Increases made to the amount that would come to American families.
On Thursday, Senate Majority Leader Mitch McConnell of Kentucky unveiled the $1 trillion White House – Senate leadership stimulus package on the Senate floor.
It now proposes giving Americans $1,200 checks—up from the $1,000 initially discussed—to those who make up to $75,000 a year, scaling down until capping off at $99,000 a year. Those with children would get $500 per child based on a household income of up to $150,000.
The proposal includes provisions to give small businesses federally-guaranteed loans, and also lend to hard-hit industries such as airlines.
Desired by some other lawmakers are proposals to beef up the unemployment insurance system instead of passing out money to Americans. Treasury Secretary Mnuchin, who has spent a large part of his day on Capitol Hill, said direct payments to individual American families in April and May could cost $500 billion or more, while providing loans to small businesses would be around $300 billion.
“We are all going to have to vote for something that in another environment we wouldn’t support,” said Senator John Kennedy of Louisiana.
Senator McConnell has vowed to keep the Senate in session until the chamber passes legislation dealing with growing economic fallout from the pandemic.
As the Lord Leads, Pray with Us…
- For Senator McConnell as he shepherds the $1 trillion stimulus package through the Senate.
- For initiatives included in the legislation that would help so many Americans during these turbulent times.
Sources: CBS News, Politico
