Things are starting to get very, very serious with the coronavirus.
President Donald Trump and his team are working around the clock to combat the spread of the coronavirus in the United States, but one Democratic lawmaker is pushing a plan of her own.
House Financial Services Chairwoman Maxine Waters released a memo this week with a set of her proposals for the next fiscal stimulus bill that Congress plans to take up.
Waters’ six-page plan would go much farther than other proposals, including the administration’s proposal that would potentially exceed $1 trillion in direct payments to households and loans to businesses.
She didn’t put a total price on the proposal, but she may be asking for so much money that even Democrats are not welcoming her plan with open arms.
Waters’ memo also doesn’t make any mention of providing relief to industries in America, who could go bankrupt if the coronavirus takes hold for months.
As detailed by Roll Call, here’s essentially what Waters is calling for in her memo.
1. Suspend All Consumer and Small Business Credit Payments (mortgages, car notes, student loans, credit cards, small business loans, personal loans, etc.)
2. Suspend All Negative Consumer Credit Reporting During the Pandemic.
3. Prohibit Debt collection, Repossession, and Garnishment of Wages During the Pandemic.
Roll Call notes that even Democrats voiced concerns with Waters’ plan given the price tag could literally be unworkable.
It’s one thing to help Americans in a time of crisis, but to propose a bill that could literally bankrupt the nation during the middle of a pandemic is borderline asinine.
It’s like House Speaker Nancy Pelosi and Democrats trying to slip in abortion provisions and funding into one of the early coronavirus bills — totally unnecessary and absurd during this crisis.
The White House has taken a slew of actions to combat the virus.
Treasury Secretary Steve Mnuchin announced that the administration is planning to send checks to Americans in two weeks to help workers cope with the economic effects of the crisis.
Mnuchin laid out details of Trump’s plan — which has widespread support in Congress — to help Americans during the coronavirus pandemic.
Here are some of the details, which could change:
- Under the plan, the details of which were revealed on the Senate floor by Majority Leader Mitch McConnell, individuals making up to $75,000 annually would be eligible for a $1,200 check from the federal government in a one-time payment.
Married couples who file their taxes jointly would have to make less than $150,000 to qualify for their payment, which would be $2,400.
From there, according to McConnell’s proposal, the payments would decrease. For individuals, the sum of the payment would fall by $5 for each $100 earned over $75,000.
The payment would phase out entirely for individuals making more than $99,000 annually, meaning people who make more than that would not get any money from the government, according to the proposal.
For married couples earning more than $150,000, the payment would also decline gradually, and it would phase out completely for couples making more than $198,000, according to the plan.
The checks, however, would reduce to $600 (or $1,200 for married couples) for taxpayers who have little or no income tax liability but have at least $2,500 in qualifying income, according to a GOP summary of the plan.
Individuals and couples with children would be eligible for an additional $500 per each child they have.
As lawmakers come together to hash out the details, we also just learned that two members of Congress have self-quarantined after testing positive for contracting the coronavirus.