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Republican leaders release $1 trillion coronavirus stimulus proposal

After days of intense debate, Senate Majority Leader Mitch McConnell (R-Ky.) and other Republican leaders rolled out a roughly $1 trillion proposal for the next round of coronavirus relief funding, which has the White House’s seal of approval.

Why it matters: The HEALS Act (health, economic assistance, liability protection, schools) is viewed as a GOP marker for broader negotiations, since both Democrats and some Republicans have expressed dissatisfaction with key aspects of the bill. It’s expected to change significantly in the coming days.

  • Washington leaders are hopeful they can pass a final bill by mid-August, though that timetable will be extremely difficult given the stark differences in opinion on the substance of the legislation.
  • The price tag is also expected to increase given that Democrats want a $4 trillion package, despite sharp opposition from deficit hawks like Sens. Rand Paul (R-Ky.) and Ron Johnson (R-Wis.). GOP leaders have begrudgingly admitted they’ll need to meet Democrats somewhere in the middle. Continue reading.
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