- Congress passes $900 billion economic stimulus package by a wide margin
- Vote, tied to a larger government spending bill, comes quickly after months of partisan wrangling over the size and scope of further relief
- Key components of package include a new round of PPP funding, extended unemployment benefits, and direct payments of $600
After failing to reach a consensus for months, Congress has passed a $900 billion package promising a new round of economic stimulus. The vote comes amid signs of a slowing economic recovery as the COVID-19 pandemic wears on.
The measure passed the House of Representatives in a 359-53 vote late Monday. It was quickly approved by the Senate in a 92-6 vote. The measure now goes to President Donald Trump, who has indicated he will sign it.
At 5,593 pages, the legislation is the longest bill past in Congress by nearly half. In addition to the economic stimulus package, it includes $1.4 trillion to fund the federal government through September and numerous other measures that are traditionally attached to the spending bill.
The key points of the stimulus bill include:
- Direct payments of $600 for individuals who earned up to $75,000 in the previous tax year, or $1,200 for couples who made up to $150,000, plus an additional $600 per dependent child
- An additional $300 a week in supplemental unemployment benefits for 11 weeks
- $284 billion to revive the Paycheck Protection Program with a focus on providing forgivable loans to small businesses
The legislation also provides $15 billion to theaters and live entertainment venues that have been largely shuttered since the start of the COVID-19 pandemic, set-asides for low-income and minority communities, and funding for a variety of other causes, including public transit and the expansion of broadband access. It also provides numerous businesses with an extension of tax cuts for at least one year, to the tune of $150 billion; these include an extension of excise tax cuts for breweries, wineries, and distilleries.
The compromise measure quickly coalesced around a $908 billion proposal put forward by moderate Democrats and Republicans, who urged their fellow party members to give up more hardline positions on certain issues. While the original proposal included some aid for state and local governments as well as liability protections for businesses, these were removed from the final bill.
Disagreements over the size and scope of the bill hindered attempts at a compromise after several key components of the CARES Act expired during the summer. President-elect Joe Biden urged Democrats to come to an agreement on some aid now and seek additional stimulus after he takes office in January.
Some lawmakers criticized the behemoth size of the bill, saying there had not been enough time to properly review the measure before voting on it. Critics also argue that it doesn’t provide enough relief to some businesses that have suffered heavy revenue losses during the pandemic, such as restaurants.
