Senate Unanimously Passed $2 Trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act
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The Senate unanimously (96 yes and 0 no) passed a massive stimulus package, CARES (Coronavirus Aid, Relief, and Economic Security) Act, late Wednesday night, March 25, 2020, in an effort to jumpstart the economy decimated by the coronavirus pandemic.
To read Summary: Congress releases CARES Act, please click HERE.
In the video “BREAKING: Senate unanimously passes MASSIVE $2 TRILLION coronavirus stimulus package“
Early on Wednesday, March 25, 2020, Senate leaders and the White House finally reached an agreement on a $2 trillion stimulus package to rescue the economy from the coronavirus assault, as United States is on track to become the next epicenter of the coronavirus outbreak, with closed schools and businesses, massive layoffs, and increased ailing people. The anticipation of this agreement contributed to huge gain on Wall Street on Tuesday, March 24, 2020. After midnight early on Wednesday, there are enough senate votes to pass this stimulus package.
Around 1:30 am on Wednesday morning, on the Senate floor, the Senate Majority Leader Mitch McConnell and Minority Leader Charles E. Schumer announced the breakthrough after a long day of discussion with Treasury Secretary Steven Mnuchin and other officials. McConnell said, “At least we have a deal. After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.” Schumer said, “Help is on the way, big help and quick help. We’re going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark economic times.”
In the video “Historic 2-trillion stimulus deal reached amid pandemic“, below:
In the video “White House, Senate reach bipartisan deal on coronavirus stimulus package“, published on March 24, 2020, below:
In the video “Nancy Pelosi tells House Dems to ‘recognize the good’ in stimulus bill“, below:
This package would extend assistance to potentially millions of Americans and companies that have been affected by the coronavirus crisis. The Senate bill would direct $1,200 to most American adults and $500 to most children, create a $500 billion lending program for companies, states, and cities, and extend an additional $367 billion to help small companies to deal with payroll problems. The bill would bolster the unemployment insurance and pump $150 billion into U.S. hospitals.
For more about the CARES (Coronavirus Aid, Relief, and Economic Security) Act, please refer to the excerpt from wikipedia, in italics, below:
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), also known as the CARES Act, is a bill proposed in the United States Senate by Senate Majority Leader Mitch McConnell (R–KY). It is meant to address the economic fallout of the 2020 coronavirus pandemic in the United States.
The original, Republican-proposed $1 trillion bill includes $500 billion in checks for Americans, “$208 billion in loans for major industries that have been impacted by the coronavirus,” and “$300 billion for small businesses.” As a result of bipartisan negotiations, the bill grew to $2 trillion in the version passed by the Senate on March 25, 2020.
The bill is referred to by lawmakers as “Phase 3” of Congress’s coronavirus response. The first phase “was an $8.3 billion bill spurring coronavirus vaccine research and development” (the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020) and the second phase was “an approximately $104 billion package largely focused on paid sick leave and unemployment benefits for workers and families” (the Families First Coronavirus Response Act).
Early in the morning of Wednesday March 25, Senate leaders announced they had come to an agreement on a modified version of the CARES Act, the full text of which exceeds 800 pages. Mitch McConnell “announced news of a breakthrough on the Senate floor shortly after 1:30 a.m. Wednesday.”
On the floor of the Senate, McConnell stated “the Senate has reached a bipartisan agreement on a historic relief package for this pandemic” and that “this is a wartime level of investment for our nation.” McConnell continued the analogy to war by stating that the CARES Act would provide “ammunition” to health care workers who are the “frontline heroes who put themselves at risk to care for patients” by providing them “the ammunition they need.” Senate Minority Leader Chuck Schumer stated on the Senate floor that “Like all compromises, this bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage, and because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started.”
The result of the agreement between Senate leaders and the White House was an 880 page, $2 trillion bill that “is the largest economic relief bill in U.S. history.” The bill was criticized by Representative Alexandria Ocasio-Cortez and New York Governor Andrew Cuomo. Republican Senators Lindsey Graham, Tim Scott, Ben Sasse, and Rick Scott expressed concern the bill’s strong unemployment provisions “encourage employees to be laid off instead of working.” To address these concerns, Senate leaders “agreed to allow an amendment vote on the floor.”
Late in the night of Wednesday, March 25, 2020 the Senate passed the $2 trillion bill in a unanimous 96-0 vote. The four Senators not voting were Rand Paul (who did not vote after testing positive for coronavirus disease 2019), Mitt Romney and Mike Lee (who were both in isolation after contact with Senator Paul), as well as Senator John Thune who “missed the vote after feeling ill.”
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