What’s in the $908 billion economic relief proposal

A group of about a half-dozen centrist lawmakers on Tuesday unveiled an approximately $908 billion plan that has since gained the support of top congressional Democrats and several senior Senate Republicans, breathing new life into long-stalled talks over critical economic relief.



a close up of Mitt Romney: Sen. Mitt Romney, R-Utah, speaks during a news conference Thursday, Oct. 15, 2020, near Neffs Canyon, in Salt Lake City. Romney announced legislation to establish a national wildfire commission that would make policy recommendations aimed at diminishing future wildfire disasters. (AP Photo/Rick Bowmer)


© Rick Bowmer/AP
Sen. Mitt Romney, R-Utah, speaks during a news conference Thursday, Oct. 15, 2020, near Neffs Canyon, in Salt Lake City. Romney announced legislation to establish a national wildfire commission that would make policy recommendations aimed at diminishing future wildfire disasters. (AP Photo/Rick Bowmer)

Lawmakers have not yet released legislative text behind the plan, but a one-page summary provided by the group — titled the “COVID Emergency Relief Framework” — combines many of the central priorities of congressional leaders of each party, as well as those of President-Elect Joe Biden.

The framework would meet congressional Democrats’ top demands to provide hundreds of billions in

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Mitch McConnell urges quick action on targeted COVID-19 relief proposal

Senate Majority Leader Mitch McConnell doubled down on his targeted approach to COVID-19 relief Thursday, but remained optimistic about a coronavirus deal.

Mr. McConnell, Kentucky Republican, said it was “heartening” to see Democrats endorse a compromise proposal this week, but there are still too many outstanding issues to be negotiated.

“There are many important policies that have strong bipartisan support. There are many others that do not. And the way to help the country is to finally let the former group be signed into law while we keep arguing about the rest,” he said. “Here in the Senate, I put forward a serious and highly targeted relief proposal including the elements which we know the President is ready and willing to sign into law.”

“Compromise is within reach. We know where we agree. We can do this…let’s be about actually making law,” he said.

The latest proposal from Mr. McConnell,

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Google Inc. (NASDAQ:GOOG), Google Inc. (NASDAQ:GOOGL) – Google, Justice Department Must Give Fresh Proposal In Antitrust Case Over Concerns Raised By Apple, Microsoft, Others, Judge Says

The U.S District Judge presiding over the antitrust hearing against Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) dominance in the internet search remarked that the case warrants a new proposal over the sensitive nature of the content being discussed, especially the data collected from other tech companies.

What Happened: The Wall Street Journal reports that Judge Amit Mehta has directed the U.S. Department of Justice and Google to draft a new proposal for addressing the case of Google’s dominance in online search results and its advertising business.

Some of the data collected by the Justice Department includes information from Google’s market peers in the tech industry like Apple Inc. (NASDAQ: AAPL), Amazon Inc (NASDAQ: AMZN), and Microsoft Corporation (NASDAQ: MSFT). This contains sensitive materials like the company’s internal data and strategies, which, they say, if revealed to Google would harm their future ability to negotiate or compete with the search

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Nasdaq proposal would require listing companies to have more diverse boards

The Nasdaq Stock Market has proposed a new rule for the companies it lists, requiring boards to have at least one director who is a woman or person from an underrepresented racial, ethnic or LGBTQ group. It’s a requirement three-quarters of Nasdaq-listed companies do not meet at present.

A company’s board of directors serves an advisory role, helping to make key decisions about the direction of the business. Having a diverse set of perspectives at the table makes those discussions more robust, said Peter Gleason, CEO of the National Association of Corporate Directors.

“You get different perspectives on products and services. You get different perspectives on issues that might arise, whether they’re compliance issues, whether they’re legal issues,” Gleason said.

Multiple academic studies have found companies with more diverse boards get greater return on investment in research and development. Professor Yo-Jud Cheng at the University of Virginia’s Darden School of

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Pelosi, Schumer back bipartisan $908B pandemic relief proposal as basis for talks

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said Wednesday they are endorsing a new compromise $908 billion pandemic relief bill as a framework for negotiations in a sign of movement in a stalemate that has dogged Congress for months.



a man wearing a suit and tie: Speaker of the House Nancy Pelosi speaks alongside Senate Minority Leader Chuck Schumer during a joint press conference at the U.S. Capitol, Nov. 12, 2020, in Washington, DC.


© Samuel Corum/Getty Images
Speaker of the House Nancy Pelosi speaks alongside Senate Minority Leader Chuck Schumer during a joint press conference at the U.S. Capitol, Nov. 12, 2020, in Washington, DC.

“While we made a new offer to Leader McConnell and Leader McCarthy on Monday, in the spirit of compromise we believe the bipartisan framework introduced by senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” Pelosi and Schumer said in a joint statement referring to their counterparts, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy.

“Of course, we and others will offer improvements, but the need to act is

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Stimulus Package Update: ‘The President Will Sign the Proposal’


Getty

Treasury Secretary Steven Mnuchin said on Wednesday that President Trump is prepared to sign the McConnell proposal put forward on Tuesday.

Tuesday morning marked the start of resumed negotiations on the next round of federal aid legislation, and with a December 11 government shutdown looming, it’s unclear whether an agreement will be reached on a new relief package.

By Tuesday afternoon, Mitch McConnell had unveiled a trimmed-down relief package and on Wednesday morning, Treasury Secretary Steven Mnuchin told reporters that President Trump will sign McConnell’s new stimulus proposal.

While testifying during a Senate Banking Committee hearing, Mnuchin said, “The president will sign the McConnell proposal that he put forward yesterday. We look forward to making progress on that,” Reuters reported.

During a phone call between Mnuchin and House Speaker Nancy Pelosi– the last call between the two took place in October– Pelosi issued a statement that said additional stimulus

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Trump Will Sign McConnell’s New Stimulus Proposal Without Checks Or State And Local Aid

Topline

As stimulus discussions heat up in Washington again, Treasury Secretary Steven Mnuchin told reporters Wednesday that President Trump is prepared to sign a new stimulus proposal put forth by Senate Majority Leader Mitch McConnell (R-Ky.) on Tuesday.

Key Facts

“The President will sign the McConnell proposal that he put forward yesterday,” Mnuchin said, according to Reuters. 

McConnell’s proposal is similar to two $500 billion bills he has already attempted to pass in the Senate (Democrats blocked both on the grounds that they were too small), and includes $257 billion in spending for the popular Paycheck Protection Program for forgivable loans, a one-month extension of the Pandemic Unemployment Assistance program, and liability protections for businesses and healthcare providers. 

The plan

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In shift from stalemate, Pelosi, Schumer back bipartisan $908B pandemic relief proposal

“While we made a new offer to Leader McConnell and Leader McCarthy on Monday, in the spirit of compromise we believe the bipartisan framework introduced by senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” Pelosi and Schumer said in a joint statement referring to their counterparts, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy.

“Of course, we and others will offer improvements, but the need to act is immediate and we believe that with good-faith negotiations we could come to an agreement,” they added. “In light of the urgency of meeting the needs of

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McConnell’s Covid proposal calls for higher charitable tax break

Senate Majority Leader Mitch McConnell (R-KY) speaks at a campaign event in Florence, Kentucky, U.S., October 28, 2020.

Bryan Woolston | Reuters

The latest Covid-19 relief proposal would give generous taxpayers a sweeter tax break for donating to charity.

Senate Majority Leader Mitch McConnell, R-Ky., issued a proposal for pandemic relief on Tuesday afternoon – after quashing a $908 billion bipartisan rescue bill – that called for a second round of Paycheck Protection Program loans for small businesses but no stimulus checks.

McConnell also proposed boosting a new above-the-line deduction that would allow taxpayers to write-off up to $300 in cash donations to charitable organizations for 2020.

Under the CARES Act, people who claim the standard deduction – which is $12,400 for single filers and $24,800 for married-filing-jointly in 2020 — can take a deduction of up to $300 in donations.

McConnell wants to increase that amount to $600 for

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Daily Markets: Bipartisan Stimulus Proposal Shot Down by McConnell; UK Approves Pfizer-BioNTech Vaccine

Today’s Big Picture

Equities in Asia finished the day’s trading mixed with South Korea’s Kospi up 1.6% and Japan’s Nikkei inching ahead by 0.1% while the Hong Kong Hang Seng, China’s Shanghai Composite, and India’s Sensex traded each traded off 0.1%. By mid-day trading, European equities were mostly lower and U.S. futures point to a down open when those markets open later this morning. The big news for the day is the first western nation approval for the use of a coronavirus vaccine, more on that below.

Data Download

Coronavirus

Today the UK was the first western country to grant temporary authorization for emergency use of the Covid-19 vaccine developed by Pfizer (PFE) and BioNTech (BNTX). The vaccine will be made available across the UK starting next week, starting with those living in care homes and workers most at-risk. A panel of experts advising the FDA is set to review

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