Senate Republicans formally revealed their stimulus proposal of roughly $1 trillion, which features a $400 cut in new unemployment benefits and will be touted as an opening bid for bipartisan negotiations with Democrats. Meanwhile, Congress has intensified its response to the public health and economic crisis triggered by the coronavirus pandemic.
In his Senate floor speech, Senate Majority Leader Mitch McConnell noted that the American people need more help, and revealed that the GOP proposal will be touted as the HEALS Act, which is an acronym for Health, Economic Assistance, Liability Protection, and Schools. The bill will include a wide range of component parts, which were rolled out by committee chairmen and GOP senators in several floor speeches on Monday, CNN reported.
Some of the recently rolled out component parts of the bill include the second round of direct payments to the people of America, a second round of Paycheck Protection Program loans designed to help small businesses that have been hit the hardest by the pandemic and liability protections. Regrettably, the Senate Republican plan isn't flawless as it includes a $400 cut to the enhanced unemployment benefit for Americans who lost their jobs, a provision that garnered criticism from Democrats.
The proposal cuts enhanced federal unemployment benefits that are slated to expire this week to $200, from the current figure of $600, as several states push to enforce a system that offers about 70 percent wage replacement for workers who lost their jobs amid the economic crisis. Recalling the CARES Act which was unveiled in March, McConnell noted that Senate Republicans have come up with another framework to help the country.
He asked their Democratic colleagues to repeat their part too, urging them to "put aside partisan stonewalling" and resume the same sense of urgency that the CARES Act across the finish line. McConnell said he hopes that the Senate will be able to get the next coronavirus relief bill to the House in the next two to three weeks.
Democrats, on the other hand, are unified behind their own offer of a $3 trillion proposal that passed the House earlier this year. Senate Minority Leader Chuck Schumer didn't waste a lot of time to criticize the Senate Republicans' coronavirus stimulus plan, calling it a half-hearted, half-baked legislative proposal, and noting that it was too late, too late.
Schumer said the Republicans have show lack of urgency, empathy, and understanding for people who need help from Senate Republicans, leading them to a very dangerous moment. The GOP plan which was slated to be released last week was delayed citing holdups and disputes.