and local governments
$75 billion for coronavirus testing and tracing
The responses from the new proposal were not promising on reaching an agreement anytime soon. Despite the new offer being the biggest yet, Pelosi rebuffed it insisting that it did not provide a fuller strategy for COVID-19 testing and tracing. She further called the plan “insufficient” and that it amounted to “one step forward, two steps back.” The Democrats continue to push for more details and funding from the administration. Furthermore, Trump’s offer is also faced with the disposition of many Republicans, as many GOP senators are citing concern over the growing federal debt.
If the government does not provide further relief, nearly a dozen major companies are planning to move ahead with at least 75,000 layoffs. Meanwhile, the U.S. still has not recovered half the jobs it lost in March and April.
Do you think that an agreement for a stimulus package will be made before the election? What are your thoughts on the new stimulus package proposed from Trump, should it be higher? Lower?
https://www.businessinsider.com/trump-administration-stimulus-plan-direct-payments-unemployment-benefits-2020-10
I do not believe that a stimulus package will be approved before the election. Currently, I believe there is too much polarization in politics for any agreements to be made, especially with the election coming up.
ReplyDeleteI definitely agree with Rachel that it is hard to believe a stimulus deal will be reached before the election. The political sides are clashing right now and I personally think they are waiting to see who has the presidential power, whether there is a change or not. I personally think that the testing and tracing is important to contain the virus as much as possible, but at the same time you have to take into account how much you are spending to do this which is why I think the amount in the package is reasonable. At the end of the day it’s going to come to finding a vaccine before it truly goes away.
ReplyDeleteI do not think a stimulus package will be passed my election day. It is being used as a political tool to try to win voters, so nothing will be done until past election day. Plus, congress is pretty slow at doing most things for helping people. I think the proposed level is relatively good. I would like to see more money go to people who really need it. Their MPC is relatively high, so any money given to them will circulate through the economy pretty well, and raise GDP.
ReplyDelete