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Jobs Bill Officially Stalls Out in the Senate

Yesterday evening, Sen. Harry Reid (D-Nev.) withdrew his filing for cloture on the jobs bill, also known as the tax extenders bill or H.R. 4213, currently in

Jul 31, 2020
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Yesterday evening, Sen. Harry Reid (D-Nev.) withdrew his filing for cloture on the jobs bill, also known as the tax extenders bill or H.R. 4213, currently in the Senate. Instead, today, the Senate votedon whether to waive paygo rules on the $140 billion provision that would keep up Medicare payments to doctors, provide states with money for Medicaid and extend unemployment insurance.
The measure lost, 45-52, with a 12 Senate Democrats voting in opposition. Essentially, the Senate said the $80 billion the bill would add to the deficit does not qualify as “emergency” spending and therefore is not exempt from paygo. Deficit concerns trumped concerns about the plight of the jobless. Already, 903,000 Americans have not received checks due to the expiry of the unemployment insurance exemption at the beginning of June.
So how do Democrats move forward? Likely by finding funding for some of the provisions, or continuing to argue they are emergency. It is not clear what will get cut and what will get paygo funding at this point.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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