President Biden said at the White House on the 25th that he was open to a bailout package and was willing to negotiate eligibility for bailout checks; however, Business Insider reported that the Democrats, who hold the majority in both houses of Congress, may not be able to pass a $1.9 trillion bailout package by March of this year.
Democratic Senate leader Chuck Schumer said it could take four to six weeks to pass the bill.
Business Insider reports that the problem is not simply Republican, but that key Democratic Senate players have not yet fully embraced the bailout bill; Biden faces political and practical difficulties on the issue.
The $1.9 trillion bailout package includes $1,400 per person in checking assistance, raising unemployment benefits to $400 per week, providing Food and rent assistance, and helping small businesses operate.
Democratic House Speaker Nancy Pelosi (D-Calif.) said last week that the House would be ready to vote to pass the bill in the first week of February.
Business Insider reports that Senate Democratic caucus members Joe Manchin (D-W.Va.) and Angus King (D-Mich.) oppose extending direct subsidies to families earning $300,000 a year.
Business Insider reports that if the Senate chamber appears to “struggle to put things off” (filibuster) delaying tactics, Democrats will have to get the support of 10 Republican lawmakers to directly end debate and enter a vote; Republican leader McConnell (Mitch McConnell) does not hold a majority in the Senate, but it is enough to influence the outcome of the bill’s review.
Bernie Sanders, chairman of the nonpartisan Senate Budget Committee, argued that instead of waiting for the Republicans, the bailout should be passed as soon as possible, suggesting that the budget-reconciliation process be initiated.
Business Insider reports that if the Democrats adopt the budget-reconciliation process, it will allow the entire case to be passed by a simple majority, speeding up the legislative process, provided that all Democrats, plus Vice President He Jinli (Kamala Harris) have to vote in favor of the bill, and if Biden chooses this arbitrary path, it is tantamount to abandoning what he calls “bipartisan unity.
In addition, Business Insider reports that both the House and Senate have several committees that intend to amend the contents of the bailout bill, not just through the House Committee on Ages and Senate Finance Committee so simple.
The Republican Party opposes a massive bailout, McConnell said on the 25th, Congress just passed a $900 billion bailout plan last December, any next steps should be wise and targeted, rather than giving large amounts of money directly to people who don’t need it, the Biden Administration‘s proposed bailout will not work.
Recent Comments