A last-minute congressional push to deliver $2,000 stimulus checks to most Americans appeared to be politically imperiled on Wednesday, as mounting Republican objections to swift passage of the plussed-up payments threatened to run out the legislative clock.
U.S. Policy
President Trump’s decision to sign a $900 billion coronavirus aid package into law after days of delay sent Washington into a familiar scramble on Monday, as federal agencies once again faced a race to disperse a massive amount of money to workers and businesses still struggling in the midst of the pandemic.
Trump's change of plans came after he had the whole country on edge for nearly a week.
Millions of Americans now face the prospect of weeks without unemployment payments, housing assistance and other critical coronavirus aid, as federal relief begins to evaporate amid Trump’s continued refusal to sign a $900 billion congressional stimulus deal into law.
Democrats and Republicans had thought Mnuchin was speaking for the president in negotiating the $908 billion pact, but Trump quickly called it a “disgrace.”
The new drama on Capitol Hill came as Trump considered vetoing a $900 billion emergency relief package.
President-electt Biden said in his position platform that he would marshal $2 trillion over four years for climate related programs/activities. This story will look at where he might get that money. Most likely it will come from a combination of places: infrastructure, science and research, loan guarantees, and tax credits such as the 45Q carbon capture provision that has bipartisan support already. Other possibilities are things like cash for clunker programs to reward people who buy high fuel efficiency vehicles. There might be a cap-and-trade for utilities. And perhaps a cap-and-dividend program that would tax carbon and refund the tax in a way people would be rewarded for reducing carbon dioxide output.
President-elect Biden is set on making climate change a central part of his agenda. How do big oil and gas companies feel about that?
Treasury Secretary Steven Mnuchin said new stimulus payments could arrive as soon as next week.
- Economy
- Analysis
The $900 billion relief package is one of the largest in U.S. history, but there's a big concern the aid does not last long enough, especially for the unemployed.
The breakthrough came after months of stalemate and gridlock on Capitol Hill.
President Trump has long seized on the tax deduction as a way to revive the restaurant industry, although it has been panned by economists in both parties
Sen. Patrick J. Toomey (R-Pa.) had proposed curbing the central bank’s ability to offer emergency loans. With the issue now resolved, a deal on the nearly $1 trillion legislation could be near.
The critical omission arrived as mayors in New Orleans and San Francisco, and governors in states including New York and Illinois, have sounded fresh alarms in recent weeks about the perils of sustained Washington inaction.
Lawmakers are gambling that pressure from a looming government shutdown will force lawmakers to compromise on a relief package.
Advisers persuaded the president on Thursday not to announce support for significantly bigger stimulus payments.
Negotiators have been upbeat about talks and were working to hammer out a final deal.
Economists say the aid for the unemployed and businesses that Congress let expire over the summer has begun dragging down the economy and threatening the fragile recovery.
