Breaking down the $900B stimulus package and $1.4T omnibus bill
Congressional leaders on Sunday evening revealed the highlights of a $ 900 billion stimulus package and a $ 1.4 trillion financing deal that will provide critical pandemic relief to millions of Americans through September next year and replenish federal agency budgets becomes.
If the whopping year-end package is passed by both chambers on Monday as expected, it will offer another round of direct payments, improved unemployment benefits and billions of dollars for struggling industries, which is still a less generous package than the $ 3 trillion CARES Law at the start of the pandemic. Unemployment benefits expire in mid-March and is expected to set another deadline for additional measures by Congress early next year.
The bipartisan, bicameral year-end package also includes a dozen annual funding bills that, if passed, would stave off a state funding battle at the start of the Biden administration.
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According to the Democratic and Republican summaries received from POLITICO, here is a breakdown of the components of the massive year-end compromise:
$ 166 Billion Direct Checks - Individuals earning up to $ 75,000 per year receive a payment of $ 600, while couples earning up to $ 150,000 receive an additional $ 1,200 to $ 600 per child. The agreement also makes the stimulus checks more accessible to migrant families.
$ 120 Billion Additional Unemployment Benefit - Unemployed will receive an additional $ 300 per week in federal bills through March 14. The legislation also extends to the self-employed, gig workers, and those who have exhausted their government benefits.
$ 325 Billion for Small Businesses - Pandemic small businesses would receive a total of $ 325 billion, including $ 284 billion in paycheck protection loans, $ 20 billion for businesses in low-income communities, and $ 15 billion for struggling live venues, cinemas, and museums - a major priority for minority leader Chuck Schumer.
Struggling movie theaters, museums and music venues are available for $ 15 billion.
Sum of Tax Income - Legislation allows companies to deduct the costs associated with their PPP loan granted and add staff retention credit to prevent layoffs. It includes a two-year business lunch tax break - a priority for President Donald Trump - and a number of temporary tax breaks called "extenders," some for multiple years. The package also extends a wage tax subsidy for employers who offer paid sick leave to employees and increases the tax credit for earned income.
Border Wall Status Quo - The government funding portion of the year-end package would raise nearly $ 1.4 billion in cash for Trump's southern border wall and $ 20 million for new border handling coordinators.
$ 45 Billion Transportation Aid - This includes $ 15 billion for airline payroll maintenance, $ 14 billion for local transportation, $ 10 billion for state roads, $ 2 billion for airports and $ 1 billion for Amtrak.
Support for Groceries and Farmers - The year-end package includes $ 13 billion to increase grocery branded benefits by 15 percent without upgrading SNAP eligibility. Farmers and ranchers will receive an additional $ 13 billion in direct payments to cover losses caused by pandemics.
"Surprise Billing" Deal: The Omnibus includes an agreement to protect patients from "surprise" medical bills after last-minute haggling - a major retirement priority for Senator Lamar Alexander (R-Tenn.). As POLITICO reported earlier this month, protecting insured patients from high-profile medical bills for unexpected network and emergency supplies was a bipartisan priority for lawmakers, but progress had stalled for over a year.
$ 69 Billion for Vaccines, Testing and Tracking - The package includes $ 20 billion to buy vaccines, nearly $ 9 billion to distribute vaccines, and approximately $ 22 billion to help states Testing, tracking and Covid-19 reduction programs.
Restoring Medicaid for the Marshallese - Tens of thousands of Marshall Islands residents are allowed to sign up for Medicaid. The year-end agreement revises an editorial error in the 1996 welfare reform bill that excludes islanders from the program.
Rent Assistance and Eviction Ban - Of the $ 25 billion federal rent assistance budget, $ 800 million is earmarked for Native American housing companies. A federal eviction ban was extended until the end of January.
Infusion for Schools and Childcare - Out of the $ 82 billion total for colleges and universities, more than $ 4 billion is for a governor relief fund, more than $ 54 billion for K-12 public schools, and nearly $ 23 Billions of dollars for a college fund included. Regardless, the childcare sector receives around $ 10 billion in emergency funding.
Compromise Between Higher Education: Legislature provides for a bipartisan agreement that will give nearly $ 1.3 billion in federal loans to historically black colleges and universities, grant pell grants to jailed students after a 26-year ban, and simplify grant forms - the last of these three agreements was made a long-standing priority for the retired Alexander.
Troop Salary Raising - The collection portion of the year-end package includes a military salary increase of 3 percent.
Maintain Contractor Discharge: The package continues a CARES Act program that enables contractors to keep employees on payroll even when federal facilities are closed.
A multitude of new authorizations: The government funding piece contains a compromise version of an annual law to approve secret services and ensures that an extensive water infrastructure package hinders the drive to the passage. It also contains technical corrections to the agreement between the United States, Mexico and Canada.
A boon to broadband: The agreement invests $ 7 billion in expanding broadband access for students, families and the unemployed, including $ 300 million in rural broadband and $ 250 million in telemedicine.
Dan Diamond, Michael Stratford, Stephanie Beasley, and Brian Faler contributed to this report.
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