What is in the $2 trillion stimulus package?
Yahoo Finance's Jess Smith breaks down what is in the proposed $2 trillion stimulus deal and who benefits from the bill.
Video Transcript
MYLES UDLAND: Yeah, and for a little bit more on where exactly things stand, let's go to Jess Smith who's live in DC. Jess, I know things are coming out kind of fast and furious out of DC, but again, I mean, you know, on the one hand, as Rick mentioned, maybe not totally surprising to see Bernie Sanders, of all lawmakers, come out in opposition to this. On the other hand, you know, how many more are we going to see come out and say, you know what? I actually have a problem with something to.
JESSICA SMITH: I mean, this really started with the four Republican senators who said they did not like the unemployment provisions there, that they thought it incentivized people to be laid off, to go on unemployment rather than stay at work. So that was their issue.
And then in response to that we did hear from Senator Sanders who said unless those senators drop their objections, he would block the bill from being fast tracked unless there were more provisions, more oversight over that $500 billion going to corporations hard hit by the virus. So we have this standoff now between the several Republican senators and Senator Sanders.
We did hear from Senator Grassley when he was on in the 2 o'clock hour, and he told us that he thinks there are a couple ways to get this done still, and the Senate knows they have to pass this legislation. So at some point it is going to pass. We'll just have to see if these objections just slow it down a bit because they were trying to fast track this to get it done today, so now we'll just wait to see how this timeline shakes out.
The House-- we just heard from Minority Leader McCarthy. He says that he's hoping to take this up within about 24 hours of the Senate's vote. He does not expect to do the unanimous consent vote that we had talked about earlier, so now he's saying that they might do it by voice vote. He wants to have some debate over the bill.
So that's just the latest, what we're hearing right now. Obviously things are changing pretty quickly, so we'll have to keep you updated as we hear more from these lawmakers.
RICK NEWMAN: Hey, Jess, it's Rick. So my guess is we're not going to see a drip-drab type of series of objections by senators at this point. This is probably the end of the fighting here with this battle over unemployment. Would you agree with that?
JESSICA SMITH: You know, I don't know how this is going to shake out. We could see those Republican senators want a vote on that amendment to make the changes. That vote could fail, and then they'd move on, but at least they tried to get a vote through. They tried to get that amendment passed. I think that's a possibility here.
But again, it's just all changing right now, and we haven't even seen the final text. So lawmakers are still trying to go through it and get changes made. So we'll just have to watch for more updates on that front.
MYLES UDLAND: All right, Jess Smith with the latest on where things stand down in DC.
