Sen. Mike Crapo, R-Idaho, and Sen. Chris Coons, D-Del., leave the Capitol after voting on the Coronavirus Aid, Relief, and Economic Security Act in the Capitol on Wednesday night. Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images
With just minutes left in the day Wednesday, the Senate kept its pledge to pass a $2.2 trillion coronavirus relief bill, in a unanimous vote.
The 880-page bill is full of funding priorities, including the authorization of a cash infusion to Americans of up to $1,200 for adults and $500 for children.
The final bill also included $367 billion in loans to small businesses, $500 billion in assistance to large businesses, states and cities, as well as an expansion to unemployment benefits that gives an extra $600 per month to those already receiving their states’ unemployment benefits.
The unanimity in the final vote came after a day of uncertainty, as Republican Sens. Ben Sasse (Neb.), Rick Scott (Fla.), Lindsey Graham (S.C.) and Tim Scott (S.C.) threatened to hold up the bill because they felt the unemployment provisions in the bill were too generous and would disincentivize people to work.
“Let’s just make sure we make people whole,” Graham told reporters. “Let’s not increase their salary, because you can’t afford to do that.”
In response, Sen. Bernie Sanders (I-Vt.) threatened to hold up the bill over what he called the “corporate welfare” provisions in the bill.
Ultimately, these controversies were resolved before the final vote. Under normal circumstances, such a large bipartisan majority in the Senate would allay concerns from House members.
But much like the situation Wednesday, the bill’s path forward in the House remains somewhat unclear, as lawmakers of different stripes continue to express concerns about the massive package McConnell termed “emergency relief” rather than “stimulus.”
Rep. Alexandria Ocasio-Cortez (D-N.Y.) stayed active on Twitter for much of Wednesday, criticizing the Senate for its potentially extending its two-week Easter recess to three weeks. She also criticized Senate Republicans for offering a massive amount of corporate assistance in the same bill that is intended to offer relief to everyday Americans.
Ocasio-Cortez’s colleagues from the New York delegation are cautious about the bill. This comes after New York Gov. Andrew Cuomo (D) said the bill was insufficient in meeting the needs of his state, which leads the nation in coronavirus cases with upwards of 30,000 cases.
“It would really be terrible for the state of New York,” Cuomo said Wednesday. “That is a drop in the bucket as to need.”
Some House conservatives cited concerns over the bill’s vast price tag.
Florida Congressman Matt Gaetz (R-Fl.) tweeted his objection to funding for the National Endowments for the Arts and Humanities, Howard University and $350 million for the State Department’s Migration and Refugee Assistance programs.
Senate Majority Leader Steny Hoyer (D-Md.) has informed lawmakers that the House will convene Friday to consider the bill.
"In order to protect the safety of Members and staff and prevent further spread of COVID-19 through Members' travel,” Hoyer emailed lawmakers, “passage will be done by voice vote. Members who want to come to the House Floor to debate this bill will be able to do so."
The House originally hoped to pass the legislative package by unanimous consent but House Republican Leader Kevin McCarthy cautioned that it would not be possible.
"I don't believe we should pass a $2 trillion dollar package by unanimous consent,” McCarthy said Wednesday. “But I also think it would be able to pass it by a voice vote."
That is what both Democrats and Republicans are counting on, especially after Senators voted unanimously for the bill.
With unemployment claims at the highest level in recorded history: 3.28 million, there is increased pressure on the House to pass this quickly and get it to the president’s desk.
In the current package, unemployment benefits would be increased for anyone experiencing unemployment due to the coronavirus pandemic.
Lawmakers anticipate another funding bill will be needed in the future with Speaker Pelosi pledging further cash payments to Americans in a so-called “phase four” relief package.
Inflation remains hot as the January PPI has increased by 1 percent, twice what analysts had been expecting with a jump of 9.7 over the year. Beth Ann Bovino, the U.S. chief economist, for S&P Global Ratings, joined Cheddar News to discuss the rapid pace of inflation alongside higher wages, predicting the Federal Reserve will act quickly and forcefully this year. "They haven't changed their forecast, yet, that's gonna come out soon. But we expect that a March rate hike is basically pretty much baked in the cake," she said. "We think six rate hikes in total for 2022."
For black history month, Cheddar is highlighting black business leaders who are driving the need for representation forward. On February 10, the U.S. Chamber of Commerce hosted an event called 'Developing the Black-Owned Business Ecosystem.' The virtual event was organized under the lobbying group's two initiatives -- the Equality of Opportunity Initiative, and the Coalition to Back Black Businesses. The event highlighted the developments needed to develop more black-owned businesses in the U.S. Dr. Anthony Wilbon, Dean of the School of Business at Howard University, joined Cheddar News' Closing Bell to discuss his experience as a speaker at the event.
A newly declassified letter by senators Ron Wyden and Martin Heinrich claimed the CIA. has been conducting a Secret Surveillance Program which has been collecting a bulk of data from American citizens. The letter which was written in April of 2021 urges the CIA to come clean about the kind of data it collects and how many Americans have been impacted. According to these two senators, the program did not have the safeguards of congressional oversight.
Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell, where he says investors are taking a wait-and-see approach when it comes to the situation between Russia and the Ukraine and elaborates on the impact higher oil prices stemming from the conflict would have on the market.
Last week, Senators Ron Wyden of Oregon and Martin Heinrich of New Mexico, Democrats on the Senate Intelligence Committee, wrote a a letter airing concerns that the CIA is collecting the data of American citizens without their consent. The lawmakers fear that the program might be exploiting private data. Morgan Wright, the chief security advisor at cybersecurity firm SentinelOne, joined Cheddar News to discuss the ramifications of the letter. "We don't have all the dots in one place to connect them," said Wright, cautioning against jumping to conclusions.
Russian President Vladimir Putin and his Foreign Minister Sergey Lavrov said that diplomacy is still possible, while U.S. officials warn that an attack on Ukraine is imminent. Cheddar News speaks with James Astill, Washington bureau chief of The Economist on the latest developments in Eastern Europe.
As the number of Russian troops rose to 130,000 along its Ukrainian border, hopes for a diplomatic solution remain among world leaders. Jason McMann, head of geopolitical risk analysis at Morning Consult, joined Cheddar News to break down the fluid situation. "We saw signs pointing towards an increase in tensions between Ukraine and Russia, whereas today we're seeing some signs that the Russian government may be willing to continue down a path of diplomatic negotiations to try and find some sort of non-military solution," he said.
Nancy Pelosi and House Democratic leaders are now planning to amend the stop trading on congressional knowledge act, otherwise known as the 'Stock' Act. This 2012 law governs how members disclose the purchase or sale of stocks and amending it would close a loophole, eliminating the trading of individual stocks by members of congress. Pelosi has consistently opposed a ban on stock trading by lawmakers and congressional staff...so what's changed? Kedric Payne, Vice President of Campaign Legal Center, joins Cheddar News to discuss.
In a 5-4 vote, the U.S. Supreme Court allowed for a controversial new version of the Alabama congressional map to remain in place. The lower court had previously ordered that the state must redraw that congressional map because it violates the Voting Rights Act by diluting the political power of Black voters. Redistricting expert Yurij Rudensky joins Cheddar News to weigh in.
