See The Senate Bill Pelosi & Schumer Convinced Every Democrat To Vote Against

Senate Democrats blocked a critical economic relief package worth more than $2 trillion, stalling plans to pass the bill by Monday and sending it to the House.

Christine Pelosi who is actively campaigning to help her mother Nancy take down the relief package for Americans:

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The Washington Examiner describes: Lawmakers and the Trump administration hoped to send a positive message to unstable stock markets and to those worried about the damage to the economy and job losses caused by the spread of the virus.

The measure includes sending direct cash payments that would average about $3,000 per family and expanding unemployment insurance, as well as $350 billion in aid to struggling small businesses. It also provides $500 billion in loans to industries hurt by the economic slowdown.

But Democrats are holding out for big changes to the bill, which they argue creates a “slush fund” for big industries and lacks sufficient protections for workers. They voted against a procedural step to start debate on the bill, which Senate Majority Leader Mitch McConnell hoped to pass by Monday.

McConnell, visibly angry on the Senate floor, entered a motion to reconsider the measure and said he’d bring it up again for a vote by Monday. More

Here’s the summary of the S.3548 bill that was introduced in the Senate (03/19/2020):

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.

The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.

With respect to small businesses, the bill

  • establishes, and provides funding for, forgivable bridge loans; and
  • provides additional funding for grants and technical assistance.

The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).

The bill establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill.

  • establishes special rules for certain tax-favored withdrawals from retirement plans;
  • delays due dates for employer payroll taxes and estimated tax payments for corporations; and
  • revises other provisions, including those related to losses, charitable deductions, and business interest.

With respect to health care, the bill:

  • provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
  • limits liability for volunteer health care professionals;
  • prioritizes Food and Drug Administration (FDA) review of certain drugs;
  • allows emergency use of certain diagnostic tests that are not approved by the FDA;
  • expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
  • revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.

With respect to education, the bill:

  • temporarily suspends payments for federal student loans; and 
  • otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

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