Fresh Off A Record-Shattering Stimulus Package, Lawmakers Are Already Gearing Up For Another One
The ideas being floated on Capitol Hill include extending last week’s package to make the benefits last longer, as well as plugging in holes in the hastily assembled bill.
The Wall Street Journal:
After Three Coronavirus Stimulus Packages, Congress Is Already Prepping Phase Four
As lawmakers last week completed a record-shattering economic-rescue package estimated at $2 trillion, Senate Minority Leader Chuck Schumer (D., N.Y.) predicted: “This is certainly not the end of our work here in Congress—rather the end of the beginning.” Legislators from both parties, administration officials, economists, think tanks and lobbyists are already roughing out the contours of yet another emergency-spending package—perhaps larger than the last—to try to keep the coronavirus crisis from turning into a 21st-century Great Depression. Many expect the debate to begin in earnest by late April. (Schlesinger and Jamerson, 3/29)
The Hill:
McCarthy Says Fourth Stimulus Bill Might Not Be Necessary
The top Republican in the House said Sunday that a fourth stimulus bill may not be necessary to help an economy wracked by the coronavirus pandemic. House Minority Leader Rep. Kevin McCarthy (R-Calif.) said on Fox News’s “Sunday Morning Futures” that the $2 trillion stimulus package passed last week is “critical” to make it through the “next two months and get this economy coming back.” (Coleman, 3/29)
The Hill:
Democrats Eye Additional Relief Checks For Coronavirus
Democrats are keen on including additional direct payments to Americans in the next coronavirus response bill, arguing more needs to be done to provide financial stability as the pandemic ravages the economy. A number of Democratic lawmakers have offered proposals for more generous payments than the ones included in the $2 trillion measure President Trump signed into law Friday. That legislation included one-time cash payments for most Americans of up to $1,200 per adult and $500 per child. (Jagoda, 3/29)
Reuters:
U.S. Stimulus Package Is Biggest Ever, But May Not Be Big Enough
The Federal Reserve has offered more than $3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from seizing up, but it has not yet directly helped large swaths of the real economy: companies, municipalities and other borrowers with less than perfect credit. (Delevinge and Schneider, 3/30)
Politico:
How The Coronavirus Shook Congress Out Of Complacency
It was just hours before the start of President Donald Trump’s impeachment trial when Sen. Tom Cotton began to panic. The Arkansas Republican had spent Martin Luther King Day weekend poring over news reports from Asia describing a new, highly infectious disease traced to a provincial city of 11 million inside China, hardening his already deeply held disdain for the Chinese Communist Party. (Bertrand and Severns, 3/30)
Stat:
Capitol Hill’s Coronavirus Response Delays Drug Pricing Legislation
Before the coronavirus pandemic became Congress’ sole focus, late May was widely viewed as a final 2020 deadline for lawmakers to take action on key health policy issues, including legislation to lower the price of prescription drugs. But with the Covid-19 crisis dominating every aspect of American politics, such legislation will have to wait. A recent $2 trillion relief package that lawmakers passed on Friday could mean drug pricing advocates might be waiting a long while — likely until November, weeks after Election Day. (Facher, 3/30)
As the calendar marches toward April 1, and the bills that come with it, some see this week as a crucial signal for how the country will weather the economic storm —
The Wall Street Journal:
America’s Make-Or-Break Week
Congress has passed a $2 trillion rescue plan but before those funds start to flow, American companies from the owner of a single liquor store in Boston to corporate giants like Macy’s Inc., must decide what to do about April’s bills: Which obligations do they pay and which can they put off? How many employees can they afford to keep on the payroll? Can they get a break on rent? The decisions they make this week could shape how deeply the economy is damaged by the coronavirus pandemic. “Rent is due. Utilities are due. Credit card bills are due April 1,” said Hadley Douglas, who has laid off two workers from her liquor business, The Urban Grape. (Simon, Fung, Kapner and Haddon, 3/29)
Reuters:
Major Airlines Urge U.S. Treasury To Disburse Assistance Quickly
Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money. In a letter dated Saturday and seen by Reuters, carriers wrote that “given the urgent and immediate need, it is essential that these funds be disbursed as soon as possible.” (Shepardson, 3/29)
Houston Chronicle:
Furloughed Houston Airport Workers May 'Lose Everything' Over Coronavirus, Even With Bailout
Airports are a way out — out of town, but for many people, out of poverty.Those routes to a better life, however, are shutting down along with the flights. Thousands of workers at Houston’s George Bush Intercontinental Airport and hundreds of their counterparts at Hobby Airport have had hours cut dramatically or lost jobs altogether. (Douglas, 3/27)
In other news from Capitol Hill —
The Hill:
DOJ Probing Stock Transactions Made By Lawmakers Ahead Of Coronavirus Crisis: Report
The Justice Department is reportedly probing decisions made by at least one lawmaker to sell stock in the days before the market turned downward as a result of the coronavirus outbreak. CNN reported Sunday that the inquiry, which was launched in cooperation with the Securities & Exchange Commission (SEC), is still in its early stages, according to two people familiar with the matter. However, at least one lawmaker, Sen. Richard Burr (R-N.C.), has been contacted by investigators, according to CNN. (Bowden, 3/29)
