May 15, 2020-The U.S. House is scheduled to vote today on a new supplemental spending bill for the current fiscal year. It’s the fifth in a series of COVID-19 related stimulus bills, and it is massive in both physical size and its $3 trillion expense.
Called the HEROS Act, the 1,815-page bill would extend unemployment benefits to furloughed workers for an additional six months, provide direct payments to businesses, give additional checks worth up to $1,200 for individuals, provide health care to unauthorized immigrants, financial support to farmers, renters and workers and $1 trillion for states and local governments.
The Congressional Budget Office, which normally provides estimates for spending bills, has not published a report on the bill.
Partisan Support
Democrats are sponsoring the bill. Republicans are expected to oppose it. House Speaker Nancy Pelosi said the country “urgently” needs the legislation “to protect the lives and livelihoods of the American people.” Meanwhile, Rep. David Rouzer (R-NC) said, “In terms of substance, the bill would put this country on a path to becoming a permanent welfare state.”
Previous stimulus measures include the CARES Act and the Families First Coronavirus Response Act.
Government Debt
The fifth stimulus bill comes at a time when the Angel Gurría, Secretary General of the OECD, warned that government stimulus spending would “come back to haunt us.”
It also comes as Federal Reserve Board Chair Jerome Powell warned of the possibility of permanent damage to the economy.
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