Boxes containing the Moderna COVID-19 vaccine are moved to the loading dock for shipping at the McKesson distribution center in Olive Branch, Miss., Sunday, Dec. 20, 2020. (AP Photo/Paul Sancya, Pool)
Congressional leaders have hashed out a massive, year-end catchall bill that combines $900 billion in COVID-19 aid with a $1.4 trillion omnibus spending bill and reams of other unfinished legislation on taxes, energy, education and health care. The huge, still-unreleased bill is slated for votes on Monday — with lawmakers having only a few hours to read it before casting their votes.
Here are some highlights of the measure with overall funding amounts and specific amounts for some but not necessarily all initiatives; some amounts are not yet available and some aspects of the catchall bill do not involve spending.
COVID-19 RELIEF
Unemployment insurance ($120 billion). Revives supplemental federal pandemic unemployment benefits but at $300 per week — through March 14 — instead of the $600 per week benefit that expired in July. Extends special pandemic benefits for “gig” workers and extends the maximum period for state-paid jobless benefits to 50 weeks.
Direct payments ($166 billion). Provides $600 direct payments to individuals making up to $75,000 per year and couples making $150,000 per year — with payments phased out for higher incomes —- with $600 additional payments per dependent child.
Paycheck Protection Program ($284 billion). Revives the Paycheck Protection Program, which provides forgivable loans to qualified businesses. Especially hard-hit businesses that received PPP grants would be eligible for a second round. Ensures that PPP subsidies are not taxed.
Vaccines, testing, health providers ($69 billion). Delivers more than $30 billion for procurement of vaccines and treatments, distribution funds for states, and a strategic stockpile. Adds $22 billion for testing, tracing, and mitigation, $9 billion for health care providers, and $4.5 billion for mental health.
Schools and universities ($82 billion). Delivers $54 billion to public K-12 schools affected by the pandemic and $23 billion for colleges and universities; $4 billion would be awarded to a Governors Emergency Education Relief Fund; nearly $1 billion for Native American schools.
Rental assistance. ($25 billion) Provides money for a first-ever federal rental assistance program; funds to be distributed by state and local governments to help people who have fallen behind on their rent and may be facing eviction.
Food/farm aid ($26 billion) Increases stamp benefits by 15% for six months and provides funding to food banks, Meals on Wheels, and other food aid. Provides an equal amount ($13 billion) in aid to farmers and ranchers.
Child Care ($10 billion). Provides $10 billion to the Child Care Development Block Grant to help families with child care costs and help providers cover increased operating costs.
Postal Service ($10 billion). Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation.
OMNIBUS APPROPRIATIONS ($1.4 TRILLION)
The bill also includes $1.4 trillion in annual spending bills that fund agency operating budgets through Sept. 30 of next year. The measure has not been released but provides President Donald Trump with a last, $1.4 billion installment for a wall on the U.S.-Mexico border.
MISCELLANEOUS
The measure also contains more than 3,000 pages of miscellaneous legislation, including:
Surprise medical billing. Includes bipartisan legislation to protect consumers from huge surprise medical bills after receiving treatment from out-of-network providers.
Tax extenders. Extends a variety of expiring tax breaks, including lower excise taxes of craft brewers and distillers. Renewable energy sources would see tax breaks extended, as would motorsport facilities, and people making charitable contributions. Business meals would be 100% deductible through 2022.
Water projects. Includes an almost 400-page water resources bill that targets $10 billion for 46 Army Corps of Engineers flood control, environmental and coastal protection projects.
Although this week's weather is predicted to be less severe than the 2021 storm, Texans are preparing for the worst - stocking up on supplies and emptying shelves in grocery stores, once again. Some Texans still have not recovered from last year's tragedy, and are heading into the next few weeks with anxiety for what's to come. Leslie Beyer, CEO of the Houston-based energy workforce & technology council, joins Cheddar News to discuss if the Texas grid will fail again.
Student loan debt continues to be a major concern for tens of millions of Americans who collectively owe about $1.7 trillion. Black college students often take on larger amounts of student debt in order to pay for a higher education. In turn, they are more likely to struggle post-graduation with repaying their debt, creating a racial wealth gap divide. Andre Perry, senior fellow at Brookings Institution joined All Hands to help break down the black student debt crisis.
After two NYPD officers were killed with an illegal gun, President Biden made a trip to New York City to speak on the issue of gun violence fed by the "iron pipeline" of illegal firearms that make their way from the South to the Big Apple. Kris Brown, the president of the gun violence prevention organization Brady United, joined Cheddar to discuss what this visit from the president could mean for the future of gun laws in America. "He's asked Congress to pass things like expanding the Brady background check system, but with the filibuster a barrier to so much action right now in the Congress, he's looking at solutions that involve funding at the federal level and really involve enforcement."
Following the surprising big beat on estimates for the January jobs report, William M. Rodgers III, vice president and director of the Institute for Economic Equity at the Federal Reserve Bank of St. Louis, joined Cheddar News to break down the data. “We ended 2021 with a strong crescendo to a recovery that had taken hold, and we started 2022 in good fashion." He also discussed the dueling pressures of wage growth and inflation.
Jessica Mason Pieklo, senior vice president and executive editor of the Rewired News Group and co-host of the podcast. "Boom! Lawyered," joins Cheddar Politics to discuss Justice Stephen Breyer's retirement, legacy and potential replacement on the Supreme Court.
The Biden administration delivered a temporary win for student loan borrowers this year by extending the moratorium on federal payments for a few more months. That moratorium is coming to an end on May 1st and borrowers will again have their monthly loan payment plopped in their lap.
Stephanie Vanderslice, a creative writing professor paying off debt through the Parent Plus program, and Mike Pierce, executive director of the Student Borrower Protection Center, join Cheddar Politics to discuss.
2022 was already going to be a big year for the Supreme Court. We have decisions on major issues like abortion and gun rights on the way. Then, Justice Stephen Breyer announced his retirement and that set up a major confirmation fight for later this year. Amy Howe, co-founder of SCOTUSblog, joins Cheddar Politics to discuss.
The Labor Department released a better-than-expected report of 467,000 jobs added in January. Heather Boushey, Council of Economic Advisers Member for President Biden, joined Cheddar to tout the administration's handling of the economy amid the pandemic and the upward revisions for the previous month. "It also shows that, because of the revisions, the economy was stronger over the past couple of months," she said. "I don't think that this can be said enough, but economic forecasting during an historic pandemic is extremely difficult." Boushey also addressed issues involving wage growth versus the rapid rise of inflation.
