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Top Senate Republican Mitch McConnell now says he’s sticking with scaled-back COVID relief bill

cigaretteman

HR King
May 29, 2001
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Yes, we can't have the economy recovering during the Biden Administration. Party over country always for Putin's Mitch:

Top Senate Republican Mitch McConnell said Tuesday he’s largely sticking with a partisan, scaled-back COVID-19 relief bill that has already failed twice this fall, even as Democratic leaders and a bipartisan group of moderates offered concessions in hopes of passing pandemic aid before Congress adjourns for the year.

The Kentucky Republican made the announcement after President-elect Joe Biden called upon lawmakers to pass a downpayment relief bill now with more to come next year. House Speaker Nancy Pelosi resumed talks with Treasury Secretary Steven Mnuchin about a year-end spending package that could include COVID relief provisions. Key Senate moderates rallied behind a scaled-back framework.

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It’s not clear whether the flurry of activity will lead to actual progress. Time is running out on Congress’ lame-duck session and Donald Trump’s presidency, many Republicans won’t even acknowledge that Trump has lost the election and good faith between the two parties remains in short supply.

McConnell said his bill, which only modestly tweaks an earlier plan blocked by Democrats, would be signed by Trump and that additional legislation could pass next year. But his initiative fell flat with Democrats and a key GOP moderate.

“If it’s identical to what (McConnell) brought forth this summer then it’s going to be a partisan bill that is not going to become law,” said Sen. Susan Collins, R-Maine, who joined moderates in unveiling a $908 billion bipartisan package only hours earlier. “And I want a bill that will become law.”

Democrats declined to release details of their concessions to McConnell.




“Speaker Pelosi and I sent him the proposal in a good faith effort to start, to get him to negotiate in a bipartisan way,” Schumer said.

McConnell’s response was to convene conversations with the Trump team and House GOP Leader Kevin McCarthy of California. During the campaign, Trump appeared eager to sign a relief bill and urged lawmakers to “go big” but McConnell said Tuesday’s modest measure is all he’ll go for now.

“We don’t have time for messaging games. We don’t have time for lengthy negotiations,” McConnell said. “I would hope that this is something that could be signed into law by the president, be done quickly, deal with the things we can agree on now.” He added that there would still be talks about “some additional package of some size.”

McConnell’s reworked plan swiftly leaked. A summary ignores key demands of Democrats and moderates such as aid to states and local governments and additional unemployment benefits.



Senate Majority Leader Mitch McMcConnell of Ky., speaks to reporters on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (Bill O'Leary/Pool via AP) (Bill O'Leary/AP)

In Wilmington, Delaware, Biden called on lawmakers to approve a down payment on COVID relief, though he cautioned that “any package passed in lame-duck session is — at best -- just a start.”

And a bipartisan group of lawmakers proposed a split-the-difference solution to the protracted impasse over COVID-19 relief in a last-gasp effort to ship overdue help to a hurting nation before Congress adjourns for the holidays. It was a sign that some lawmakers across the spectrum are reluctant to adjourn for the year without approving some COVID aid.

The group includes Senate centrists such as Joe Manchin, D-W.Va., and Collins, who hope to exert greater influence in a closely divided Congress during the incoming Biden administration.

The proposal by the bipartisan group hit the scales at $908 billion, including $228 billion to extend and upgrade “paycheck protection” subsidies for businesses for a second round of relief to hard-hit businesses like restaurants. It would revive a special jobless benefit, but at a reduced level of $300 per week rather than the $600 benefit enacted in March. State and local governments would receive $160 billion, and there is also money for vaccines.

Previous, larger versions of the proposal — a framework with only limited detail — were rejected by top leaders such as Pelosi, D-Calif., and McConnell. But pressure is building as lawmakers face the prospect of heading home for Christmas and New Year’s without delivering aid to people in need.

Lawmakers’ bipartisan effort comes after a split-decision election delivered the White House to Democrats and gave Republicans down-ballot success. At less than $1 trillion, it is less costly than a proposal meshed together by McConnell this summer. He later abandoned that effort for a considerably less costly measure that failed to advance in two attempts this fall.

“It’s not a time for political brinkmanship,” Manchin said. “Emergency relief is needed now more than ever before. The people need to know that we are not going to leave until we get something accomplished.”

Pelosi and Mnuchin were discussing COVID relief and other end-of-session items, including a $1.4 trillion catchall government funding bill. Mnuchin told reporters as he arrived at a Senate Banking Committee hearing to assess earlier COVID rescue efforts that he and Pelosi are focused primarily on the unfinished appropriations bills, however.

“On COVID relief, we acknowledged the recent positive developments on vaccine development and the belief that it is essential to significantly fund distribution efforts to get us from vaccine to vaccination,” Pelosi said afterward.

Pelosi and Mnuchin grappled over a relief bill for weeks before the November election, discussing legislation of up to $2 trillion. But Senate GOP conservatives opposed their efforts and Pelosi refused to yield on key points.

The bipartisan compromise proposal is virtually free of detail, but includes a temporary shield against COVID-related lawsuits against businesses and other organizations that have reopened despite the pandemic.


 
Lets be honest. Mitch is trying to derail recovery. He knows his plan will do little to help. His real goal is to slow down any recovery and then blame Biden.
 
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Yes, we can't have the economy recovering during the Biden Administration. Party over country always for Putin's Mitch:

Top Senate Republican Mitch McConnell said Tuesday he’s largely sticking with a partisan, scaled-back COVID-19 relief bill that has already failed twice this fall, even as Democratic leaders and a bipartisan group of moderates offered concessions in hopes of passing pandemic aid before Congress adjourns for the year.

The Kentucky Republican made the announcement after President-elect Joe Biden called upon lawmakers to pass a downpayment relief bill now with more to come next year. House Speaker Nancy Pelosi resumed talks with Treasury Secretary Steven Mnuchin about a year-end spending package that could include COVID relief provisions. Key Senate moderates rallied behind a scaled-back framework.

ADVERTISING


It’s not clear whether the flurry of activity will lead to actual progress. Time is running out on Congress’ lame-duck session and Donald Trump’s presidency, many Republicans won’t even acknowledge that Trump has lost the election and good faith between the two parties remains in short supply.

McConnell said his bill, which only modestly tweaks an earlier plan blocked by Democrats, would be signed by Trump and that additional legislation could pass next year. But his initiative fell flat with Democrats and a key GOP moderate.

“If it’s identical to what (McConnell) brought forth this summer then it’s going to be a partisan bill that is not going to become law,” said Sen. Susan Collins, R-Maine, who joined moderates in unveiling a $908 billion bipartisan package only hours earlier. “And I want a bill that will become law.”

Democrats declined to release details of their concessions to McConnell.




“Speaker Pelosi and I sent him the proposal in a good faith effort to start, to get him to negotiate in a bipartisan way,” Schumer said.

McConnell’s response was to convene conversations with the Trump team and House GOP Leader Kevin McCarthy of California. During the campaign, Trump appeared eager to sign a relief bill and urged lawmakers to “go big” but McConnell said Tuesday’s modest measure is all he’ll go for now.

“We don’t have time for messaging games. We don’t have time for lengthy negotiations,” McConnell said. “I would hope that this is something that could be signed into law by the president, be done quickly, deal with the things we can agree on now.” He added that there would still be talks about “some additional package of some size.”

McConnell’s reworked plan swiftly leaked. A summary ignores key demands of Democrats and moderates such as aid to states and local governments and additional unemployment benefits.



Senate Majority Leader Mitch McMcConnell of Ky., speaks to reporters on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (Bill O'Leary/Pool via AP) (Bill O'Leary/AP)

In Wilmington, Delaware, Biden called on lawmakers to approve a down payment on COVID relief, though he cautioned that “any package passed in lame-duck session is — at best -- just a start.”

And a bipartisan group of lawmakers proposed a split-the-difference solution to the protracted impasse over COVID-19 relief in a last-gasp effort to ship overdue help to a hurting nation before Congress adjourns for the holidays. It was a sign that some lawmakers across the spectrum are reluctant to adjourn for the year without approving some COVID aid.

The group includes Senate centrists such as Joe Manchin, D-W.Va., and Collins, who hope to exert greater influence in a closely divided Congress during the incoming Biden administration.

The proposal by the bipartisan group hit the scales at $908 billion, including $228 billion to extend and upgrade “paycheck protection” subsidies for businesses for a second round of relief to hard-hit businesses like restaurants. It would revive a special jobless benefit, but at a reduced level of $300 per week rather than the $600 benefit enacted in March. State and local governments would receive $160 billion, and there is also money for vaccines.

Previous, larger versions of the proposal — a framework with only limited detail — were rejected by top leaders such as Pelosi, D-Calif., and McConnell. But pressure is building as lawmakers face the prospect of heading home for Christmas and New Year’s without delivering aid to people in need.

Lawmakers’ bipartisan effort comes after a split-decision election delivered the White House to Democrats and gave Republicans down-ballot success. At less than $1 trillion, it is less costly than a proposal meshed together by McConnell this summer. He later abandoned that effort for a considerably less costly measure that failed to advance in two attempts this fall.

“It’s not a time for political brinkmanship,” Manchin said. “Emergency relief is needed now more than ever before. The people need to know that we are not going to leave until we get something accomplished.”

Pelosi and Mnuchin were discussing COVID relief and other end-of-session items, including a $1.4 trillion catchall government funding bill. Mnuchin told reporters as he arrived at a Senate Banking Committee hearing to assess earlier COVID rescue efforts that he and Pelosi are focused primarily on the unfinished appropriations bills, however.

“On COVID relief, we acknowledged the recent positive developments on vaccine development and the belief that it is essential to significantly fund distribution efforts to get us from vaccine to vaccination,” Pelosi said afterward.

Pelosi and Mnuchin grappled over a relief bill for weeks before the November election, discussing legislation of up to $2 trillion. But Senate GOP conservatives opposed their efforts and Pelosi refused to yield on key points.

The bipartisan compromise proposal is virtually free of detail, but includes a temporary shield against COVID-related lawsuits against businesses and other organizations that have reopened despite the pandemic.



The economy is already growing rapidly without another (anti) stimulus.

The durable goods report released last week by the Census Burea showed an above consensus 1.3% increase for October, resulting in a combined 43.7% increase since the April bottom, leaving new orders now just 2.2% below the February pre-pandemic high, and signaling a sharp (and very V-shaped) recovery in the manufacturing sector. And the ISM Manufacturing Index released yesterday shows continued strong gains in the sector in November, meaning we may wipe out the entire Spring decline by year end.

And new home construction continued its torrid pace in October as single-family construction rose for the sixth month in a row, hitting the highest level since 2007. Single-family construction has now made more than a full V-shaped recovery and sits 14.0% above its February pre-pandemic high.

Meanwhile, the most recent retail sales report showed a rise of 0.3% in October (0.7% including revisions to prior months). Back in April, retail sales were down 19.9% from a year earlier; now, in October, retail sales are up 5.7% from October 2019. Moreover, with the increase in October, retial sales are an astonishing 4.9% higher than the February pre-COVID high-water mark, meaning retail sales have had a full V-shaped recovery, and are now starting to trace out a checkmark.

Lastly, with under a month left in Q4, the Atlanta Federal Reserve's GDPNow index shows GDP growing at 11.1% in Q4.

Assuming we can keep the government goons and the witless coronabros at bay, look for continued economic growth.
 
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