IARN — A bipartisan group of lawmakers announced a proposed coronavirus aid package that would cost $908 billion overall and would contain $26 billion for nutrition and agriculture. The proposal is less than 50 percent of a White House proposal issued before the election. It is also one-third the cost of a plan backed by House Speaker Nancy Pelosi. The package is considered by many to be a short-term plan as President-elect Joe Biden hinted that his new economic team would propose a larger economic stimulus package once he is sworn in. Biden adds that “Any package passed in the lame-duck session is likely to be, at best, just the start.”
Mitt Romney of Utah says the aid package would repurpose $560 billion from last spring’s aid passed by Congress. That would lower any new spending level to $348 billion. Senate Finance Committee Chair Chuck Grassley, who just returned after recovering from COVID-19, says that Congress is working on an aid package. However, the costs had to be lower than earlier proposals for any aid package to have a chance at clearing the Senate.
Story courtesy of the Iowa Agribusiness Radio Network
Photo by Dustin Hoffman