Did the Democrats Get Rolled on the New Rescue Plan?
Liberals are enraged, but it was the best Pelosi and Schumer could do.
At least her party wanted an economic relief bill.
Photographer: Amanda Andrade-Rhoades/Bloomberg
So a deal was reached on the bill to supplement the money for small business and other new pandemic relief. Congressional Republicans had wanted $250 billion for the Paycheck Protection Program for small-business loans. The final bill added up to a $480 billion package, with Democrats winning aid for hospitals and increased coronavirus testing, plus provisions for smaller banks to handle some loans and for small businesses to get money even if they didn’t have a prior relationship with a bank.
Democrats failed to get a lot more, mainly money for state and local governments. Liberals immediately blamed congressional Democrats for “caving.” Paul Krugman was “baffled.” Here’s Michael Grunwald’s summary: