In this file:
· Nancy Pelosi Proposes 1,120-Page Coronavirus Bill Stuffed with Pork
· Democrat pork seekers thwart Fed’s Mother of All QEs. Stocks crash
· Procedural vote on coronavirus stimulus fails for 2nd time in 24 hours
· How the House Democrats' stimulus plan compares to the Senate's
Nancy Pelosi Proposes 1,120-Page Coronavirus Bill Stuffed with Pork
By Charlie Spiering, Breitbart
23 Mar 2020
House Speaker Nancy Pelosi debuted a 1,120-page coronavirus rescue bill after Democrats tanked the Senate proposal on Sunday night.
The bill includes a wish list of Democrats’ pet issues, including provisions on election law, payment for student loans, same-day voter registration, collective bargaining powers for unions, increased fuel emission standards for airlines, and the expansion of wind and solar tax credits.
Other provisions require corporations to include gender and racial diversity data to be reported to the federal government if they receive financial backing from the government.
Read the legislation below:
more, including full text of legislation
Democrat pork seekers thwart Fed’s Mother of All QEs. Stocks crash
by Terry Ponick, Communities Digital News (CDN)
Mar 23, 2020
WASHINGTON – Just in the nick of time Monday morning, as the Dow Jones Industrial Average prepared to crash some 1,000 points at the opening bell, the Federal Reserve dramatically stepped into the fray. In its boldest move yet, the Fed unleashed the Mother of All QEs (i.e., more Quantitative Easing) just as America’s economic ship seemed about to sink. The market’s crash trajectory instantly reversed.
Here’s Tim McPartland’s initial take on the Fed’s aggressive move.
“Just 30 minutes ago the Fed announced quantitative easing of giant magnitude, buying muni bonds, commercial real estate mortgages and certain investment grade corporate bonds. The Fed took off any limits to the amount they may buy–ramp up those printing presses!!!”
Hooray for our team! The Mother of All QEs! Who knew Jerome Powell had the nerve to pull this off?
More details on the Mother of all QEs
The Twin Tylers over at ZeroHedge have more. (Bold text below by ZH.)
“… at 8am on Monday, just as we expected – given the political cover they have been provided – The Fed unveiled an unprecedented expansion to its mandate, announcing open-ended QE which also gave it the mandate to buy corporates bonds (in the primary and secondary market) to unclog the frozen corporate bond market as we just one step away from a full Fed nationalization of the market (only Fed stock purchases remain now).
“Additionally, in addition to Treasuries, The Fed will buy Agency Commercial MBS all in unlimited size.”
Enter Nancy, Chucky, and barrels of pork
Alas, as newshounds in the audience already know, Nancy Pelosi and Chucky Schumer decided to derail the third, and perhaps most important bill in the 3-bill legislative program cobbled together by Congress and the White House to counter the massive economic effects caused by the coronavirus epidemic. The legislation, in toto, attempts to provide massive relief to businesses and individual Americans across the country.
Part 3 for the most part aimed to help John Q. Public directly. But at the last minute – sabotaged in part by the coronavirus epidemic itself – Part 3 succumbed to the never-ending quest first by Pelosi, Schumer and the Democrats to lard up the bill with expensive, pork-laden goodies for their supporters. It’s an old political trick, and the Democrats play it well.
In this case, however, they are literally screwing small businesses, the average US citizen, and, of course, the stock market, by refusing to pass critical legislation unless they get their heaping helping of pork. This is dangerous stuff. Every day counts for the little guy. But Pelosi and Schumer simply don’t care. Investors do.
Debate continues, and GOP loses members to self-quarantine ...
As it did in 2008, the stock market needs for Congress to get serious. Now ....
Procedural vote on coronavirus stimulus fails for 2nd time in 24 hours
Alayna Treene, Axios
Mar 23, 2020
A procedural vote on Senate Republicans' $1.8 trillion Phase 3 stimulus package failed on Monday for the second time in less than 24 hours.
The big picture: Patience is wearing thin on Capitol Hill as talks over providing desperately needed aid to Americans and businesses continue to stall.
· Republican senators, many of whom have been more frustrated in the last 24 hours than I've ever seen them, are accusing Democrats of playing politics during a national crisis.
· Meanwhile, Democrats continue to argue that the Senate GOP's legislation is a corporate slush fund that doesn't do enough to help American workers. This has driven House Speaker Nancy Pelosi to draft her own version of a Phase 3 bill.
· Today's motion to proceed with the bill failed entirely along party lines, with the exception of Sen. Doug Jones (D-Ala.), who voted with Republicans in favor of the motion to proceed with a vote on the package.
What they're saying:
· Senate Majority Leader Mitch McConnell: “I’d like to see Senate Democrats tell small business employees in their states who are literally being laid off every day that they’re filibustering relief that will keep people on the payroll because Democrats’ special interest friends want to squeeze employers while they’re vulnerable."
· Senate Minority Leader Chuck Schumer: "The bottom line is very simple. We are fighting for a better bill because this bill will have an effect for a very long time."
What's next ...
How the House Democrats' stimulus plan compares to the Senate's
House Speaker Nancy Pelosi unveiled her bill, offering some distinct contrasts to the GOP version in the Senate.
By Caitlin Emma and Jennifer Scholtes, POLITICO
Democrats are following through on their threat to go rogue with their own stimulus plan, unveiling a more than 1,400-page bill Monday night, packed with policy differences compared to the proposal Senate Republicans laid out.
After the GOP’s latest measure tanked twice during test votes in the Senate, House Democrats wrote a competing proposal to save the country from economic destruction at the hands of the coronavirus. The House measure would boost emergency funds for agencies, mandate "green" rules for airlines, eliminate a payroll tax suspension, kick in additional help for hospitals, schools and food banks, and more.
Here's what House Democrats have included in their bill and how it contrasts with the latest proposal from Senate Republicans:
Bigger cash payments to Americans
Democrats want to further plump the direct payments that would go out to Americans under the bill, proposing $1,500 per person, instead of the $1,200 on the table under the Senate measure laid out Sunday. Unlike the latest plan from Senate Republicans, however, higher earners would have to pay back part or all of the assistance over three years if their taxable income is $75,000 or more for a single filer or $150,000 or more for couples filing jointly. The money would be available to anyone with a tax ID number, and to retirees and people who are unemployed, rather than just to people who file taxes for 2019 or get Social Security.
More help to hospitals
Health care providers and community health centers would receive about $150 billion, while hospitals would get an additional $80 billion in low-interest loans. The proposal is more in line with industry requests, compared to the $75 billion Senate Republicans have offered. The House bill would also waive treatment costs, abandon certain barriers to accessing medicines and provide safety protections for health workers.
Expanding unemployment, paid sick leave ...
Emergency funding for federal agencies ...
‘Green’ rules for airlines ...
Tax plans from different planets ...
Laying on the lobbying restrictions ...
Business tax relief ...
Aid for airlines ...
Smaller increase for the Pentagon ...
Extra aid for small businesses ...
Outlawing internet cutoffs ...
Further action from the Fed ...
Flush with food assistance ...
Rewarding nonprofits ...
Penalizing price-gouger ...
Keeping utilities on ...
Doubling up on education cash ...
Saving the T-band for first responders ...