On Tuesday, the US House Democrats, led by House Speaker Nancy Pelosi, revealed a new Coronavirus stimulus bill proposal estimated at $3 trillion, which could become the largest economic bailout package worldwide to address the pandemic if signed into law by President Donald Trump.
The proposal was crafted by the Democrats without input from Republicans or the White House, and it includes allocating approximately $1 trillion to state, local, and tribal governments.
The relief plan involves paying $1,200 to individuals and up to $6,000 per household. It also includes a $600 addition in weekly unemployment insurance, a pause on student loan payments through September, and a new $175 billion benefit to subsidize rent and mortgage payments for Americans.
The bill, named the Heroes ACT by Pelosi, was announced during a broadcasted address from the Capitol on Tuesday, surpassing the $2 trillion bipartisan Coronavirus stimulus package signed by Trump in March.
Pelosi emphasized the gravity of the current situation, stating, “We face the biggest catastrophe in our nation’s history. This is a moment when many millions of our fellow Americans are in deep suffering. We must have empathy for our heroes.”
Continuing, she added, “We must also empathize with the pain of families who do not know where their next meals are coming from and how to pay next month’s rent.”
The proposed bill has not gained support from Republicans, and it remains uncertain if the White House will back it.
Reacting to the bill, House GOP Leader Kevin McCarthy criticized Pelosi for creating a “liberal wish list” while Congress is still on recess. He expressed concern about the lack of transparency and input in the bill’s formulation.
Senate Majority Leader Mitch McConnell also expressed skepticism, stating, “I don’t think we have yet felt the urgency of acting immediately, but that time could develop, but I don’t think it has yet.”
The US has recorded over 80,000 deaths and 33 million job losses due to the Coronavirus pandemic.