Axios’ morning email thingie gives us the alert that the COVID-19 relief bill passed the Senate:
🚨 Breaking now: World markets surged this morning after the overnight news that Congress and the White House reached a deal to inject nearly $2 trillion into the economy.
- With leaders promising the rescue package was imminent, the Dow Jones Industrial Average rose 11.4% yesterday — the index’s biggest one-day gain since 1933.
Eric Ueland, the White House legislative affairs director, announced the agreement in a Capitol hallway shortly after midnight, capping days of often intense haggling and mounting pressure, AP reports.
- “Ladies and gentlemen, we are done. We have a deal,” Ueland said.
- It still needs to be finalized in detailed legislative language.
Why it matters: The unprecedented economic rescue package will give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are out.
- One of the last sticking points was $500 billion for guaranteed, subsidized loans to larger industries. Airlines and hospitals will get significant help.
Tiger Beat on the Potomac (thanks Charlie!) morning email thingie tells us what is actually in it (emphasis mine):
Here are the items Schumer’s team says they’ve secured in the last few days: an extra month of unemployment insurance; $55 billion more for hospitals; $150 billion for states, localities and tribes; $10 billion in SBA grants of up to $10,000 for small business costs; $17 billion for SBA to cover six months of payments for businesses with current SBA loans …
… $30 billion in emergency education funding; $25 billion in transit funding; $30 billion for the Disaster Relief fund; the ban of stock buybacks for companies that received government assistance; real-time reporting of Treasury loans, investments and assistance; an IG for the $500 billion to lend to corporations; a tax credit that would encourage employers to keep workers on the payroll; a tax exclusion for people who are receiving student loan repayment from their employer.
— WHAT SCHUMER’S OFFICE IS REALLY EAGER TO POINT OUT:“Senate Democratic Leader Chuck Schumer has secured a provision in the agreement that will prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs. The children, spouses and in-laws of the aforementioned principals are also included in this prohibition.” Schumer’s Dear Colleague letter
I wonder who they had in mind.
I was particularly wondering about the prohibition for nepotism loans; it’s not just the obvious case that Lord Damp Nut’s hotels would get money, but let’s not forget that Elaine Chao’s family own/controls major shipping industries and she is Mrs. #MoscowMitch.
Anyway, Republicans are now trying to read the tea leaves to see if Lord Damp Nut will sign the damn thing, and he tweeted:
This is really great news! I am so happy I can barely speak. He may have been a terrible presidential candidate and an even worse U.S. Senator, but he is a RINO, and I like him a lot! https://t.co/42zpWW9vzy
— Donald J. Trump (@realDonaldTrump) March 25, 2020