US House Covid-19 Economic Relief Bill To be Announced Wednesday With Floor Vote Thursday

The US House of Representatives is expected to announce an economic relief package for Americans hurt by the impact of the Covid-19 outbreak. The announcement could be seen as soon as Wednesday afternoon, with a floor vote on Thursday. 

Democrats are expected to include “insurance, paid sick leave, and family and medical leave in the bill,” reported Reuters.

House Majority Leader Steny Hoyer, Maryland Democrat, said President Trump’s tax cut proposal is a “non-starter” and would be excluded in the legislation.

Treasury Secretary Steven Mnuchin hopes to reach an initial agreement with congress on the economic relief package in the next 48 hours.

With the stock market crashing this week, President Trump has promised a ‘very very substantial’ relief to hard-working Americans hit hard by the virus. President Trump has been in talks with House Speaker Nancy Pelosi on possible assistance programs to cushion the economic shock. 

Regarding President Trump’s proposal, he told GOP Senators earlier this week that he wants to waive payroll taxes through the election. Senator Marco Rubio, Florida Republican, said that the payroll cuts could be around $300 billion.

The pitch of economic relief, if it is from Democrats or President Trump, comes as virus cases and deaths are surging across the country.

National Institute of Allergy and Infectious Diseases Director Anthony Fauci was quoted on Wednesday as saying Covid-19 is 10x more lethal than the seasonal flu. 

Some form of economic relief is likely to be seen this week, could help Americans weather the next economic downturn.