Should Congress spend $1.9 trillion to provide $1,400 checks, and more?
Bill Summary
H.R. 1319, The American Rescue Plan Act, aims to curb the spread of COVID-19 and ameliorate its economic impacts with a $1.9 trillion relief package. The legislation targets three areas: 1) curbing the spread of the virus by setting up and expanding community vaccination sites and testing, and providing sick leave for those who need it; 2) sending Americans $1,400 checks, increasing the minimum wage, and extending unemployment insurance; and 3) setting up a loan system for small businesses.
Sponsor: Rep. John Yarmuth (Democrat, Kentucky, District 3)
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Opponents say
• "Unfortunately, President Biden and Democrats are pushing a $1.9 trillion bill that is completely partisan and divorced from economic reality. This bill is not designed to find common ground. Unlike previous bills, it’s not an economic relief bill, as its size and contents are not dictated by any rational economic justification. Overall, it’s wasteful, poorly targeted, and largely unrelated to COVID...The Democrat plan includes $15 billion for Economic Injury Disaster Loans (EIDL)... But Congress has already provided over $1 trillion in relief to small businesses... MDIs and CDFIs won’t even be able to push out these funds quickly... As of February 21, 2021, more than $140 billion in PPP remained untapped. As of February 24, 2021, none of the $20 billion for EIDL has been disbursed… the bill would raise the federal minimum wage to $15 per hour. Such an increase would harm small businesses and low-income workers – especially in hard-hit industries. CBO projects a loss of 1.4 million jobs - potentially as high as 3.7 million... And then there are provisions in the Democrat plan that are so unrelated to COVID, it’s hard to read them with a straight face. $86 billion to bail out multi-employer pensions without requiring any reform. $100 million earmark to build a subway in Silicon Valley which will take years to spend. $135 million for the National Endowment for the Arts. $135 million for the National Endowment for the Humanities. $91 million for "outreach" to student loan borrowers. $50 million for environmental justice grants."
Source: Senator Pat Toomey (Republican, Pennsylvania)
Proponents say
• "The need to act is clear in the lines at food banks, the small businesses that are closed or closing, and the growing number of Americans experiencing housing insecurity."
Source: President Joe Biden (President of the United States)
• "Aggressive, bold action is needed before our nation is more deeply and permanently scarred by the human and economic costs of inaction. We have a plan to beat the virus. To safely reopen schools. To quickly and equitably distribute vaccines. To deliver immediate relief to working families and small businesses. To support communities struggling with the economic fallout. We have ample fiscal space to provide the resources necessary to end the pandemic, mitigate its economic damage, and build a stronger and more inclusive economy in its wake." Source: Representative John Yarmuth (Democrat, Kentucky, District 3)
• "Democrats remain committed to working with our colleagues from the other side of the aisle to improve the bill. But at the end of the day, the American people sent us here with a job to do, and the clock is ticking. Democrats will not wait to move forward with the American rescue plan." Source: Senate Majority Leader Chuck Schumer (Democrat, New York)
• "Aggressive, bold action is needed before our nation is more deeply and permanently scarred by the human and economic costs of inaction. We have a plan to beat the virus. To safely reopen schools. To quickly and equitably distribute vaccines. To deliver immediate relief to working families and small businesses. To support communities struggling with the economic fallout. We have ample fiscal space to provide the resources necessary to end the pandemic, mitigate its economic damage, and build a stronger and more inclusive economy in its wake." Source: Representative John Yarmuth (Democrat, Kentucky, District 3)
• "Democrats remain committed to working with our colleagues from the other side of the aisle to improve the bill. But at the end of the day, the American people sent us here with a job to do, and the clock is ticking. Democrats will not wait to move forward with the American rescue plan." Source: Senate Majority Leader Chuck Schumer (Democrat, New York)
- President Biden Releases the American Rescue Plan (Press Release)
- CBO Estimated Budget Effects of the American Rescue Plan of 2021 (Congressional Budget Office)
- Chairman Yarmuth Opening Statement at Virtual Markup of the American Rescue Plan Act of 2021 (Press Release)
- The Biden stimulus is admirably ambitious. But it brings some big risks, too. (Larry Summers in the Washington Post)
- GOP begins new push against Biden's relief plan as Republican leaders expect no defections in the ranks (CNN)
- Biden's aid bill wildly popular with Americans - except Republicans in Congress (Reuters)
