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Congress Prepares for Next COVID-19 Stimulus Package as Current Allocations Dry Up

Congress Prepares for Next COVID-19 Stimulus Package as Current Allocations Dry Up

Republicans continue to meet to develop anticipated to be a $1 trillion stimulus proposal, which is far lower than the $3 trillion proposal passed by House Democrats in May. Republicans had intended to rollout the plan last week, but the release was delayed due to disagreements within the Republican party. Republican Senate Majority Leader Mitch McConnell is working to release a bill that is both supported by a majority of Senate Republicans and also include some of the Trump Administration’s priorities, which has proven problematic as many of the Administration’s priorities are not in line with what Senate Republicans are after: lower spending. Democratic Speaker of the House Nancy Pelosi is eagerly awaiting the Republican’s Senate bill so that the two chambers can begin negotiating on a final stimulus package.
The expected $1 trillion Republican package is expected to include $105 billion for schools, but many Republicans reject tying that funding to school reopening as the Trump Administration has suggested. While Republicans continue to reach agreement among themselves to develop a plan that can be used as a starting point, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi also met last week to discuss a possible path forward and determine where their might be room for compromise.
A draft bill had begun being circulated last week which excluded any additional aid to state and local governments, however it has been noted that Republicans intend to compromise with Democrats on this issue to offer some relief to states under very strict conditions governing the use of the stimulus funding. In the stimulus package passed by the House in May, Democrats included $1 trillion specifically for state and local governments, so there will be hard fought negotiations on this issue in the coming weeks.
As the next coronavirus stimulus package continues to take shape, ASME will report on any developments here in this newsletter.

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