On February 1, ten Republican senators revealed a $618 billion coronavirus relief bill, countering the plan introduced by the Biden Administration in January. The proposal addresses several of the points outlined by the Democrat-backed plan, but with significantly less funding made available and with some key issues excluded.
Highlights:
Direct Stimulus Payments
Senate Plan
$1,000 per adult
$50K/$100K annual income cap for individual/joint filings
Biden Plan
$1,400 per adult in addition to existing $600 payments
$87K/$174K annual income cap for individual/joint filings
State and Local Aid
Senate Plan
No aid
Biden Plan
$350 billion for state and local governments to distribute vaccine, increase testing, reopen schools, & more
Reopening Schools
Senate Plan
$20 billion for getting K-12 students back to school
Biden Plan
$170 billion for K-12 schools, public college and universities to help reopen, operate safely and facilitate remote learning
GFOA's Federal Liaison Center will continue to monitor the stimulus debate and report developments.
