By a vote of 96-0, the Senate passed a massive $2 trillion coronavirus stimulus compromise package just before midnight Wednesday, ending days of deadlock and sending the bill to the House of Representatives — which House Speaker Nancy Pelosi said will soon take up the historic measure to bring relief to individuals, small businesses, and larger corporations “with strong bipartisan support.”
The 880-page legislation is the largest economic relief bill in U.S. history. Senate Majority Leader Mitch McConnell, R-Ky., appeared somber and exhausted as he announced the vote. He released senators from Washington until April 20, though he promised to recall them if needed.
“96-0 in the United States Senate,” President Trump wrote on Twitter. “Congratulations AMERICA!”
The unanimous vote came despite misgivings on both sides about whether it goes too far or not far enough. The vote capped days of difficult negotiations as Washington confronted a national challenge unlike any it has ever faced. Unemployment numbers were set to be revealed Thursday morning, and experts warned they could reach alarming new highs.
The package would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to married couples making up to $150,000, with $500 payments per child. After a $75,000 threshold for individuals, the benefit would be reduced by $5 for each $100 the taxpayer makes. A similar $150,000 threshold applies to couples, and a $112,500 threshold for heads of households.
The legislation passed by the Senate will use 2019 tax returns, if available, or 2018 tax returns to assess income for determining how much direct financial aid individuals receive. Those who did not file tax returns can use a Form SSA-1099, Social Security Benefit Statement or Form RRB-1099, a Social Security Equivalent Benefit Statement, per Page 149 of the bill. – READ MORE
Listen to the insightful Thomas Paine Podcast Below --