• February 9, 2023

Here’s what’s in the $600 billion relief plan from 10 Republican senators

A group of 10 Republican Senators has tabled a counter offer to President Joe Biden’s COVID-19 relief plan.

So what’s in the GOP pack that would cost less than a third as much as Biden’s $ 1.9 trillion proposal?

Their plan, which is priced around $ 600 billion, includes $ 160 billion for the so-called “COVID direct pandemic response,” with the same amounts that Biden’s package for a national vaccination program ($ 20 billion Contains $ 50 billion) and COVID testing).

In addition, $ 220 billion is earmarked for new direct payments of $ 1,000 and $ 500 for dependents. That’s because of Biden’s $ 1,400 stimulus checks and stricter income limits. Payments would go to individuals earning $ 40,000 a year or less (or couples earning $ 80,000 or less), with smaller amounts for those earning more – and the checks would be at the $ 50,000 (100,000 USD for couples).

The Republican plan provides $ 132 billion in unemployment insurance and funds additional unemployment benefits of $ 300 per week through June, while Biden is proposing $ 400 per week through September. It would provide $ 20 billion for school reopening, compared to Biden’s $ 130 billion for K-12 education and $ 40 billion for the paycheck protection program, while Biden suggested a new $ 15 Billon Grant program for small businesses.

The elements of the GOP proposal are listed in the table below, which has been posted online by some Republican senators.

Sources: Offices of Sens. Portman, Romney

The group of 10 Republican Senators is scheduled Meet with Biden on Monday at 5 p.m. east.

“The bottom line is that this week’s potential action on budget resolution is likely to be the start of a process that will take several weeks to complete and produce an invoice that could be less than half the size of the original proposal Biden administration, “Brian Gardner, chief Washington policy strategist at Stifel, said in a note.

Gardner said the Democratic legislature didn’t have 50 votes in the Senate to pass Biden’s $ 1.9 trillion proposal as West Virginia Democratic Senator Joe Manchin backed his size and scope, and Democratic Senator Kyrsten Sinema from Arizona, “who was quieter than Manchin and could also work for a smaller, tailor-made bill. “

However, other analysts believe the bottom line will be similar to Biden’s $ 1.9 trillion plan that a Process called budget reconciliation that only requires a simple majority in the Senate.

“Today’s White House meeting will be warm and both sides can compromise – but not enough to please the majority of members on either side,” said Greg Valliere, chief strategist at AGF Investments, in a note. “So the voting process that starts this week with a budget resolution still seems like the best choice.”

US stocks
SPX, + 1.16%

DJIA, + 0.62%
traded higher on Monday as investors continued to watch progress on an aid package in Washington.

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