Senate Majority Leader Mitch McConnell has unveiled his party's new $1 trillion coronavirus relief package, the Health; Economic Assistance; Liability Protection; and Schools Act, or the HEALS Act. Most notably, the legislation features a new round of $1,200 stimulus checks for individuals making $75,000 or less, and cuts to unemployment benefits. It needs at least seven Democratic votes to pass.
A few of the other highlights making headlines:
McConnell reveals Senate GOP plan deets:
— Sahil Kapur (@sahilkapur) July 27, 2020
—$1,200 direct payments, CARES redux
—PPP sequel "to help prevent more layoffs"
—Federal UI bonus, hints at $200/week
—Money for schools
—$ for testing, treatment, vaccines
—Liability shield for biz/hospitals/entities
It also extends eviction protections and creates a reemployment bonus.
There's plenty to work with here in terms of negotiations. But unsurprisingly, Democrats have already flat out rejected it with barely a glance.
Schumer calls GOP's HEALS Act a "series of small piecemeal ideas.”
— Igor Bobic (@igorbobic) July 27, 2020
"Who knows if we'll see legislative text or just an outline…They can't even put a single bill together, they're so divided."
But two can play at that game. As he was revealing the GOP plan on Monday, McConnell diminished the House-passed HEROES Act as a "multi-trillion dollar socialist manifesto." His bill is also $2 trillion less than the House bill, which was passed in May.
Schumer and House Speaker Nancy Pelosi are reportedly meeting with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows at 6 p.m. ET.