March 26, 2020
The unparalleled events of the last few weeks required an unparalleled response from Washington. Stimulus 3.0 – which the Majority Leader and others are correctly calling a relief bill – provides over $2 trillion in relief, and was passed unanimously by the Senate, and will be passed on Friday by the House of Representatives. The total appropriated in 1.0, 2.0, and now 3.0 is now over $2.308 trillion. Of interest - Stimulus 3.0, at $2.2 billion, is the largest single injection of federal cash into the economy in U.S. history.
Steve Gordon and Todd Smith summarize 3.0—the Coronavirus Aid, Relief, and Economy Security Act, and provide links to the entire piece of legislation and key sections. Dana Marston looks at coronavirus’ transmission, rates of growth both here and abroad, and how it’s affecting both patients and industries. She also takes a dive into the Defense Production Act.
The Senate delayed its planned recess to work on and pass this bill, and then recessed. Members of the House have been working in their districts this week but will pass 3.0 by voice vote on Friday and will return to Washington after Easter.
We will monitor activity while the Senate and House are out of town.