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THE BIG DEAL — House Democrats unveil $3 trillion coronavirus relief package: House Democrats on Tuesday unveiled their latest round of coronavirus relief legislation as they seek to put pressure on Republicans to start negotiations for additional measures to contain the pandemic’s impact on U.S. workers.
The 1,815-page, roughly $3 trillion legislation is a grab bag of top Democratic priorities ranging from funding for food assistance, state and local governments, contingency plans for vote by mail in the November elections, another round of direct stimulus payments to individuals and hazard pay for essential workers on the front lines of the pandemic. The Hill’s Cristina Marcos walks us through the bill here.
The goal: The House Democrats’ legislation is meant to lay the marker for their priorities heading into future talks with Republicans and the White House, although most of its provisions are not expected to become law.
- “We must think big for the people now, because if we don’t it will cost more in lives and livelihood later,” Speaker Nancy PelosiNancy PelosiEight surprises in House Democrats’ T coronavirus relief bill On The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Hillicon Valley: House Dems include .6 billion for mail-in voting in stimulus bill | Uber in discussions to acquire GrubHub | Trump backs effort to reopen California Tesla plant MORE (D-Calif.) said during an address in the Capitol after unveiling the legislation.
- Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellObama criticism gets under GOP’s skin On The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans McConnell, GOP senators support exempting VA health funds from budget caps MORE (R-Ky.) and the White House have called for a “pause” on considering additional relief legislation, and Republicans broadly have dismissed the Democratic package as an unrealistic liberal wishlist.
READ: House Democrats’ $3 trillion coronavirus relief package
But first, House Democratic leaders will have to get progressives on board.
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- The chairs of the Congressional Progressive Caucus, Reps. Pramila JayapalPramila JayapalOn The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Progressive lawmakers want Pelosi to postpone vote on T relief package House Democrats unveil trillion coronavirus relief package MORE (D-Wash.) and Mark PocanMark William PocanOn The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Progressive lawmakers want Pelosi to postpone vote on T relief package House Democrats unveil trillion coronavirus relief package MORE (D-Wis.), sent a letter to leadership on Tuesday calling to delay a vote on the bill until next week.
- Jayapal has championed a proposal that would provide direct federal grants to businesses to help with paying rent and fully maintaining workers’ salaries up to $100,000, but it did not make it into the bill.
More on the new Democratic relief package:
- Under the Democrats’ bill, most households would be eligible for another round of direct payments, this time for $1,200 per individual and $2,400 per married couple, plus an additional $1,200 per dependent, up to three dependents. The maximum payment amount a family could receive would be $6,000.
- The new coronavirus relief package released by House Democrats Tuesday would continue to add $600 to weekly unemployment benefits through the end of 2020.
LEADING THE DAY
Supreme Court divided over fight for Trump’s financial records: The Supreme Court on Tuesday appeared divided over President TrumpDonald John TrumpNew York Times: Reporter who called for CDC chief’s resignation went ‘too far’ GOP’s Don Bacon and challenger neck-and-neck in Democratic poll Cheney defends Fauci: ‘We need his expertise’ to defeat coronavirus MORE’s assertion that the broad powers he enjoys as the nation’s chief executive override subpoenas for his financial records and tax returns.
Trump’s standoff with a trio of Democratic-led House committees and Manhattan prosecutors over his financial paper trail saw the justices raise divergent concerns about presidential immunity, congressional oversight and the power of prosecutors to gather evidence linked to a sitting president.
- The court’s more conservative justices tended to focus on the risk of granting Congress overly broad powers, including the potential for presidential harassment, while liberal justices aired concerns about placing unduly restrictive limits on lawmakers.
- One area of apparent common ground, though, was the view that the cases, which asked the justices to draw lines between the governmental powers, had handed them a difficult constitutional task.
The Hill’s John Kruzel takes us to the historic arguments.
Fed faces bipartisan pressure to speed up, expand emergency loans: The Federal Reserve is facing bipartisan pressure to quickly launch and expand two emergency lending programs designed to help businesses and local governments avoid bankruptcy during the pandemic-driven economic downturn.
During a Tuesday hearing, members of the Senate Banking Committee urged the Fed’s top regulatory official, Randal Quarles, to roll out the Main Street Lending Program and Municipal Liquidity Facility as soon as possible, with access to a wider array of potential borrowers.
- The bipartisan $2.2 trillion Coronavirus Aid, Relief and Economic Security Act signed into law on March 27 ordered the Fed to create two unprecedented emergency lending facilities for local governments and small businesses, backstopped with up to $454 billion in credit protection from the Treasury Department.
- Amid the partisan battle over another economic rescue bill, lawmakers are eager for the bank to launch each program with more than a month of economic damage sustained since the Fed first outlined its plans for the two new lending facilities.
“I’m very interested and, frankly, concerned about how quickly we can get the Main Street facility and the municipal facility active and operating,” said Sen. Mike CrapoMichael (Mike) Dean CrapoOn The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Fed faces bipartisan pressure to speed up, expand emergency loans Trump pick for pandemic response watchdog pledges independence amid Democratic skepticism MORE (R-Idaho), the Banking Committee chairman. I have more here.
GOOD TO KNOW
- The federal deficit for the month of April broke all records, hitting $738 billion, a number larger than many previous annual deficits, according to Treasury Department data released Tuesday.
- Senate Majority Leader Mitch McConnell (R-Ky.) and members of the Senate GOP caucus panned the roughly $3 trillion House coronavirus bill unveiled on Tuesday, declaring it “dead on arrival” in the Senate.
- Prices of common food items such as meat and eggs spiked across the U.S. last month, with many Americans facing unemployment or furloughs due to the coronavirus also confronted with higher costs for staple items.
- Senate Majority Leader Mitch McConnell (R-Ky.) said on Tuesday that he and Sen. John CornynJohn CornynObama criticism gets under GOP’s skin On The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Senate Judiciary Committee calls for national safety guidelines amid liability hearing MORE (R-Texas) are working on legislation to expand liability protections for businesses as they begin to reopen amid the coronavirus pandemic.
ODDS AND ENDS
- The Trump administration asked the Federal Reserve Board to make changes to its lending program so that oil companies could qualify, Energy Secretary Dan Brouillette told Bloomberg TV Tuesday.
- President Trump on Tuesday threw his weight behind Elon MuskElon Reeve MuskMusk finds Trump in his corner On The Money: House Democrats unveil trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans Hillicon Valley: House Dems include .6 billion for mail-in voting in stimulus bill | Uber in discussions to acquire GrubHub | Trump backs effort to reopen California Tesla plant MORE‘s push to reopen a California Tesla plant in violation of a county order aimed at containing the spread of coronavirus.
- Op-Ed: “Congress must stop unemployment tax increases from worsening crisis”
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