McConnell Suggests Next Coronavirus Relief Package ‘Not Too Far Off’ As Senate Adjourns For Week
Senate Majority Leader Mitch McConnell (R-Ky.) faces increasing pressure from both inside and outside his party to pass another round of relief legislation. But so far he's been taking a wait-and-see approach, essentially ignoring the $3 trillion bill passed by the House. Meanwhile, the Senate was unable to finalize a deal to extend the amount of time companies have to spend loans obtained through the Paycheck Protection Program.
Reuters:
Next U.S. Coronavirus Rescue Package Not Too Far Off, McConnell Says
U.S. Senate Republican leader Mitch McConnell said on Thursday another stimulus package to deal with the impact of the coronavirus was “not too far off.” “I think there is a high likelihood we will do another rescue package,” McConnell told Fox News Channel in an interview. “But we need to be able to measure the impact of what we’ve already done, what we did right, what we did wrong ... We’re not quite ready to intelligently lay down the next step, but it’s not too far off.” (5/21)
The Hill:
McConnell: Next Coronavirus Bill 'Not Too Far Off'
McConnell's remarks come amid growing calls from within his caucus for the Senate to pass another coronavirus bill, which would be the fifth piece of legislation passed by Congress to address the fallout from the pandemic, by the end of the June. McConnell said during the Fox News interview that the next bill will not resemble a roughly $3 trillion bill that passed the House along party lines last week, and vowed that the White House and Senate Republicans will be on the same page. (Carney, 5/21)
The Associated Press:
GOP Weighs Jobless Aid Cuts To Urge Americans Back To Work
Reconsideration of jobless aid is fast becoming the focus of congressional debate over the next virus aid package. After the Senate decided to take a “pause” on new pandemic proposals, senators faced mounting pressure to act before leaving town for a weeklong Memorial Day break. Republicans are staking out plans to phase out coronavirus-related unemployment benefits to encourage Americans to go back to work.. The Senate also began efforts to fast-track an extension of a popular small business lending program. (Mascaro, 5/22)
Politico:
McConnell Warns House Democrats Over Proxy Voting On Floor
Senate Majority Leader Mitch McConnell on Thursday slammed the House’s new rule to allow proxy voting on the chamber floor — and hinted that he might not take up legislation passed under this procedure. The Kentucky Republican’s comments are the latest GOP salvo against the plan, pushed through the House last week on a party-line vote by Speaker Nancy Pelosi (D-Calif.) and House Majority Leader Steny Hoyer (D-Md.). It will first be used when the House returns next week to take up a Senate-passed reauthorization of the Foreign Intelligence Surveillance Act. (Desiderio and Bresnahahn, 5/21)
The Wall Street Journal:
Senate Adjourns Without Approving Deal To Extend PPP Spending Window
The Senate was unable to finalize a deal to extend the amount of time companies have to spend loans obtained through the Paycheck Protection Program, putting off the likely passage of revised small-business aid rules to next month. Amid broad bipartisan support, senators worked on Thursday to coalesce around a plan to double the time period to 16 weeks, but failed to garner unanimous consent on the agreement before leaving for a Memorial Day recess. The PPP is intended to help small businesses keep workers employed and pay other expenses during the coronavirus pandemic. (Hayashi and Andrews, 5/21)
Politico:
Senators Strike Deal On Small Business Loan Overhaul
A bipartisan group of senators on Thursday reached agreement on a bill that would ease restrictions on emergency small business loans that are designed to curb massive layoffs during the Covid-19 pandemic. The government-backed loans can be forgiven if employers agree to maintain their payrolls. But businesses say the loan terms are too onerous, with much of the economy shut down for longer than lawmakers expected when they designed the so-called Paycheck Protection Program. (Warmbrodt, 5/21)
Politico:
Gardner Brawls With Hickenlooper Over Threat To Block Recess
After threatening to block the Memorial Day recess, Cory Gardner will get one of his signature bills on the Senate floor. Yet his likely opponent this November says he's still a pushover to Mitch McConnell. The Senate recessed on Thursday afternoon after Gardner called the idea of leaving Washington "unfathomable" without more action on coronavirus. But Gardner and several other Republicans facing tough reelection races did see some movement on their key priorities. (Everett, 5/21)
The Wall Street Journal:
Pandemic Poses Most Serious Threat To Fed’s Goals ‘In Our Lifetimes,’ Says Top Fed Official
The coronavirus pandemic poses the most serious threat “in our lifetimes” to the Federal Reserve’s goals of maintaining strong employment and stable prices, Federal Reserve Vice Chairman Richard Clarida said Thursday. Mr. Clarida said he expected the shock to demand for goods and services to be more severe than the hit to the economy’s capacity to supply them, putting downward pressure on inflation. (Timiraos, 5/21)
The Hill:
Mnuchin Sees 'Strong Likelihood' Of Needing Another COVID-19 Relief Bill
Treasury Secretary Steven Mnuchin on Thursday said there is a "strong likelihood" that another coronavirus relief bill will be needed as more states start to reopen and the economy struggles to stabilize. "We're going to carefully review the next few weeks," Mnuchin said in an interview with The Hill's Bob Cusack during a virtual event. "I think there is a strong likelihood we will need another bill, but we just have $3 trillion we're pumping into the economy." "We're going to step back for a few weeks and think very clearly how we need to spend more money and if we need to do that," he added. (Jagoda, 5/21)
Modern Healthcare:
Feds: Man Lied To Try To Get $20M In Federal Coronavirus Aid
A man who tried to get $20 million in federal aid for distressed businesses affected by the coronavirus created two bogus businesses and falsely claimed he was trying to procure COVID-19 tests and protective equipment in an official capacity for New York state, authorities said Thursday. Muge Ma, 36, also claimed he was paying millions of dollars to hundreds of workers when he was really his only employee, working out of his posh $1.5 million Manhattan condominium, federal authorities said as they announced his arrest. (5/21)
