Schumer: It Is Unclear If the $2 Trillion Stimulus Package Will Be Enough to Salvage the Economy

Senate Minority Leader Chuck Schumer (D-N.Y) still is not sure the $2 trillion stimulus package will be enough to salvage the American economy.

Schumer appeared on “News Day” Wednesday morning where he spoke with CNN’s John Berman to share details about the deal that the White House and Senate have agreed to.

Despite the massive deal, Schumer still is not sold on the stimulus package sustaining the economy due to all of the uncertainties surrounding the coronavirus outbreak.

As it stands, there is currently no definitive timeline to determine when the United States will effectively flatten the curve. Because of that, Schumer noted that it is unclear how long the outbreak will have lasting effects.

“We don’t know how long it’s going to last, who’s affected. We still don’t exactly know,” Schumer said. “I asked a doctor friend of mine … ‘Once you get it, [coronavirus] are you immune?’ No one knows the answer to that.”

After expressing concerns about the unknown, Schumer went on to say that they will likely have to reconvene later down the line to incorporate additional measures.

He continued, “The unknown is one thing and that’s why we may have to… we should be willing, able to come back in a bipartisan way and do more if we need it and I believe we’ll probably have to do that one way or another.”

 Check out Schumer’s interview below:

This new deal comes after multiple discussions between the Democrats and Republicans.

The deal includes multiple incentives that will offer direct assistance to individuals and families. Describing the bill as a “worker-friendly” deal, Schumer shed light on how it would be beneficial to the average American worker.

The stimulus package boasts $500 billion for direct payments to individuals and families, along with an additional $250 billion for increased unemployment benefits for workers impacted by the coronavirus, as IJR reported.

It also includes $350 billion for small business loans and another $500 billion in funding for corporations that are considered “distressed” as a result of the pandemic.

Responses

  1. Sorry Meaghan at IJR I don’t waste my time reading about Schumer. He’s about divisiveness and hate. Don’t need that right now.

  2. This is nothing but fear-mongering by a guy who is a hack leftist politician, not an economist, an infectious disease doctor, or a statistician. I know HE DOES NOT KNOW ANYTHING. That doesn’t mean others with specific expertise do not, or have a general idea. His disingenuous comment about whether you can get COVID-19 again is a perfect example. Many infectious disease experts have addressed this question and their answer is basically the opposite of what Schumer said, leaving themselves a little wiggle room if the virus mutates significantly, which it has not and isn’t expected to do so.

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