A new $3 trillion coronavirus bill was just pushed through the House.
All in an effort to contain the economic freefall courtesy of the coronavirus. The price tag is far more than the prior bills combined. It would provide nearly $1 trillion for state and local governments, another round of $1,200 payments to individuals, and help the unemployed, renters, homeowners, college debt holders, and the Postal Service, says Reuters.
According to CNBC, it would also include:
- $200 billion for hazard pay for essential workers
- $75 billion for Covid-19 testing efforts
- An extension of the $600 per week federal unemployment insurance benefit through January (it is currently set to go through July)
- $175 billion in rent, mortgage and utility assistance
- A 15% increase in the maximum Supplemental Nutrition Assistance Program benefit
- Repeal of the $10,000 cap on state and local tax deductions for two years, which would help certain states’ budget crunch but benefit higher-income taxpayers most
- Expanded mail-in ballot access
However, it has very little chance of passing the Senate.
That’s because, according to Senate Majority Leader Mitch McConnell, Pelosi “published an 1,800-page seasonal catalog of left-wing oddities and called it a coronavirus relief bill.”
While another stimulus package is likely, this one isn’t likely to pass at all.