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Sen. Mitt Romney seems to be channeling former Democratic presidential candidate Andrew Yang in his proposal to give every U.S. adult $1,000 to help them deal with the economic impact of the coronavirus outbreak.
“Every American adult should immediately receive $1,000 to help ensure families and workers can meet their short-term obligations and increase spending in the economy. Congress took similar action during the 2001 and 2008 recessions,” he said. “While expansions of paid leave, unemployment insurance, and SNAP benefits are crucial, the check will help fill the gaps for Americans that may not quickly navigate different government options.”
The Republican senator proposed the measure amid efforts in Washington D.C. to push a second relief package through the Senate offering free testing and limited paid sick leave.
Critics of the bill say it falls short of addressing the massive economic fallout of the outbreak.
"We also urgently need to build on this legislation with additional action to help families and small businesses meet their short-term financial obligations, ease the financial burden on students entering the workforce, and protect health workers on the front lines and their patients by improving telehealth services," Romney said in a statement.
Romney has also called for giving “bridge grants” to small businesses that apply but don’t receive Economic Injury Disaster Loans under the Small Business Administration. Qualified businesses would need to show a 50 percent decline in monthly revenue from the prior year.
The grants will help businesses afford short-term costs such as payroll and rent that could help them avoid bankruptcy down the line, Romney said.
The same statement includes proposals to defer student loan payments and adjust federal Pell Grants to cover additional costs related to the coronavirus.
In addition, Romney has proposed requiring all private insurance companies to cover telehealth services, with the caveat that the federal government would reimburse all costs.
Mayor Ras Baraka of Newark, NJ and Ayana Morris, co-director of the documentary 'Why Is We Americans?,' join Cheddar News to discuss the new documentary highlighting the impact of the Baraka family.
Former New York City mayor and lawyer to Donald Trump Rudy Giuliani made his singing debut on a taping of Fox’s The Masked Singer. However, Ken Jeong and Robin Thicke, two judges on the competition show, reportedly left in protest when Giuliani was unmasked upon being eliminated.
All Hands celebrates Black History Month by highlighting achievements in inclusivity and paying homage to those who have fought for equal rights. Rep. Maxine Waters (D-CA) joins Cheddar News to discuss voter suppression; Damali Peterman, CEO of Breakthrough ADR, elaborates on the biggest barriers for Black professionals; Andre Perry, senior fellow of Brookings Institution, dives into student loans and the racial wealth divide; and lastly, BET CEO Scott Mills discusses the company's initiatives for 2022.
All month long Cheddar News is celebrating Black History Month.
In our nation’s capital, Black history is being made right now.
cheddar's own Arielle Hixon puts the spotlight on three lawmakers making that happen, Rep. Lauren Underwood (D-IL), Rep. Cori Bush (D-MO), and Sen. Tim Scott (R-SC).
Representative Maxine Waters (D-Calif. 43rd District) joined Cheddar News to talk about the current political climate in America, including efforts to roll back voting rights in multiple states in light of Black History Month. "Why do we have to deal with those who still believe that somehow this country only belongs to the whites of the country and that somehow they have to do everything that they can to undermine our voting and do voters suppression to keep us from being influential and at the table by which to solve problems?" she asked. Waters chided "two Democrats" who she said were stymying attempts to rectify the issue and also spoke on President Biden’s promise to nominate a Black woman to the Supreme Court.
Wall Street saw another volatile day after the Federal Reserve left rates unchanged for now, with plans to raise rates in March at its next meeting in order to ease inflation. Fed Chair Jerome Powell said the Fed has not made decisions on the size of rate increases, adding that the Fed is not trying to get inflation below two-percent. Ken Johnson, CFA and Investment Strategy Analyst explains why Powell thinks that high inflation is a significant threat to the labor market.
Anu Gaggar, global investment strategist for Commonwealth Financial Network, joined Cheddar News to discuss how global supply chains could be disrupted even further by an armed conflict in Ukraine.
Solid-state battery maker Factorial Energy recently raised $200 million in a Series D round led by Mercedes-Benz and Stellantis. Factorial says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology, which the company says is safer, and offers up to 50% more driving range than current lithium-ion technology. Factorial also has joint development agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 global automotive manufacturers, to commercialize its batteries. Factorial CEO Siyu Huang joined Cheddar News' Closing Bell to discuss.
