President Trump on Sunday signed a $900 billion pandemic relief package which will include $600 direct checks checks, abandoning his immediate demand that Congress go back to the drawing board and provide $2,000 checks, and instead encouraged them to vote on a separate bill to "increase payments to individuals from $600 to $2,000."
"I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more," Trump said in a Sunday night statement.
The pandemic relief package is coupled with $1.4 trillion in funds to run the government through September and includes other end-of-session priorities such as increases in food stamp benefits and funding for the transit system. Plus, tons of pork, which we noted last week.
According to the New York Post:
The bill authorizes direct checks of $600 for people earning up to $75,000 per year. The amount decreases for higher earners and people who make over $95,000 get nothing.
There’s an additional $600 per child stimulus payment.
In a statement, Trump said that Congress on Monday would vote on a separate bill to “increase payments to individuals from $600 to $2,000.”
The bill creates a new $300 weekly unemployment supplement and replenishes a forgivable loan program for small businesses. It also creates new criminal penalties including prison time for violating copyright laws with online streaming. -NYP
Futures and gold are happy for the moment:
Full Trump statement (emphasis ours):
"As President of the United States it is my responsibility to protect the people of our country from the economic devastation and hardship that was caused by the China Virus.
I understand that many small businesses have been forced to close as a result of harsh actions by Democrat-run states. Many people are back to work, but my job is not done until everyone is back to work.
Fortunately, as a result of my work with Congress in passing the CARES Act earlier this year, we avoided another Great Depression. Under my leadership, Project Warp Speed has been a tremendous success, my Administration and I developed a vaccine many years ahead of wildest expectations, and we are distributing these vaccines, and others soon coming, to millions of people.
As President, I have told Congress that I want far less wasteful spending and more money going to the American people in the form of $2,000 checks per adult and $600 per child.
As President I am demanding many rescissions under the Impoundment Control Act of 1974. The Act provides that, “whenever the President determines that all or part of any budget authority will not be required to carry out the full objectives or scope of programs for which it is provided, or that such budget authority should be rescinded for fiscal policy or other reasons (including termination of authorized projects or activities for which budget authority has been provided), the President shall transmit to both Houses of Congress a special message” describing the amount to be reserved, the relevant accounts, the reasons for the rescission, and the economic effects of the rescission. 2 U.S.C. § 683.
I will sign the Omnibus and Covid package with a strong message that makes clear to Congress that wasteful items need to be removed. I will send back to Congress a redlined version, item by item, accompanied by the formal rescission request to Congress insisting that those funds be removed from the bill.
I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more.
On Monday the House will vote to increase payments to individuals from $600 to $2,000. Therefore, a family of four would receive $5,200. Additionally, Congress has promised that Section 230, which so unfairly benefits Big Tech at the expense of the American people, will be reviewed and either be terminated or substantially reformed.
Likewise, the House and Senate have agreed to focus strongly on the very substantial voter fraud which took place in the November 3 Presidential election.
The Senate will start the process for a vote that increases checks to $2,000, repeals Section 230, and starts an investigation into voter fraud.
Big Tech must not get protections of Section 230!
Voter Fraud must be fixed!
Much more money is coming. I will never give up my fight for the American people!
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Many Trump supporters are not impressed, while others defended the president:
He didn't "cave."— M.J. Marino (@MiriamMarino1) December 28, 2020
He approved it AFTER all of The People saw what the bill really contained. He wanted The People to see the truth.
Thank you for the recommendation. I’ve seen his thread, but I’m not sure that he’s correct. It doesn’t cite any specific language from the act itself or provide examples of how it’s worked in practice.— Murray 🇺🇸 (@Rothbard1776) December 28, 2020
I’m not convinced it has the legal weight he’s attributed to it. We’ll see.
What’s wrong with him? For real? Why does he always bark only to fold? Don’t bark and done. Not sure why he yanks his supporters around only to fold every time for 4 years in a row. https://t.co/rPUK1LKm4U— Yossi Gestetner (@YossiGestetner) December 28, 2020
So am I buying a $600 gun or a $2000 gun?? Let me know— Jason (@JRup513) December 28, 2020