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On Tuesday, Speaker of the House Nancy Pelosi unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act. The backronym, “HEROES” Act, underscores what House Democrats feel is an heroic effort to salvage the economy while the coronavirus pandemic upends American society. This massive bill would authorize a historic $3 trillion in federal aid.
The bill, which is sprawling in nature, covers some 1,800 pages and is essentially a laundry list of Democrats’ campaign promises. It would offer student debt forgiveness, another round of $1,200 checks for citizens, massive funding for coronavirus testing, hazard pay for essential employees and more. Essentially, it’s the kind of bill that will easily pass the House, where Democrats are the majority.
Meanwhile, Republicans in the Senate are unlikely to sign off on the bill. Senate Majority Leader Mitch McConnell told reporters on Tuesday that he felt it was time to slow down on COVID relief spending. “We now have a debt the size of our economy,” McConnell remarked.
“So, I’ve said, and the president has said as well, that we have to take a pause here and take a look at what we’ve done.” Throughout March, Congress passed three historic spending bills to address the economic impact of COVID-19. The pandemic has shuttered businesses, disrupted the stock market and completely altered American life. This has led to unprecedented responses by the government.
However, Senate Republicans are finding it hard to stomach the massive spending. Typically, Republicans campaign on promises of smaller government, less spending and more fiscal responsibility. The nature of the pandemic, however, has made it difficult to successfully sell these ideas to a country suffering under a nearly 15% unemployment rate.
House Democrats have been explicit in their calls for federal aid. They have noted that this is an unprecedented moment in American history. Unemployment is as high as it was during the Great Depression. Millions of Americans are out of work, and millions of jobs have simply vanished due to the pandemic.
If the government were to do nothing, many economists fear the American economy would simply collapse. While some billionaires would be content to donate to charitys only a fraction of their fortunes, House Democrats say that would not be enough.
“We have a big need. It’s monumental. And therefore, it’s a great opportunity to say: let’s work together to get this done. There’s a way to open the economy based on science, testing, testing, testing and let’s get on with it. That’s what we’re here to do,” Pelosi told reporters. “To those who would suggest a pause, I’ll say the hunger doesn’t take a pause. The rent doesn’t take a pause. The hardship doesn’t take a pause.”
