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On the night of December 18 local time, the United States Congress urgently passed a two-day spending bill aimed at preventing the “shutdown” of the federal government after midnight and buying time for negotiations related to the bailout bill “linked” to the spending bill. The analysis believes that the bipartisan confrontation in the US Congress has seriously affected people’s livelihoods, leaving millions of Americans faced with the dilemma of “removing the cliff.” If it continues to lag, the pace of the US economic recovery will be dragged down. In this case, the bipartisan congressmen on the front lines of the confrontation in Washington have become the targets of public criticism.
△ Bloomberg reported that while bailout negotiations continued, the United States Congress passed a temporary spending bill to maintain government operations.
Government relies on short-term spending bill to avoid closure
As the new corona epidemic rages in the United States, the bailout bill that has been delayed for several months has already seen the light. Leaders of Congress plan to attach this bailout bill to a bill. annual spending bill, to be used for current funding. Maintain the normal functioning of the federal government after exhaustion.
However, because bailout negotiations stalled on December 18, the United States Congress had to urgently pass a two-day temporary spending bill that night and send it to the White House for signature to prevent the partial shutdown of the federal government after midnight. “This measure is designed to buy time for a new round of negotiations on the bailout bill.
During negotiations on the bailout bill that day, negotiators for the two sides were still working to resolve differences over the Fed’s emergency lending authority and other issues. The goal of the leaders of the two parties is to merge the bailout bill with the broader spending bill, making it necessary to complete the bailout bill negotiations before the bailout bill expires. government.
Earlier, on December 11, the United States Congress also passed a bill to extend funding to the federal government one week before the midnight deadline on that day to avoid a government shutdown. Although congressmen from both parties insisted this week that a bailout deal was about to be reached, the situation was similar this time. Negotiations on a new round of the bailout bill could not be completed in time, so the temporary spending bill was back on the scene to help.
Affected by the uncertainty of the rescue negotiations, the US stock market closed lower on December 18. Many investors had predicted earlier that day that the United States Congress would again be unable to agree on a new round of bailout bills on a scale of approximately $ 900 billion before midnight that day, and the game will continue.
△ “The Wall Street Journal” stated that the United States Congress passed a two-day spending bill on the night of December 18 to prevent the government from shutting down after midnight.
Congress faces unprecedented pressure from all walks of life
Market pressure, along with pressure from the economy, business, public health, and the people, is forcing members of the United States Congress to compromise as soon as possible.
According to Reuters analysis, with the new record for new corona pneumonia infections in the United States, congressmen from both parties have generally felt the pressure and must pass a new round of bailout bills to end the months of “prosecution” and “inaction.” . Many lawmakers have stated that the worsening of the epidemic means that the deal is no longer acceptable.
“This week we saw a record number of new deaths from coronary pneumonia. Even if we received the vaccine, the number of infections and hospitalizations was still a record.” Alaska Republican Senator Lisa Merkowski said, “The situation is different. The time is now. Passing by, life passes.” Asked by the media why Congress had to wait so long to come forward to introduce the bill Merkowski expressed his discontent.
It is now winter in many parts of the United States, and people have to stay indoors for a long time to maintain close contact with other people, which can increase the spread of the new corona virus. Many public health experts have warned that even if vaccines are distributed now, the next few months will remain difficult.
In addition to pressure from all walks of life, the calculation of political interests has also put tremendous pressure on members of the two parties. Leaders of the two parties worry that if no action is taken, the election of Senate seats in Georgia on January 5 will be delayed. This special election is about whether the Republican Party can maintain its majority in the Senate for the next two years.
△ CNBC said the last-minute dispute over the Fed’s credit authority caused bailout negotiations to be delayed again.
Fed dispute over credit authority ignites bipartisan differences
Under pressure from all parties, the leaders of the United States Congress on the night of December 17 were really close to reaching a relief plan for COVID-19 on a scale of approximately $ 900 billion.
In addition to direct check writing, the relief plan is expected to include an additional $ 300 weekly unemployment benefit to the public, funds for vaccine distribution projects, schools, small businesses and healthcare providers, as well as reductions rent and other relief measures.
Although the content of the new round of bailout plans was generally in line with expectations, Congressional leaders are still negotiating some of the content. According to some negotiators, the new round of bailout plans may “evade” the two most difficult issues: funding for state and local governments and protection of exemptions for companies operating during the epidemic. Also, in accordance with the latest developments in the December 18 negotiations, Republicans attempted to restrict the Fed’s emergency lending authority, a measure considered by Democrats as “may derail the negotiations.”
Around the Fed’s emergency lending authority, old and new administrations once again drowned in thin air. “As we respond to an unprecedented economic crisis, it is in the interest of the American people to maintain the ability of the Fed to respond quickly and forcefully,” said Brian Deiss, who will serve as director of the White House National Economic Council in the administration. Biden, in a statement. “The weakening of this power may mean reducing loans to joint ventures, increasing unemployment and increasing economic pain across the country.”
Larry Kudlow, the current director of the White House National Economic Council, said the White House strongly supports the efforts of a Republican senator to demand a restriction clause in the new round of the bailout plan, which will restrict the use of funds from the United States Department of the Treasury. The Federal Reserve’s Emergency Loan Program.
In the December 18 negotiations, differences between the two parties’ representatives over the Fed’s emergency lending authority were seen as one of the final obstacles to the difficult drafting of the bailout bill, reflecting that Differentiating the demands of the two parties has increasingly become the US government’s response to the economic challenges under the epidemic. Major obstacles. Indeed, this aid bill long ago could have supported the American economy during the deadliest stage of the new corona epidemic, but it was ultimately delayed for several months due to the swing of the two parties. And even if it can be approved immediately, it will take at least a month for the corresponding funds to reach the hands of those who desperately need it, leaving many people having to usher in the New Year in pain. (CCTV reporter Gu Xiang)Return to Sohu to see more
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