PRESS RELEASE: STATEMENT: SENATE GOP ATTEMPT TO CUT BIDEN COVID RELIEF BILL BY TWO-THIRDS WOULD DESTROY RECOVERY

FOR IMMEDIATE RELEASE
January 31, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: SENATE GOP ATTEMPT TO CUT BIDEN COVID RELIEF BILL BY TWO-THIRDS WOULD DESTROY RECOVERY

Senate Republicans’ Proposed Package Would Strip $350 Billion from State and Local Aid Needed To Keep Essential Workers On the Job, Three Months of Unemployment, the Monthly Child Tax Credit, and Significant Funding for Schools From Biden’s Plan, and Would Reduce Direct Checks By $400

77% of Voters Want Another Stimulus Package And 68% of These Voters Want It Larger Than The $900 Billion December Package, New Polling from GQR Shows

American Rescue Plan Would Boost GDP By 4% by the End of 2021, Per Brookings

GOP Economists from Wall Street to the Federal Reserve Are Calling for More Covid Relief

WASHINGTON, D.C. — Today, Invest in America responded to the proposal by ten Senate Republicans to cut Biden’s American Rescue Plan down to a paltry $600 billion package. Invest In America’s spokesperson Maddy McDaniel issued the following statement:

“Here we go again. Senate Republicans are running the same playbook they ran more than a decade ago when their efforts to undermine the federal response to the financial crisis cost us nearly a million jobs.

“Their proposal to cut Biden’s American Rescue Plan by an astonishing two-thirds would cripple our nation’s recovery by eliminating much of the relief that our economy, families, and businesses need to get back on their feet.

“Both the American people and experts from across the political spectrum agree that there is an urgent need for our government to take big bold action immediately, including the U.S. Chamber of Commerce, the Republican-appointed chairman of the Federal Reserve, and President Trump’s former economic advisor.

“This should be seen for what it is: an unserious proposal that doesn’t come close to meeting the urgency of the moment.”

President Biden’s COVID relief plan would boost GDP by 4 percent by the end of 2021, according to an analysis released by the Brookings Institution last week. Each provision of Biden’s plan would both rescue and grow the economy.

  • Expanding unemployment insurance now would support more than 5 million jobs, and boost the GDP by 3.7%, according to the Economic Policy Institute.
  • Every dollar spent on unemployment insurance generates a $1.64 increase in GDP.
  • Every dollar invested in state and local aid generates $1.36 in GDP growth.
  • Federal Reserve Chair Jerome Powell credited the stimulus checks and additional unemployment insurance passed in 2020 with a rebound in household spending.

Recent polling from GQR demonstrates the strong support from voters across the political spectrum for urgent and expansive public investment. More than half of voters said that the previous stimulus packages weren’t enough, and 77% say the government should pass another.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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