Details on the New $900 Billion Bipartisan Stimulus Proposal

On Tuesday morning, a group of bipartisan lawmakers released details on a new stimulus package. This is a positive sign of renewed energy to get a much-needed second stimulus package passed. Here are the important details about what is included and what is not included in the new stimulus proposal.

Who Put Forth the New $900 Billion Stimulus Proposal?

The bipartisan package was proposed by senators including Republicans Susan Collins and Mitt Romney, and Democrats Joe Manchin and Mark Warner and would come at a cost of $908 billion.

What's in the $908 Billion Stimulus Proposal?

Here's the important summary:

$180 billion for weekly $300 enhanced unemployment benefits
$82 billion for education
$45 billion for transportation, such as airlines
$25 billion in housing assistance
$160 billion in state and local government funding
$288 billion in more Paycheck Protection Program funding

What's NOT in the $908 Billion Stimulus Proposal?

The biggest thing left out is another round of $1,200 stimulus checks. This was a compromise decided by the Democrats and Republicans supporting this bill in an effort to put together something that would appeal to both sides and get passed before the end of the year.

What Else Is Being Discussed Regarding Stimulus Bills and Relief Packages?

On Tuesday, Treasury Secretary Steve Mnuchin and Fed Chair Jerome Powell both testified before the Senate and Mr Mnuchin said he'd "urge Congress to pass something quickly to make sure we get something done in this session"

The $900 billion proposal is less than the $2.2 trillion Democrats Pelosi and Schumer have pushed for for months, but it's more than the Republicans recent $500 billion proposal earlier in the fall.

Pelosi and Mnuchin are scheduled to talk on the phone on Tuesday afternoon, their first time speaking about the stalled negotiations since October 26.

With that in mind, there is approximately 1 week left before both the House and the Senate are scheduled to depart until the New Year, so that's an incredibly short timeline to agree on and pass a new bill.