Is $1 Trillion Enough for a New Economic Relief Package?
End Notes
[1] Seung Min Kim, Erica Werner, and Josh Dawsey, “New Trump chief of staff drew hard line during relief talks, challenging Democrats’ approach,” Washington Post, August 10, 2020, https://www.washingtonpost.com/politics/new-trump-chief-of-staff-drew-hard-line-during-relief-talks-challenging-democrats-approach/2020/08/10/28ea30a0-d9d3-11ea-b9b2-1ea733b97910_story.html.
[2] Mike Lillis, “Pelosi: COVID talks will resume when GOP offers $2T,” The Hill, August 13, 2020, https://thehill.com/homenews/house/511874-pelosi-covid-talks-will-resume-when-gop-offers-2t.
[3] Robert Greenstein, “Greenstein: Trump COVID-19 Executive Actions Woefully Inadequate, Legally Dangerous,” Center on Budget and Policy Priorities, August 8, 2020, https://www.cbpp.org/press/statements/greenstein-trump-covid-19-executive-actions-woefully-inadequate-legally-dangerous.
[4] Wesley Tharpe, “Trump Executive Actions Won’t Alleviate, and Could Worsen, States’ Budget Woes,” Center on Budget and Policy Priorities, August 11, 2020, https://www.cbpp.org/blog/trump-executive-actions-wont-alleviate-and-could-worsen-states-budget-woes.
[5] Committee for a Responsible Federal Budget, “What’s in the $1.1 Trillion HEALS Act?” July 29, 2020, http://www.crfb.org/blogs/whats-11-trillion-heals-act.
[6] Elizabeth McNichol and Michael Leachman, “States Continue to Face Large Shortfalls Due to COVID-19 Effects,” Center on Budget and Policy Priorities, updated July 7, 2020, https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects, and Timothy J. Bartik, “An updated proposal for timely, responsive federal aid to state and local governments during the pandemic recession,” W.E. Upjohn Institute for Employment Research, May 22, 2020, https://www.upjohn.org/research-highlights/updated-proposal-timely-responsive-federal-aid-state-and-local-governments-during-pandemic-recession.
[7] Michael Leachman, “Senate Republicans’ Out-of-Touch Plan Would Pressure Schools to Reopen,” Center on Budget and Policy Priorities, July 21, 2020, https://www.cbpp.org/blog/senate-republicans-out-of-touch-plan-would-pressure-schools-to-reopen.
[8] “Fact Sheet: States Grappling With Hit to Tax Collections,” Center on Budget and Policy Priorities, updated August 12, 2020, https://www.cbpp.org/research/state-budget-and-tax/states-grappling-with-hit-to-tax-collections.
[9] National Governors Association (NGA), “Governors’ Letter Regarding COVID-19 Aid Request,” April 21, 2020, https://www.nga.org/policy-communications/letters-nga/governors-letter-regarding-covid-19-aid-request/. NGA, along with groups representing localities, reiterated its request for an increase in Medicaid funding on July 10: “State, Local Governments Urge Enhanced Federal Health Care Match During COVID-19 Pandemic,” https://www.nga.org/news/press-releases/state-local-governments-urge-enhanced-federal-health-care-match-during-covid-19-pandemic/. NGA reiterated the need for fiscal aid on August 10: “National Governors Association Leaders Call On Congress To Come Together On Coronavirus Relief,” https://www.nga.org/news/press-releases/national-governors-association-leaders-call-on-congress-to-come-together-on-coronavirus-relief/.
[10] Mark Zandi, “HEROES Act to the Rescue,” Moody’s Analytics, June 17, 2020, https://www.economy.com/getfile?q=0A18590F-F506-47BA-9D9C-5550ACE09CC1&app=download, and Congressional Budget Office, “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014,” February 20, 2015, https://www.cbo.gov/publication/49958. See also Wesley Tharpe, “Surging Virus, Fragile Economy Could Worsen State Budget Crisis,” Center on Budget and Policy Priorities, August 7, 2020, https://www.cbpp.org/blog/surging-virus-fragile-economy-could-worsen-state-budget-crisis.
[11] Nick Timiraos, “Federal Officials Warn Pandemic Response Is Hobbling Economic Rebound,” Wall Street Journal, August 12, 2020, https://www.wsj.com/articles/fed-official-warns-pandemic-response-is-hobbling-economic-rebound-11597241418 .
[12] “Memorandum on Authorizing the Other Needs Assistance Program for Major Disaster Declarations Related to Coronavirus Disease 2019,” The White House, August 8, 2020, https://www.whitehouse.gov/presidential-actions/memorandum-authorizing-needs-assistance-program-major-disaster-declarations-related-coronavirus-disease-2019/.
[13] The HEALS Act calls for states to shift after September from the $200-per-week benefit to a formula that brings the total supplement, plus the worker’s regular state unemployment insurance (UI) benefit, to 70 percent of the worker’s prior weekly earnings (the supplement would be capped at $500 a week for high-earning workers). That would likely produce a total weekly benefit significantly below $200 for low-paid workers and significantly above $200 for higher-paid workers. A number of states with both Republican and Democratic governors have indicated that their antiquated unemployment systems likely won’t be able to implement this change in a timely manner.
[14] Technically the state match requirement remains in place but under recent guidance, states apparently will be able to satisfy the match requirement based on current state expenditures in their UI systems.
[15] The HEROES Act lets workers with weeks of regular UI remaining on January 31, 2020 continue to receive the $600 supplement for any remaining weeks through March 31, 2021, and it lets workers with weeks remaining on January 31, 2020 under either PUA or the CARES Act’s additional weeks of federal benefits continue to receive any remaining weeks through March 31, 2021.
[16]“Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners,” The White House, August 8, 2020, https://www.whitehouse.gov/presidential-actions/executive-order-fighting-spread-covid-19-providing-assistance-renters-homeowners/.
[17] Peggy Bailey and Douglas Rice, “Pandemic Relief Must Include Comprehensive Housing Assistance for People Experiencing the Most Severe Hardship,” Center on Budget and Policy Priorities, July 27, 2020, https://www.cbpp.org/research/housing/pandemic-relief-must-include-comprehensive-housing-assistance-for-people.
[18] Peggy Bailey, “Trump Executive Order Doesn’t Extend Eviction Ban, Won’t Help the Millions Struggling to Pay Rent,” Center on Budget and Policy Priorities, August 11, 2020, https://www.cbpp.org/blog/trump-executive-order-doesnt-extend-eviction-ban-wont-help-the-millions-struggling-to-pay-rent.
[19] United States Census Bureau, “Week 12 Household Pulse Survey: July 16 - July 21,” July 29, 2020, https://www.census.gov/data/tables/2020/demo/hhp/hhp12.html.
[20] Tracking the COVID-19 Recession’s Effects on Food, Housing, and Employment Hardships,” Center on Budget and Policy Priorities, August 13, 2020, https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-food-housing-and.
[21] Jerry Hagstrom, “Mnuchin: There’s agreement on food assistance,” The Fence Post, August 10, 2020, https://www.thefencepost.com/news/mnuchin-theres-agreement-on-food-assistance/.
[22] Congressional Budget Office, “CBO Estimate for H.R. 6800, the Heroes Act, as passed by the House of Representatives on May 15, 2020,” June 1, 2020, https://www.cbo.gov/system/files/2020-06/56383-HR6800.pdf, Division F, Title VI and Division R.
[23] Raj Chetty et al., “How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data,” Opportunity Insights, June 17, 2020, https://opportunityinsights.org/wp-content/uploads/2020/05/tracker_paper.pdf.
[24] Chye-Ching Huang and Chuck Marr, “Policy Brief: Failed Reopenings Highlight Urgent Need to Build on Federal Fiscal Support for Households and States,” Center on Budget and Policy Priorities, July 9, 2020, https://www.cbpp.org/research/federal-budget/policy-brief-failed-reopenings-highlight-urgent-need-to-build-on-federal.