On Tuesday, a bipartisan group of lawmakers unveiled legislation for a new coronavirus stimulus worth more than $900 billion, hoping to break months of deadlock between the House and Senate.
The group specified their “COVID Emergency Relief Framework,” which calls for $288 billion in small-business support and $180 billion for extended unemployment insurance, among other fiscal appropriations. The proposal does not include another round of $1,200 direct payment to taxpayers. Critics argue billions would be allocated to bail out local governments that were already suffering from financial instability as well as point to the bill’s “pork” spending on issues not related to the COVID-19 pandemic.
“We don’t need another trillion-dollar spending bill. The economy is growing much faster than everyone thought,” Steve Moore, an outside economic advisor to Trump, told Business Insider. “The stock market is booming, and the only thing that’s holding down the economy is these blue states that are locking down their businesses.”
The new proposal follows months of failed negotiations between House Democrats and Republican White House officials. The bipartisan group said the pitch is a way to resolve the months-long deadlock between House Speaker Nancy Pelosi and Republican leaders, who have not wavered for months on their separate proposals.
Parts of the $2 trillion CARES Act are nearing their expiration, including expanded unemployment insurance and eviction moratoriums, which will vanish at the end of the year.