House Democrats have unveiled a $3 trillion coronavirus stimulus package and expect to vote on it by Friday, according to an AP account.
The so-called Heroes Act proposes almost $1 trillion for states, cities and tribal governments, $200 billion in “hazard pay” for essential workers, as well as $1,200 direct cash aid to individuals, up to $6,000 per household. There is also $75 billion more for virus testing.
The plan was unveiled by House Speaker Nancy Pelosi who urged Congress to “go big.”
Senate Majority Leader Mitch McConnell said the bill is a “big laundry list of pet priorities.”
For perspective, the FY 2020 federal budget calls for $4.7 trillion in spending with revenues of only $3.6 trillion for a deficit of $1.1 trillion this year, according to the CBO. The current debt is $17.8 trillion. This bill would push that over $20 trillion.
The current GDP is just over $20 trillion.