Chronicle Bonus: What's in $1.5 trillion covid relief plan
Congress's $1.5 trillion spending plan contains more than covid relief.
The covid-related money comes to $825 billion.
The rest – more than $1 trillion – will go to Congressional pet projects and non-covid relief.
A Wall Street Journal analysis of the bill shows the covid cash includes:
• $75 billion for vaccinations, treatments, testing and medical supplies.
• $19 billion for public health, mainly state health departments and community health centers.
• $6 billion to the Indian Health Service.
• $4 billion for mental health.
• $7.2 billion more for the Paycheck Protection Program for businesses and workers hit hard by lockdowns.
• $15 billion for economic injury disaster loans.
• $26 billion for restaurants and bars.
• $15 billion in payroll support for airlines.
Those who apply must prove economic harm and in some cases repay loans.
• $413 to households at $1,400 per man, woman and dependent.
The Congressional Budget Office says the bill’s:
• Unemployment pay will increase deficits by $246 billion.
• $400 a week “enhanced” unemployment benefits through August “could increase the unemployment rate as well as decrease labor force participation.”
Here's where the rest of the moneyn would go:
• $15 an hour minimum wage,which the Congressional Budget Office estimates will cost 1.4 million jobs.
• increase the child tax credit to $3,000 from $2,000 ($99 billion reveue loss) and temporarily expand the Earned Income Tax Credit to childless adults ($25 billion loss).
• Eliminate the cap on the rebate drug makers must pay Medicaid for outpatient drugs.
• $350 billion for state and local governments and cities and counties, even as state revenues have recovered. Democrats changed the formula to ensure most of the dollars go to blue states.
Gov. Andrew Cuomo’s New York state (8.2% unemployment in December) and Gov. Gavin Newsom’s California (9%) will be rewarded for locking down their businesses.
• $86 billion to rescue 185 pension plans managed by unions. These have enormous liabilities yet the bailout comes with no real reform.
• $129 billion for elementary and secondary public schools even if they don't reopen ftheir classrooms.
• $40 billion for colleges and universities.
Congress already provides $113 billion for schools and expects 95% of this new money will be spent from 2022 through 2028 afterthe pandemic is over.
• $35 billion in subsidies to defray ObamaCare premiums. This lowers the maximum amount participants are expected to pay from 10% to to 8.5%.
• $15 billion for a 5% increase in the federal Medicaid match to states that expand eligibility to lower-income adults.
• $39 billion for child care.
• $30 billion for public transit.
• $19 billion in rental assistance.
• $10 billion in mortgage help.
• $4.5 billion for the Low Income Home Energy Assistance.
• $3.5 billion for food stamps.
• $1 billion for Head Start.
• $1.5 billion for Amtrak.
• $50 billion for Federal Emergency Management.
• $4 billion to pay off loans of “socially disadvantaged” farmers and ranchers.
• Almost $1 billion in world food assistance.
• $1.5 million for Sen. Chuck Schumer's Seaway International Bridge that connects to Canada.
• $500 million for grants to the arts, humanities, libraries, museums, and Native American language preservation.