This is what government does: It creates a problem, then comes in as the saviors in an attempt to fix said problem, only to continue to make the problem worse and turn it into multiple problems. The House has completely shot down a $1.5 trillion compromise… it’s a compromise on the constitutional authority they have and are now engaged in WWE over due to an election season, but don’t worry, it won’t last long.
Zero Hedge has the story.
Update (1425ET): In what should be a surprise to nobody, House Democrats have completely shot down the $1.5 trillion bipartisan compromise for pandemic relief, arguing “When it comes to bolstering the public health system, supporting state and local governments, and assisting struggling families, the Problem Solvers’ proposal leaves too many needs unmet.”
“… The health and economic crisis demands action. That will require President Trump and Republican leaders to come back to the table and work with Democrats to save lives and livelihoods,” the Democrats continue.
Full statement here.
This is, frankly, misleading from Dem leadership today on the House Dems/House Republicans $1.5-2trillion compromise bill. https://t.co/eucfBXjCAR
— Talmon Joseph Smith (@talmonsmith) September 15, 2020
A bipartisan group of 50 House lawmakers will release a $1.52 trillion pandemic stimulus proposal, in the hopes of breaking a months-long deadlock over the next round of relief, according to Bloomberg.
The Problem Solvers Caucus, which has negotiated for weeks with the knowledge of the White House and party leadership will announce detail their plan in an 11 a.m. news conference. Notably, Treasury Secretary Steven Mnuchin hinted at the discussions last month – noting that the White House could accept a $1.5 trillion deal.
The caucus proposal offers key compromises on the two thorniest issues in the stalled talks between congressional Democrats and the Trump administration. On aid to state and local governments, the group is backing about $500 billion, splitting the difference between the $915 billion sought by Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, and the $150 billion put forward by the White House. –Bloomberg
The group is proposing a $450 per week unemployment insurance extension for eight weeks, which would then convert to a formula to cap payments at 100% of wages or $600 per week, whichever is lower. Democrats have lobbied for $600 per week, while the White House has sought $300 per week – arguing that more money would discourage people from seeking work.
What’s more, a $1,200 direct stimulus payment is included in the new proposal – along with a $500 per child benefit.
The “March to Common Ground” framework, led by Caucus co-chairs Tom Reed, a New York Republican and Josh Gottheimer, a New Jersey Democrat, also contains money for Covid-19 testing, schools and childcare, small business relief. It would also link relief to economic metrics, reducing aid if the pandemic abates or extending it if it worsens. –Bloomberg
The new plan comes as negotiations between House Speaker Nancy Pelosi (D-CA), Senate Minority Leader Chuck Schumer (D-NY) and White House Chief of Staff Mark Meadows broke down on August 7 – with Democrats insisting on a $2.2 trillion package, and the White House looking to cap it at $1.1 trillion.
And Trump said we weren’t a socialist country. I beg to differ, and all of this unconstitutional spending and debt are Exhibits A and B, along with over a hundred years of the Federal Reserve.
Don’t fret though, they will eventually come to another compromise that will more than likely cost the American people trillions more and push us further into debt.
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