We don’t have a final stimulus deal yet

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We don’t have a final stimulus deal yet, thanks to an 11th-hour standoff developing between four Senate Republicans and Sen. Bernie Sanders.

Texas Border Business

By Mike Allen Axios

  • Why it matters: Tomorrow’s jobless report could be the worst in U.S. history, providing an emphatic reminder of how millions of Americans are feeling the fallout from coronavirus lockdowns.

The standoff: 

  • Republican Sens. Tim Scott, Ben Sasse, Lindsey Graham and Rick Scott object to the package providing laid-off workers more unemployment than they’d make at their old jobs.
  • If they force the issue, Sanders is threatening to hold it up over the corporate part of the package.

But here’s what’s expected in the final bill, according to conversations Axios’ Alayna Treene is having with Hill staff:

  • For most people: One-time checksfor up to $1,200 a person, and $500 per child, even for those who have no income and those who rely on Social Security and disability. The checks start to phase out after $75,000 of income.
  • For the unemployed: Extended and upgraded unemployment insurance — including for gig workers — for four months with an extra $600/month over the existing program.
  • Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1.
  • For hospitals and health care workers: $100 billion into hospitals and the nation’s health system.
  • For state and local governments: $150 billion.
  • For small businesses (500 employees or less): Forgivable loans and cash-flow assistance from a $350 billion program. 
  • Large corporations: $500 billion in loans, loan guarantees and other investments, overseen by a Treasury Department inspector general. These loans will not exceed five years and cannot be forgiven. 
  • Airlines will receive $25 billion (of the $500 billion) for passenger air carriers and $4 billion for cargo air carriers. 
  • Schools: $30 billion in emergency education funding.
  • Transportation: $25 billion is dedicated to emergency transit funding.

What’s next: Senate Majority Leader Mitch McConnell vowed to pass the measure today, but the standoff between senators could threaten that timetable.

  • House Speaker Nancy Pelosi said she wants to pass the measure in the House via unanimous consent. A House vote could come as early as tomorrow.
  • But the House could be forced to return from recess to vote on the legislation in person if just one person objects.

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