House passes second stimulus package

The U.S. House of Representative on Thursday passed a second coronavirus stimulus package worth $2.2 trillion.

After much debates between Democrats and Republicans, the bill was finally approved in a vote of 214-207. However, 18 Democrats voted against the bill as there are some concerns arose from lawmakers in highly competitive districts as the election draws near.

Thursday’s votes came after Speaker of the House, Nancy Pelosi and Treasury Secretary Steven Mnuchin went through another round of failed negotiations. The negotiations between both parties continue as they still hold different perspectives over a range of concerns, including how much funds should be assigned to state and local governments. There have also been long debates over whether or not to establish a liability shield for businesses and educational institutions.

CNBC reported that the bill would bill will reinstate a second $1,200 check to Americans, the $600 federal unemployment benefit, and $436 billion in relief to states and local governments over the next 12 months, and authorize a second round of Paycheck Protection Program. The bill will also inject $225 billion into the education sector, $57 billion into child care, $25 billion to cover airlines payroll, $75 billion into coronavirus testing and other related necessities, as well as set aside billions of dollars for rental and mortgage assistance.

There is a little probability that the bill will be passed on the Senate level. While both political groups still have their differences over the stimulus package, Senate Republicans have insisted that the relief package should not cost more than $1.5 trillion, as spending too much money may have its effects on the economy. On the other hand, Democrats believe injecting more money into the economy would prevent it from falling apart until the pandemic is fully dealt with.

So far, the death toll on the coronavirus in the U.S. is more than 200,000. The impact of the pandemic has caused thousands of businesses to shut down, and has sent tens of millions of Americans into unemployment. The pandemic has caused major corporations to furlough and lay off thousands of their employees to cut costs.

Last week, American United, United Airlines, and Walt Disney announced that they will lay off nearly 60,000 workers combined.

With much concerns over the upcoming election, there is a possibility that the much-awaited coronavirus stimulus package will not be passed before the election. There are uncertainties as to which party will emerge victorious after a heated debate between President Trump and Democratic nominee Joe Biden on Tuesday.