- The
Senate finally passed its $2 trillion coronavirus stimulus
bill late Wednesday night — putting the largest spending
package in the country’s history on a cruise course to the
president’s desk. The House is expected to approve it on Friday, and
it could become law by the end of the week. But the bill isn’t
without its detractors. Gov. Andrew Cuomo said it “would really be
terrible for the State of New York.” A group of Republican senators
objected to its expansion of jobless benefits, until Bernie Sanders threatened to
hold it up in retaliation over what he called insufficient worker
protections. And yet it ultimately passed 96 to 0, with the Senate
agreeing that it was essential to keeping the economy afloat. The
legislation beefs up unemployment compensation and offers loans and
other forms of support to keep businesses open. Also notable: Its
fine print is teeming with long-sought provisions for specific
industries and interest groups — including a hotel-industry carveout that could
benefit President Trump’s businesses.
- As
written, the bill is a mix of loans, payments and benefits. It
contains small-business loans designed to keep employees on the
payroll; one-time payments of $1,200 to many Americans; expanded
unemployment benefits for a period of four months; $500 billion in
funding for the Federal Reserve to use in a program of business
grants, which administration officials say could bloom to $4
trillion through leveraging and investments; $100 billion toward
medical care; and $150 billion to state antivirus efforts.
- Cuomo’s
criticism of the bill comes from a calculation: His office said that
based on a draft bill’s contents, New York State stands to receive
roughly $3.8 billion in funding — far short of the up to $15 billion
the governor says he needs to pay for coronavirus response efforts.
New York has experienced the sharpest increase in confirmed
cases of any state over the past week, and at more than 30,000 on
Wednesday, it has by far the highest number confirmed over all.
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