US House Democrats led by House Speaker Nancy Pelosi on Tuesday unveiled a new Coronavirus stimulus bill proposal estimated to cost $3 trillion, that if signed into law by Donald Trump will be the largest economic bailout package agreed by any government worldwide to deal with the Coronavirus pandemic.
The package was agreed by the Democrats without input from Republicans, or the White House and from the $3 trillion package, about $1 trillion would go to state, local and tribal governments.
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$1,200 will be paid to individuals while a maximum of $6,000 will be paid per household. $600 will be given as extra in weekly unemployment insurance while student loan payments will be paused through September, creating a new $175 billion benefit that would subsidize rent and mortgage payments for Americans.
Pelosi named the proposal, the Heroes ACT, while announcing the historic package in a televised address from the Capitol Tuesday. If the bill is passed into law it’ll surpass the $2 trillion Coronavirus stimulus package agreed bipartisanly and signed by Trump in March.
“We face the biggest catastrophe in our nation’s history,” Pelosi said.
“This is a moment when many millions of our fellow Americans are in deep suffering,” Pelosi said. “We must have empathy for our heroes.”
Pelosi continued: “We must also empathize with the pain of families who do not know where their next meals are coming from and how to pay next month’s rent.”
Republicans aren’t in support of the bill and it is not clear if the White House will support the bill.
House GOP Leader Kevin McCarthy, R-Calif., blasted Pelosi for drafting a “liberal wish list” while Congress is still on recess.
“Now she wants to write a $3 trillion bill, with no one able to see, no accountability, and no input,” McCarthy told Fox News on Monday. “I mean, this is not how democracy works. This is a real concern to all of us this won’t ever become law, but it’ll be the wishlist of the liberals, to try to change election law, fund Planned Parenthood, and make sure sanctuary cities get the chunk of the money.”
Senate Majority Leader Mitch McConnell, R-Ky., reacting to the proposed bill said; “I don’t think we have yet felt the urgency of acting immediately, but that time could develop, but I don’t think it has yet,”
Due to the Coronavirus pandemic, more than 80,000 deaths have been recorded in America while 33 million Americans have lost their jobs and filed for unemployment.