Schumer Aims to Pass Fresh Covid-19 Relief Plan by Mid-March

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Blinken Says the U.S. Has ‘Recalibrated’ Its Relationship With Saudi Arabia
  • LIVE: Biden Delivers Remarks at a FEMA Covid Vaccination Site in Houston, Texas
  • Pelosi Says Democrats ‘Will Not Rest Until We Pass $15 Minimum Wage’
  • Bloomberg Quicktake: Now published this video item, entitled “Schumer Aims to Pass Fresh Covid-19 Relief Plan by Mid-March” – below is their description.

    Senate Majority Leader Chuck Schumer said he aims to secure passage of the next round of Covid-19 relief by mid-March, just when jobless benefits from the last package will be running out.

    “We’ll try to get that passed in the next month, month and a half,” Schumer said with regard to pandemic aid on Monday, speaking on a call with New York City mass-transit advocates.

    A bipartisan group of senators, along with the Republican and Democratic leaders of a moderate group of House representatives, on Sunday questioned the White House on President Joe Biden’s $1.9 trillion stimulus proposal.

    Brian Deese, head of Biden’s National Economic Council, was pressed on the justification for the price tag of the plan, which would be the second-largest emergency spending package on record. GOP Senator Susan Collins of Maine said she’d suggest to the bipartisan group that it look at pulling together its own, more targeted, proposal.

    Stocks retreated following news of Schumer’s timeline, after Biden last week underscored the need to move quickly given the continuing onslaught of the pandemic. The S&P 500 dropped as much as 1.2% before recovering some losses. It was down 0.5% at 12:20 p.m. in New York, after hitting a record high on Thursday.

    House Speaker Nancy Pelosi last week told donors on a call that she had originally wanted to pass the Biden stimulus using fast-track budget procedures in the first two weeks of the administration, but that those plans were up in the air.

    The Schumer timeline reflects the length it could take to craft a bill using the expedited budget “reconciliation” process needed to bypass a filibuster by minority Republicans. The House and Senate would need to first draft a budget resolution for fiscal 2021. That process in the Senate involves a floor “vote-a-rama” where hundreds of amendments can be offered to the budget for simple majority votes. Those can take days to resolve.

    Once a concurrent budget resolution with reconciliation instructions is adopted, committees would then need to draft legislation adhering to the outline. That legislation would then need to pass both the House and the Senate, be scored by the Congressional Budget Office and survive any rules challenges in the Senate. The second process would likely take weeks.

    Using the budget-reconciliation process has its limits. Under the rules, discretionary spending such as on health and education would be difficult or impossible to qualify, along with the $15 minimum wage increase Biden wants. The $1,400 stimulus checks would likely be possible, however.

    Even under that process, all 48 Democrats and the two independents who caucus with them in the Senate would need to agree assuming no Republicans join in.

    Another complication: the Senate has now agreed to begin holding former President Donald Trump’s impeachment trial on Feb. 9. It is unclear how long that process could take.

    On Sunday’s call between the White House and bipartisan lawmakers, there was discussion of trying to quickly pass a funding bill for the coronavirus vaccine — though splitting that from Biden’s other priorities could see the administration lose leverage on items such as expanding family and medical leave and boosting the minimum wage.

    Adding to the delays, Schumer and Senate Minority Leader Mitch McConnell have yet to agree on how to organize the 50-50 Senate and that’s holding up the ability of committees to do their work on legislation. McConnell has demanded Democrats promise not to eliminate the 60-vote filibuster-ending requirement for most legislation as part of the deal, something Schumer has called unacceptable.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • By the Numbers: Education bigger factor than race in COVID vaccine willingness
  • Workday co-CEO expects new bookings growth to excel this year
  • Tucker: Experts scrambling to avoid humiliation for their pandemic response
  • FDA Panel Recommends Emergency Use Authorization For Johnson & Johnson Vaccine | NBC Nightly News
  • AstraZeneca-Oxford co-creator on efficacy of vaccine
  • In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • Biden Criticized By Some Democrats For Syria Airstrike | NBC Nightly News
  • Biden told reporters airstrikes were meant to ‘send a message’ to Iran
  • In This Story: Minimum wage

    Minimum wage is the concept, in some jurisdictions enshrined in law, that employees should earn a minimum amount per hour worked.

    3 Recent Items: Minimum wage

  • ‘Balance of Power’ Full Show (02/26/2021)
  • Pelosi Says Democrats ‘Will Not Rest Until We Pass $15 Minimum Wage’
  • LIVE: Pelosi and House Democrats Hold News Conference Ahead of Covid Stimulus Vote
  • In This Story: Nancy Pelosi

    Nancy Patricia Pelosi is an American politician serving as a congresswoman from California and the speaker of the United States House of Representatives. A member of the Democratic Party, Pelosi is the only woman in U.S. history to serve as Speaker and the highest-ranking female elected official in United States history. She is also the dean of California’s congressional delegation. As House speaker, Pelosi is second in the presidential line of succession, after the vice president.

    Books #Ad

    2 Recent Items: Nancy Pelosi

  • Pelosi Says Democrats ‘Will Not Rest Until We Pass $15 Minimum Wage’
  • Pelosi holds presser ahead of House vote on COVID relief package
  • In This Story: New York City

    New York City (NYC) is located in the U.S. state of New York. The city is the center of the New York metropolitan area, the largest metropolitan area in the world with approximately 23 million people in its combined statistical area.

    New York City has been described as the cultural, financial, and media capital of the world, hosting the headquarters of the United Nations, as well as the New York Stock Exchange.

    2 Recent Items: New York City

  • Meisha Porter: Largest U.S. Public School System Gets First Black Female Chancellor
  • NYC School Chancellor Richard Carranza Abruptly Resigns Due to Covid Pandemic
  • In This Story: Republicans

    The Republican Party, sometimes also referred to as the GOP (Grand Old Party), is one of the two major contemporary political parties in the United States, along with its main, historic rival, the Democratic Party.

    It was founded on 20th March 1854 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Ronna McDaniel (chairwoman).

    2 Recent Items: Republicans

  • McCarthy Urges House Republicans to Vote Against $1.9 Trillion Covid Stimulus
  • Several Republicans cite pandemic to miss votes, but will speak at CPAC
  • In This Story: S&P

    S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.

    2 Recent Items: S&P

  • Eaton CEO on the the state of industrial sector during the pandemic
  • GameStop leads SPDR S&P retail ETF higher
  • Leave a Comment