Mitch McConnell Says No to Bipartisan Stimulus Package
On Tuesday, Senate Majority Leader Mitch McConnell rejected a proposed bipartisan coronavirus stimulus package, according to CNBC.
Congress has been stagnant on a new coronavirus stimulus package for months now. McConnel has voiced support for a bill of about $500 billion that is a "targeted relief bill."
“We just don’t have time to waste time,” he said after hearing the details of the $908 billion plan put together by bipartisan members of the GOP-controlled Senate and Democratic-held House. Congress has a deadline of December 11 to pass funding legislation or else a government shutdown will commence.
The bill on Tuesday included $288 billion for small businesses, $160 billion for state and local governments, $180 billion to support a $300 unemployment boost through March, $16 billion for vaccine distribution, $82 billion in education, and $45 billion in transportation.
This proposed bill did not include another round of direct payments. “If there’s one thing I’m hearing uniformly it’s: ‘Congress, do not leave town for the holidays leaving the country and the economy adrift with all these initial CARES [Act] programs running out,’” Democratic Sen. Mark Warner of VirginiaWarner said on Tuesday.
The rejection of this proposed plan reinforces the incompetency of Congress. “It is absolutely essential that we pass emergency relief,” said Sen. Susan Collins, a Maine Republican who contributed to the proposal on Tuesday.
Federal Reserve Chairman Jerome Powell has been vocal about the need for more stimulus to support the economy. During his testimony on Tuesday, he stated that the proposed plan could help “a lot of the areas that could definitely benefit from help” and will “be experiencing a challenging winter.”