With the economy dwindling amidst the coronavirus pandemic and Congress in a deadlock on the decision of a stimulus package, a bipartisan group of senators provides a ray of hope.
They came up with a proposal for emergency federal relief that is worth $908 billion.
There have been differing views and arguments in Congress about the stimulus package. President-elect Joe Biden is insisting that a huge relief package be released by the government; whereas the House Democrats have prepared a plan and the Senate Majority Leader Mitch McConnell has introduced the proposal.
Since there has been no agreement on any proposal, political figures are coming up with their versions of the plan.
The new proposal announced by the group of senators might indicate that some level of progress is being achieved in creating a new stimulus package.
People all across the nation are calling for more economic aid; however, the White House and House Democrats were not able to find common ground.
Meanwhile, the senators from both parties worked in collaboration to create a proposal that would end the deadlock. Many centrist senators gathered to arrange a news conference to introduce their plan amidst the plummeting economy, because of the recent rise in coronavirus cases.
The proposal given by the bipartisan group of senators aims to compromise and ensures both parties agree on the terms of the new plan.
According to the plan, the federal unemployment benefits would amount to $300 each week for four months. These benefits are less than the $600 that Democrats proposed; however, they will still provide considerable relief to unemployed Americans all across the country.
Moreover, the proposal also entails $160 billion funding for state and local governments – a move favored by Democrats and rejected by Republicans. In addition to this, a moratorium will be introduced, which is a suspension of laws for lawsuits filed against companies and other entities during the pandemic. Democrats were against this, while Republicans were in favor of this.
Besides this, the relief package will also include funding for healthcare, schools, small businesses, student loans, and transit authorities.
This plan was not endorsed by many people, besides the senators themselves. Several Republicans have raised objections that $908 billion is too expensive.