The Biden administration and the Democratic Party are about to introduce a bailout bill in response to the new round of the Chinese Communist virus.
According to a report Sunday, Feb. 7, top Democrats are preparing to introduce a bill that would give $3,600 per child per year to millions of families with children under age 6 as part of President Biden’s nearly $2 trillion bailout plan for the Chinese Communist virus (coronavirus).
The Washington Post reports that they obtained the 22-page bill. The bill will be introduced on Monday (Feb. 8). Under the program, families with children under age 6 would receive $3,600 per child from the IRS; families with older children would receive $3,000 per child. The exact amount depends on the Family‘s income last year.
The WaPo said the legislation is so important to Democrats that its success or failure could have an impact on the 2022 congressional elections, as it could affect many families. The bill is expected to be resisted by Republicans.
Under the House Democrats’ plan, the amount of the relief payment would be gradually reduced for single-parent families earning more than $75,000 a year and couples earning more than $150,000 a year.
The bill is expected to set aside $160 billion for vaccine distribution and expand unemployment benefits to $400 a week in September, which also includes a third round of $1,400 worth of relief checks. This will add to the already ballooning U.S. deficit. The U.S. deficit reaches a record $3.1 trillion in fiscal 2020, not including the $900 billion bailout package passed last December.
Rep. Richard Neal (R., Mass.), chairman of the House Fundraising Committee, said, “This viral outbreak is pushing American families further and further into poverty, and it’s devastating. The money will be shoring up the roofs over people’s heads or replenishing the Food on people’s tables.” And the Senate has expressed bipartisan support for a more targeted $1,400 relief payment program.
Some Democrats want to make the legislation permanent to eliminate poverty in the United States, The New York Times reported. But Republicans are more concerned that the move would add to the nation’s debt burden and are prepared to challenge the legislation.
Sen. Pat Toomey of Pennsylvania said, “Larry Summers is a liberal Democrat …… who favors big government spending. Even he says this Time that it’s too much.”
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