Democrats Release New Coronavirus Stimulus Proposal

Democratic lawmakers have unveiled a new $2.2 trillion coronavirus relief bill and U.S. House of Representatives Speaker Nancy Pelosi said it’s a compromise. The measure reduces the costs of the economic aid, according to Reuters. It includes new funding “needed to avert catastrophe for schools, small businesses, restaurants,” airline employees, and other workers, according to Pelosi.

“Democrats are making good on our promise to compromise with this updated bill,” Pelosi said. “We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now.”

Pelosi and Treasury Secretary Steven Mnuchin have already begun talks over the past couple of days to discuss the bill. They are also expected to speak again on Tuesday morning, according to The Washington Post. However, time is winding down to reach an agreement before the presidential election in November. The most recent talks seem to be their most extensive in more than a month.

The new proposal includes $436 billion for state and local governments. There is also money for education, testing, and the Paycheck Protection Program. The bill would also include another round of $1,200 stimulus payments for each taxpayer and $600/week federal unemployment benefit payments through January. There is some overlap in the White House’s goals and what Democrats have included in the new bill, including aid for small businesses, the stimulus checks, and providing more assistance for the airline industry.