Stimulus deal done

By artappraiser on Sat, 12/19/2020 - 11:53pm |

Shocked that Chuck Schumer has his own bipartisan magic https://t.co/E2UPH7KVga https://t.co/NJzXZ5xl7K
— Bill Scher (@billscher) December 20, 2020

URL:

https://twitter.com/billscher/status/1340521770542100481?s=20

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New: Schumer, leaving the Capitol tonight, predicts votes in the House AND Senate tomorrow on the omni/stimulus.

Senior Dem aide adds that “compromise language” on the Toomey/Fed issue is being finalized. Aide says a final agreement is now “significantly closer.”
— Andrew Desiderio (@AndrewDesiderio) December 20, 2020

Republicans have accepted this compromise language, I’m told. Significant breakthrough
— Andrew Desiderio (@AndrewDesiderio) December 20, 2020

by artappraiser on Sat, 12/19/2020 - 11:56pm

splainer thread on what was hanging up the deal as regards the Fed and Toomey (and what Schumer solved with compromise language) by Member, Congressional Oversight Commission and Managing Director, Corporate Power Program @RooseveltInst Formerly: economic adviser to @senwarren

I know this Fed discussion seems technical, so let me try to explain the Republican position.

Before the CARES Act ever passed, the Fed had the authority (with the Treasury's approval) to create emergency lending programs for state and local governments and small businesses. 1/
— Bharat Ramamurti (@BharatRamamurti) December 19, 2020

by artappraiser on Sun, 12/20/2020 - 12:00am

Reminder that Toomey is going to be the Banking Committee chairman unless Democrats win both Georgia Senate seats
— Burgess Everett (@burgessev) December 20, 2020

by artappraiser on Sun, 12/20/2020 - 1:29pm

The Hill has a new headline story: Senators reach deal on Fed powers, setting stage for coronavirus relief passage

By Alexander Bolton & Mike Lillis - 12/19/20 11:48 PM EST

Senate Minority Leader Charles Schumer (D-N.Y.) and Sen. Pat Toomey (R-Pa.) have reached agreement on language to curtail the Federal Reserve's special lending authorities, setting the stage for passage of a coronavirus relief deal and omnibus spending package as early as Sunday.

At around 9 p.m. Republicans sent word to Schumer that they would accept language resolving the dispute over the Federal Reserve’s lending facilities, according to GOP aides.

The compromise will sweep out the $429 billion in unspent CARES Act funding for the Federal Reserve’s credit lending facilities and repurpose it as an offset for a new $900 billion coronavirus relief bill, GOP sources said.

The deal will close four Federal Reserve credit lending facilities created by the CARES Act and will prevent the Fed from standing up replica facilities in the future without congressional approval.

Those four programs include [....]

by artappraiser on Sun, 12/20/2020 - 12:06am

Politico: Stimulus deal in sight after compromise reached on Fed dispute

Negotiators cleared the final major hurdle on a nearly $1 trillion stimulus package ahead of a Sunday night government funding deadline.

By MARIANNE LEVINE, SARAH FERRIS, HEATHER CAYGLE and BURGESS EVERETT

Updated: 12/20/2020 12:06 AM EST

Republican and Democratic senators on Saturday resolved a dispute over the Federal Reserve's emergency lending powers, according to congressional aides — a significant breakthrough after a series of weekend negotiations on a broader coronavirus relief package.

With the Fed compromise, negotiators cleared the final major hurdle on a nearly $1 trillion stimulus package ahead of a Sunday night government funding deadline.

Senators were at odds over an effort led by Sen. Pat Toomey (R-Pa.) to curb the Federal Reserve’s ability to provide emergency loans to businesses and states and cities. Some Republicans worry the central bank's emergency lending powers could be used by Democrats to provide aid to localities, which Republicans have resisted. Democrats, however, argue the GOP is looking to broadly restrict the Fed’s emergency powers to hamstring President-elect Joe Biden next January.

But late Saturday night, Toomey and top Democrats had reached an agreement to break the logjam, according to aides from both parties. A senior Democratic aide said Toomey “agreed to drop” some of his demands and said negotiators were finalizing “compromise language.” As a result, the aide added, “a final agreement on an emergency relief package is significantly closer.” GOP aides confirmed that an agreement had been reached.

As he left the Capitol after 11 p.m., Senate Minority Leader Chuck Schumer (D-N.Y.) predicted that both the House and Senate will be able to vote on the package on Sunday “if things continue on this path and nothing gets in the way.”

Earlier, after meeting with Toomey and senators in both parties, Schumer indicated to Democrats on a private conference call that a compromise is possible and Toomey is willing to change his proposal’s language, said a source familiar with the call. Democrats discussed a possible vote Sunday or Monday.

"We keep trying. We're trying, but this is a new thing," Schumer told reporters after the call. "This is the kind of thing that should have a strong legislative discussions."

Both sides had been dug in all day, even as they vowed to move swiftly on a major coronavirus relief package. Senate Majority Leader Mitch McConnell (R-Ky.) told members on a GOP call earlier Saturday that the caucus would stand by Toomey [....]

by artappraiser on Sun, 12/20/2020 - 12:13am

note last sentence from above

The final bill is also expected to include a slew of year-end tax and health extenders, as well as long-awaited legislation to address “surprise” medical bills.

by artappraiser on Sun, 12/20/2020 - 12:17am

more confirmation of done deal, to NBC news:

Significant breakthrough in Covid talks on Capitol Hill tonight — specifically resolving the main logjam over Fed lending authorities — senior Democratic and Republican aides tell me and @AlexNBCNews.
— Sahil Kapur (@sahilkapur) December 20, 2020

As aides tell it, Toomey Fed language has been adjusted to a version that’s restrictive enough for him and not too restrictive for Democrats.

This was the big holdup. The rest should proceed smoothly. And unless something else surprising comes up Congress could pass it quickly.
— Sahil Kapur (@sahilkapur) December 20, 2020

by artappraiser on Sun, 12/20/2020 - 1:22am

I find this a real interesting comment, comedian Titus retweeting Liz Warren, that he's bitching he wants to see more non-partisanship and chiding her about it! I've been following him quite some time and it's clear he's pretty liberal,never seen him criticize a Dem like this. I am surprised to see him vocally fed up with the partisanship in Congress, I would instead suspect him to do more anti-GOP shtick:

Win/lose. You all have to stop this shit. Stop making it about winning and losing and do your jobs for those who elected you. You all need to stop making it hard for the other side. You’re making it hard on us. Do you ever wonder why congress’ popularity is lower than Mansons? https://t.co/RRuWoKwdV5
— Titus (@TitusNation) December 20, 2020

Biden may have his pulse on something that all of us news junkies who see a lot of partisan shrieking don't see.

by artappraiser on Sun, 12/20/2020 - 3:54pm

I've seen this dozens of times. The right does ten extreme things and people shrug. But let one democrat start to fight back and they run to the fainting couch. Fuck him

by ocean-kat on Sun, 12/20/2020 - 4:47pm

I think he just had an equal time moment - 95% he's ragging on the Republicans.

But yeah, she should be advertising how they're defending the people's interest.

by PeraclesPlease on Sun, 12/20/2020 - 6:14pm

https://t.co/1PZKRm9FiD
— Noah Smith (@Noahpinion) December 20, 2020

by artappraiser on Sun, 12/20/2020 - 4:47pm

Andrew Yang retweeted this, from yesterday,, sometime in the last 3 hrs.--basically lobbying until the very end:

NEW POLL: Voters *overwhelmingly* support another round of $1,200 coronavirus relief checks:

88% Support | 9% Oppose | 2% Don't Know

85% of voters also want Congress to pass a coronavirus relief bill before the end of the year.

Crosstabs: https://t.co/2fbVtmFrv3
— Data for Progress (@DataProgress) December 19, 2020

by artappraiser on Sun, 12/20/2020 - 4:59pm

It's now truly DONE done, totally: Congress clinches sweeping deal on coronavirus relief, government funding

@ The Hill.com - 12/20/20 05:41 PM EST

Article has confirmation from all Congressional leaders. I don't expect many accurate particulars until journos stay up all night reading it. I can't imagine most congresspeople voting know everything in the bill when they vote for it, they'll probably find out in the next few days just like the rest of us.

by artappraiser on Sun, 12/20/2020 - 6:45pm

before that

Chalk up another win here for "transpartisan" policy wins with 19+ Republican Hill cosponsors for #PellRestoration and Evangelical/Catholic leadership from @JusticeReform @NAEvangelicals @EndPoverty @FaithandFreedom @CMNEndtheDP @national_latino @newevangelicals #CJReform https://t.co/1huPljoJei
— David Jiménez (@David_E_Jimenez) December 21, 2020

by artappraiser on Sun, 12/20/2020 - 7:44pm

More happy with the bipartisan thing going on:

and here's Kamala Harris crowing tonight about bipartisan support for her own bill about border missing persons:

I'm pleased that my bipartisan bill to help states identify the remains of missing persons along the border has passed Congress and is ready to become law. The families of those lost deserve nothing less.
— Kamala Harris (@SenKamalaHarris) December 21, 2020

Here's Senator Schatz saying the stimulus while not perfect is pretty damn good for bipartisan

We have a deal to provide money for rent relief, food, education, vaccine distribution , testing, direct payments, small biz relief, unemployment assistance, and a lot more. It is not perfect but it is a solid bipartisan compromise that will help Hawaii enormously.
— Brian Schatz (@brianschatz) December 20, 2020

and

Pelosi and Schumer: The relief package includes bipartisan, bicameral legislation that will end surprise billing for emergency and scheduled care.
— Kyle Griffin (@kylegriffin1) December 20, 2020

and

Grateful for the hard work from the medical community, gov. partners, and others who are working around the clock to deliver a safe & effective #COVID19 vaccine. It’s time for Congress to do its job and finish what our bipartisan group started by passing emergency COVID relief. pic.twitter.com/Zje73g5oRX
— Mitt Romney (@MittRomney) December 18, 2020

and

Thrilled the bill includes an expansion of the employee retention tax credit. The ERTC helps businesses & non-profits retain and rehire workers. I’ve been fighting for this bipartisan provision since April. I’m so proud we built a broad bipartisan coalition and got it done. https://t.co/QrKvigjWtG
— Rep. Stephanie Murphy (@RepStephMurphy) December 21, 2020

and thread

Congressional leaders have announced that a bipartisan COVID deal is in hand, and is expected to be signed into law. This deal is long overdue, but it has important provisions that I fought hard for and that will help North Texans.

Here are the key provisions (thread 1/7):
— Rep. Colin Allred (@RepColinAllred) December 21, 2020

and there's plenty more...

by artappraiser on Sun, 12/20/2020 - 7:56pm

wow, this one I can hardly believe, low income housing advocate Diane Yentel seems absolutely thrilled, she's the type that, to me, seemed like she would never be satisfied:

WE HAVE A DEAL!

It includes:

CDC eviction moratorium extended through Jan 31!

$25 BILLION in emergency rental assistance!

Extended deadline for spending CRF rental assistance $!

THANK U FOR YOUR ADVOCACY

Let’s get it enacted ASAP!
— Diane Yentel (@dianeyentel) December 20, 2020

by artappraiser on Sun, 12/20/2020 - 8:15pm

Sarah Kliff amazed that the Medical Billing law finally happened:

Here is me and @sangerkatz running down the details of the new federal ban on surprise medical billing — a law that has spent years stymied by well-funded interests.https://t.co/3eoeez9Ina
— Sarah Kliff (@sarahkliff) December 21, 2020

Here's the NYTimes editorial board:

With vaccinations underway, there is reason to hope that the coronavirus pandemic will begin to loosen its grip next year and that economic growth will accelerate. The stimulus deal creates a bridge from now until then. https://t.co/e22YCtMTQi
— New York Times Opinion (@nytopinion) December 21, 2020

and an analysis piece by Ben Casselman and Jim Tankersley for their Economy section

Analysis: Is the stimulus enough? For the overall economy, maybe. But it won’t be enough for the families and businesses hit hardest by the pandemic. https://t.co/37FpulQJu7
— The New York Times (@nytimes) December 21, 2020

by artappraiser on Sun, 12/20/2020 - 8:37pm

This is pathetic. There is a huge banner at a gas station near where I live that says "WE ACCEPT CREDIT CARDS!" $600 stimulus is going to be seen as a pittance by most Americans and, since everyone who paid in to taxes and made less than 100K will get it, it will make more Americans sympathetic to Democrat Socialists than they've been since at least the 1940s. Josh Hawley and Donald Trump himself on one side and then AOC, Ilhan Omar, etc. on the other wanted checks bigger than $600 sent out. The governing class that decided on this is aging and will be out of power soon. They're setting things up for revolution.

by Orion on Mon, 12/21/2020 - 12:23am

While I agree that the $600 stimulus is pathetic if it was intended to live on > you are ignoring that unemployment was extended. And help for businesses, too.

Not everyone is free-lancing bums like most of us dagblog members are, they have been getting unemployment. There's also all kinds of loan freezes, like student loans, mortgages, etc.

All stimulus checks were always intended to be just that, "stimulus", spending money to get consumers buying something more. The amount is still laughable, but was never intended as replacement income.

I am not making excuses, as I think we are way below what most western countries are doing on replacing income. We always have been, our unemployment insurance payments have always been pitifully low. And that's the way most Americans seem to like it until now. Guaranteed minimum income was a very radical idea to most until covid happened.

Just pointing out that you are being inaccurate about what's going on with this bill and what went on with the last one.While it's a sizeable minority, is not a majority that is suffering with zero income, it's basically the people that were already suffering before all this happened.

by artappraiser on Mon, 12/21/2020 - 12:44am

interesting point learned from the last cash:

In 2020 two of most unequal societies in world - Brazil & USA - discovered that timely transfers of cash to the least well off does alleviate poverty and inequality.
No structural fix.
Perhaps only viable politically in an acute crisis.
BUT significant precedent! pic.twitter.com/0bEfXCnFdD
— Adam Tooze (@adam_tooze) December 19, 2020

by artappraiser on Mon, 12/21/2020 - 3:11am

That's not what happened. I don't want to be partisan but why can't we just spell it out. It wasn't AOC etc. that wanted higher amounts. It was virtually all the democrats. But the senate and the presidency is still controlled by the republicans And they set the limit.

by ocean-kat on Mon, 12/21/2020 - 1:05am

Yes very true, that was mentioned many times that Dems gave in on the amounts to have any bill at all. They even played chicken for quite some time on that very thing. They said no deal unless all Americans get XXX and and GOP said "okay no deal". AND THAT'S THE MAIN REASON FOR THE DELAY.

And as I learned when I had to do a bankruptcy of business assets when resale values were very low: something is better than nothing! I.E., this or that would be worth more in a year, but I gotta take the cash I can get now; I need cash now, not a promise of more later.

People that really needed something, anything, had to wait while both sides were playing chicken to the deadline.

Again, it behooves to remember that even though they have increased vastly, not everyone in the country is in those food bank lines. Many people are weathering this just fine, pleasantly surprised that they like the work at home thing, moved out of the city, found time to smell the roses, etc...And they don't think they should be paying for the new poor, they think Jeff Bezos should or something like that...they are citizens too and have a vote and we have to live with them and those they elect to represent them.

by artappraiser on Mon, 12/21/2020 - 1:20am

Twitter is full of viral tweets screaming about how the U.S. government gave people "only $1200" in March or "only 600" now.

In fact we've spent more on relief than almost anyone else. https://t.co/tyudC2gmBb
— Noah Smith (@Noahpinion) December 21, 2020

see comments there to Noah Smith, many point out things like unjust allocation and argue unwise spending.

But the reality of us spending more than nearly everyone else surprised me too.

Meanwhile here's Tedeschi''s whole thread which has more particulars about the current bill

Here's a pre-buttal on some takes we're sure to see on this new stimulus package:

1. Stimulus checks are only around 1/5 of the total bill.
2. UI in America typically pays around 50% of pre-layoff wages, though it varies. With this extra $300/week, that will be ~85%.

1/X
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

3. If you're unemployed, you get an extra $1,300 per month through mid-March. If you're a gig worker or been out of work since early 2020, that's on top of having your UI benefits extended.

2/X
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

4. The bill includes another ~$300 billion in PPP loans, which are essentially payroll support for small businesses. If a business wants them *fully* forgiven, they essentially have to maintain their employment and wages -- effectively the equivalent 100% payroll support.

3/X
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

6. The problem instead was that the US leaned heavily on its UI system to deliver aid, which was inconsistent across states and often creaky & overloaded. We also lost the political will to extend expiring aid earlier in 2020; that extra aid would have helped us in Nov & Dec.
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

7. That's not a minor problem either, it's a major one, and it may come back to haunt us again--this new bill for example reportedly only extends pandemic UI programs for another 11 weeks, through mid-March. That's not enough to bridge us to when a vaccine is widely distributed.
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

8. But it's a decidedly *different* problem from "all we did was a single $1,200 check".
— Ernie Tedeschi (@ernietedeschi) December 21, 2020

by artappraiser on Mon, 12/21/2020 - 12:06pm

50 House Republicans, Justin Amash, Tulsi Gabbard, and Rashida Tlaib are no votes on COVID bill https://t.co/m1vT55YnLD
— Zaid Jilani (@ZaidJilani) December 22, 2020

by artappraiser on Mon, 12/21/2020 - 11:56pm

Hawley and Sanders both vote yes. I guess it's a case of having to take yes for an answer after the Congress moves at least somewhat in your direction.
— Zaid Jilani (@ZaidJilani) December 22, 2020

by artappraiser on Mon, 12/21/2020 - 11:58pm

Senate Clerk CORRECTS vote tally, the bill passed 92-6.

6 GOP NO Votes:
Blackburn
Cruz
Johnson
Lee
Paul
Scott (FL)
— Frank Thorp V (@frankthorp) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:02am

Zaid added more to his comment

Hawley and Sanders asked for something that wasn't in the bill at all, it ended up being the second largest item (direct financing to workers). It's means-tested, progressive, and good stimulus (Chetty's paper on CARES showed this about the last round).
— Zaid Jilani (@ZaidJilani) December 22, 2020

If they didn't vote for the bill, it would kind of expose them as paper tigers. Instead they had to take yes for an answer after they made an impact. It's more on other lawmakers who didn't do anything to make the bill more favorable to workers.
— Zaid Jilani (@ZaidJilani) December 22, 2020

People can ask why the other 98 Senators were asking for giveaways to industries that didn't need them, their pet projects, etc.
— Zaid Jilani (@ZaidJilani) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 1:43am

Andrew Yang tweeted this Politico article on topic:

https://t.co/XAMZE2nBNc
— Andrew Yang (@AndrewYang) December 22, 2020

followed by retweeting this long thread of tweets by Rep. Lisa Blunt Rochester of DE explaining her vote

So here's where we are - I just voted to pass our next #COVID relief bill along with an end of year spending bill.

The package isn't perfect - no bill of this size and scope is- & while the direct payments are less than @RepMcKinley & I proposed, I voted yes. Here's why
— Rep. Lisa Blunt Rochester (@RepLBR) December 22, 2020

and replying to her at the end of it because she mentioned him

We will be here Lisa!
— Andrew Yang (@AndrewYang) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:26am

Joe Biden just tweeted on it a few minutes ago:

I applaud this relief package, but our work is far from over. Starting in the new year, Congress will need to immediately get to work on support for our COVID-19 plan.

My message to everyone out there struggling right now: help is on the way. https://t.co/ktET5loEnm
— Joe Biden (@JoeBiden) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:29am

Bernie Sanders' statement tweeted 1 hr. ago:

Over the last few weeks, I have worked very hard to provide direct payments to working families across America.

While we did not get as much as we wanted, the average family of four will receive a direct payment of $2400.

In this horrific crisis, we must fight for more relief. pic.twitter.com/lwjl5AfaTo
— Bernie Sanders (@SenSanders) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:39am

Looking like there's not going to be any trouble with the lame duck, they just sent email to all the reporters that he just signed the temporary extension:

Trump has signed the weeklong stopgap to keep the government open til Dec. 28. Congress needs get the requisite paperwork to Trump by then so he can sign the year-long funding bill with the covid relief package, which both chambers approved tonight
— Manu Raju (@mkraju) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:46am

AND-not really news-Rand Paul is being a prima donna:

The Senate still has not closed its doors for night because, in large part, Rand Paul is not agreeing to set up pro forma sessions next week that leaders are trying to set up to make it easier to process Trump’s veto override vote over the holidays. Paul opposes the bill
— Manu Raju (@mkraju) December 22, 2020

edit to add, to be clear, that's about the Defense Bill:

From the pool. Thune: At the moment at least, it doesn't seem like there's a clear path forward on how to process the President's expected veto of the defense bill. So I think right now that's kind of what's up in the air
— Chad Pergram (@ChadPergram) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:53am

At 1:43am, Mitch McConnell set up the process for the vote to override Trump’s expected veto of the defense authorization bill.

The Senate will return Dec. 29 to begin processing the veto override. This would only occur if the House succeeds in overriding the veto on Dec. 28.
— Manu Raju (@mkraju) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 1:45am

Rand Paul doing the John Paul Jones role play today, has not even begun to fight:

Rand Paul voted for a tax cut for the rich that added $1,000,000,000,000 to the deficit. https://t.co/cagvOx9uGV
— Public Citizen (@Public_Citizen) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 2:34pm

grassroots activism already on a no vote:

Ron Johnson just voted against COVID relief for Wisconsin families, claiming to be concerned about the national debt despite voting for Trump’s $2.3 trillion tax cut for the wealthy in 2017.

Let’s make sure that someone who will stand up for those families wins his seat in 2022.
— Biden | Harris VICTORY Room (@BidenWarRoom) December 22, 2020

by artappraiser on Tue, 12/22/2020 - 12:58am

The COVID-19 relief and spending deal is Congress' "most significant action on climate and energy in over a decade," a research group says. https://t.co/ODtwIiNJ2j
— Axios (@axios) December 22, 2020

by artappraiser on Wed, 12/23/2020 - 12:36am

Stimulus deal done

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