“We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now.”. House Democrats on Monday unveiled a $2.2 trillion update to their HEROES Act relief bill that is designed to provide funding to schools, small businesses, restaurants, airlines, and other industries.. Legislation Addresses Needs That Have Developed Since May, Reflects Negotiation Efforts, Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, Commerce, Justice, Science, and Related Agencies, Energy and Water Development, and Related Agencies, Financial Services and General Government, Interior, Environment, and Related Agencies, Labor, Health and Human Services, Education, and Related Agencies, Military Construction, Veterans Affairs, and Related Agencies, State, Foreign Operations, and Related Programs, Transportation, and Housing and Urban Development, and Related Agencies. © 2020 Forbes Media LLC. WASHINGTON – House Democrats today released an updated version of The Heroes Act, addressing needs that have developed since the House passed an earlier iteration and reflecting negotiations between Democrats and Republicans. PPP funding: The bill proposes extending the Paycheck Protection Program to aid small businesses. At that unemployment rate, “the case for compromising on the $600 per week unemployment insurance is much stronger,” said Jason Furman, former chair of Obama’s Council of Economic Advisors and currently a professor with Harvard’s Kennedy School of Government, in an interview. Mnuchin has indicated that his priorities for the next bill included additional aid for small businesses as well as additional assistance to the airline industry, both of which are included in Pelosi’s updated proposal. “We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now.”. log in to manage your profile and account.

Learn about careers at Cox Media Group. Stimulus update: Democrats reveal new HEROES Act that includes $1,200 checks, unemployment benefits. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices. The new package was trimmed down to around $2.2 trillion. The text of revised version of The Heroes Act is here.

Postal Service, coronavirus testing, election security and other programs. The first version of the Democrats' HEROES Act was followed by a $1 trillion countermeasure offered by Senate Republicans in July. Among the bill’s many provisions, it: The Heroes Act is sponsored by Appropriations Committee Chairwoman Nita M. Lowey (D-NY) and co-sponsored by House Administration Committee Chairwoman Zoe Lofgren (D-CA), Education and Labor Committee Chairman Robert C. “Bobby” Scott (D-VA), Energy and Commerce Committee Chairman Frank Pallone, Jr. (D-NJ), Financial Services Committee Chairwoman Maxine Waters (D-CA), Natural Resources Committee Chairman Raúl M. Grijalva (D-AZ), Oversight and Reform Committee Chairwoman Carolyn B. Maloney (D-NY), Small Business Committee Chairwoman Nydia M. Velázquez (D-NY), Transportation and Infrastructure Committee Chairman Peter DeFazio (D-OR), Veterans Affairs Committee Chairman Mark Takano (D-CA), and Ways and Means Committee Chairman Richard E. Neal (D-MA). State and local aid: Democrats are proposing $436 billion in aid to states and cities. WASHINGTON – House Democrats today released an updated version of The Heroes Act, addressing needs that have developed since the House passed an earlier iteration and reflecting negotiations between Democrats and Republicans. House Democrats on Monday revealed an updated stimulus relief bill that includes a $1,200 stimulus check for millions of Americans and $600 a week in federal unemployment benefits.

That bill would have implemented a $200 weekly boost instead of $600. Education: K-12 schools would get $182 billion and postsecondary schools would get $39 billion. The legislation, a retooling of the HEROES bill passed by the House in April, originally cost $3.4 trillion. The two spoke Monday evening and also agreed to speak again Tuesday morning, according to Drew Hammill, a spokesman for Pelosi. He co-founded a popular personal financial management course at Harvard University and has worked with students at Wharton, Columbia, NYU, and U Chicago as well as lawyers at Skadden and Debevoise, resident physicians at Mount Sinai Hospital, and employees at DoorDash. Child care: $57 billion is earmarked to support child care. I teach students and employees how to ace their personal finances. The money is designed to help alleviate budget shortfalls caused by the COVID-19 pandemic. While the economy is still struggling, there has been improvement over the past few months with unemployment dropping to 8.4 percent. A one-pager on the legislation is here. She is set to resume negotiations with Steve Mnuchin over the next coronavirus stimulus package Tuesday morning. The $2.2 trillion legislation protects lives, livelihoods and the life of our democracy. H-307 The Capitol  Airline help: The legislation aims to keep airline industry employees on the payroll. He co-founded a popular. Here is what the new proposal includes: Negotiations over another coronavirus stimulus package have been at a standstill. $1,200 stimulus check: A second round of direct payments to U.S. citizens. Opinions expressed by Forbes Contributors are their own. Shahar is the founder of Acing Your Finances (www.acingyourfinances.com), where he helps students and employees develop healthy financial habits.

After several unsuccessful attempts, including the Democrats’ HEROES Act, Republicans’ HEALS Act and Senate GOPs’ ‘Skinny Bill,’ negotiations have yet again come to a halt.

House Democrats released the text of the updated Heroes Act as well as a one page summary. The two are set to speak again Tuesday. © 2020 Cox Media Group.

The sticking points to an agreement are in many ways the same as before: what level of federal unemployment aid to offer the millions of unemployed individuals and how much aid to offer states and cities.

Contact Committee Members. While the updated Democratic bill maintains the $600 weekly federal unemployment offer as the original Heroes Act, this may simply be a negotiating stance. As she begins an additional round of discussions with Mnuchin, hopefully both of them keep in mind the millions of Americans who are still struggling and need a renewed financial stimulus. However, with Democrats coming down more than half from their initial $900 billion demand, one would hope that a compromise could be reached. Washington, DC 20515Phone: (202) 225-2771  The relief package is an updated version of the $3.4 trillion HEROES Act that House Democrats passed in May and comes in at $2.2 trillion in cost. This bill “provides the absolutely needed resources to protect lives, livelihoods and the life of our democracy over the coming months,” said Pelosi in a letter to her Democratic colleague. HEROES Act Passes House; Omits $2,000 Recurring Stimulus Checks And Other Notable Items, Second Stimulus Update: $1.5 Trillion Bipartisan Stimulus Bill 'Not A Showstopper' For White House, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, HEROES Act that House Democrats passed in May. The $2.2 trillion legislation protects lives, livelihoods and the life of our democracy.

Additional information on the state and local relief provisions is here.

The plan would include a second round of stimulus checks to more than 150 million Americans and aid for schools and businesses.

“That might have made sense when the unemployment rate was 15 percent. House Speaker Nancy Pelosi unveiled a $2.2 trillion updated Heroes Act that includes $1,200 second ... [+] stimulus checks, a renewed $600 federal unemployment benefit, and over $400 billion in aid to states and cities. Democrats reveal $2.2 trillion stimulus package, Debbie Lord, Cox Media Group National Content Desk, Natalie Dreier, Cox Media Group National Content Desk, Michelle Ewing, Cox Media Group National Content Desk, OSIRIS-REx collects sample from Bennu asteroid after 2-year orbit, 3-year-old hurt in drive-by shooting during Michigan birthday party, New Jersey shooting: 8-year-old boy, 16-year-old sister killed after shots fired into Trenton home, Houston nightclub shooting: 3 dead, 1 hurt after gunfire erupts at Midtown bar, WSOC - TV Public File Contact / Program Director, WAXN - TV Public File Contact / Program Director.

The new Democratic proposal comes as Nancy Pelosi and Treasury Secretary Steven Mnuchin resumed talks in hopes of reaching an agreement before the November election. Legislative update: COVID-19 Legislative update – As you may recall, Democrats proposed a $3 trillion stimulus proposal (the HEROES Act) which was countered by the Republicans $1.1 trillion proposal (the HEALS Act). To address needs that have arisen since the House first acted, the updated legislation includes: In addition, it maintains key priorities from the legislation that passed the House in May. Nancy Pelosi unveiled a $2.2 trillion updated Heroes Act that includes $1,200 second stimulus checks, a renewed $600 federal unemployment benefit, and over $400 billion in … “Democrats are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing Americas working families right now,” Pelosi wrote in her letter to House Democrats.

Originally, Democrats wanted $900 billion for state and city governments. Coming down to something like President Trump’s number of $400 a week ... I’d like to see Democrats say, ‘At 8.4% unemployment, we can do that,’” he continued. Nancy Pelosi and House Democrats unveiled a revised coronavirus stimulus package proposal earlier today. All Rights Reserved, This is a BETA experience. When it became clear that the parties were at an impasse, the Republicans issued a new, $650 billion “skinny” relief bill that was sharply rejected by Democrats. stimulus checks, a renewed $600 federal unemployment benefit, and over $400 billion in aid to states and cities. You may opt-out by. “Democrats are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing America’s working families right now,” Speaker Nancy Pelosi, D-California, wrote in a letter to House Democrats. State and local aid has remained a source of disagreement with Trump and Republicans opposing additional funding. According to a spokesman for Pelosi, Secretary of the Treasury Stephen Mnuchin spoke to Pelosi on Monday about the proposed legislation.

The checks would be for the same amount as before, $1,200 for qualifying taxpayers and $500 per dependent. She is set to resume negotiations with Steve Mnuchin over the next coronavirus stimulus package Tuesday morning. Federal unemployment benefit: The $600 per week federal unemployment benefit would be restored and payments would go out until the end of January 2021. Second Stimulus Package Update: Pelosi, Dems Drafting $2.2 Trillion Coronavirus Relief Bill, Second Stimulus Update: $1.5 Trillion Bipartisan Stimulus Bill ‘Not A Showstopper’ For White House, Shahar is the founder of Acing Your Finances (www.acingyourfinances.com), where he helps students and employees develop healthy financial habits. This station is part of Cox Media Group Television. A section-by-section summary is here.

The new legislation includes these proposals: Money would also be spent on the U.S.