Man-o-man, this is some high-stakes poker playing, and it’s the United States economy on the table.   Mitch McConnell is going to put S.3548 The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, back on the senate floor at 9:45am ET tomorrow, 15 minutes after the stock market starts collapsing.

[Read Bill Here]

[Link To Tweet]

Sweet Baby Jesus… I can’t remember ever seeing anything like this.  A $20 trillion U.S. economy, and tens-of-millions of American jobs and businesses on the line….  And McConnell is calling Pelosi’s bluff.    P.U.B.L.I.C.L.Y!

Talk about seriously high stakes politics.   Yikes.  McConnell is going to make every democrat senator vote again to close debate and advance the bill; putting them on record for negotiating a deal and then walking away from the deal they assembled.

I would imagine Senator McConnell has talked to President Trump about this….

Over the past three days a bipartisan group of senators, not leadership, constructed a $1.6 Trillion emergency aid package to rescue the U.S. economy and American workers.  The package had the support of Mitch McConnell. It is called The Coronavirus Aid, Relief, and Economic Security Act, or “CARE Act“. [READ BILL S.548 HERE]

However, at the last minute House Speaker Nancy Pelosi, having returned from her House recess vacation sipping cocktails poolside, instructed Senate Minority Leader Chuck Schumer to crush the senate effort.

Power hungry Pelosi sees an opportunity to use the looming economic crisis as leverage for selecting winners & losers amid the K-Street lobbying community.  Donors for Democrats will be rewarded; supporters of Republicans, not-so-much.  This is DC at it’s worst and Pelosi isn’t going to lose another opportunity.  It’s the same process she used in ’08/’09.

“Twice in one lifetime… How blessed am I?”

Senator Schumer did as he was instructed.  The relief bill did not pass cloture (60 votes needed), and the three-day effort collapsed.  Immediately the DOW futures dropped 5%.

WASHINGTON DC – “I want everybody to fully understand if we aren’t able to act tomorrow, it will be because of our colleagues on the other side continuing to dicker when the country expects us to come together and address the problem,” McConnell said on the floor. He added that over the last 48 hours there were bipartisan discussions among “regular members of the Senate, not in the Leadership office, not in the speaker’s office for goodness sakes.”

“She’s the Speaker of the House, not the Speaker of the Senate,” McConnell added. “We were doing just fine until that intervention.”  (more)

There are two main points Pelosi is targeting.  First, because COVID-19 creates a MASSIVE SPENDING opportunity, Speaker Nancy Pelosi wants to include the elimination of college debt, literally wipe out student loans – which ironically and intentionally were created under Obamacare, in the coronavirus bill.

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Treasury Secretary Steven Mnuchin appears on Fox News to discuss the financial legislation (likely vote tomorrow) to support workers and businesses immediately impacted by President Trump’s proactive shut-down of the U.S. economy.

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National Economic Council (NEC) Director Larry Kudlow held an impromptu press conference to describe what sectors of the U.S. economy may need direct financial assistance to bridge revenue gaps from mandated government policy. The stock market is not the U.S. economy.

Calling this type of financial assistance a “bailout” is not a fair term considering the financial impact was created by government instruction.  Government orders to shut down restaurants creates a financial loss for restaurants who also have bills and payroll obligations to meet.  These types of affected businesses will need immediate assistance.

Airlines, hotels, resorts, private parks, gyms, restaurants and various entertainment companies/industries may also need a direct infusion of cash or deferred tax payment to compensate for financial losses.  Again, these businesses have been impacted by government ordering their closure. Depending on the size of the business, the need for gap funds may be urgent.

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At approximately 1:00am this morning the House of Representatives passed the Coronavirus Response Act [H.R.6201]  (House Link Here)

The final text of the bill is also embedded below.

The Bill passed: 363-Yay/40-Nay with 26-Not Voting [Vote Tally Here]

[scribd id=451664181 key=key-TpgzK792x3tz3D3azeRw mode=scroll]

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Additionally, President Trump exercised statutory authorities to declare a national emergency in response to the coronavirus.  The unprecedented action invites States, territories, and tribes to access over $42 billion in existing funding to combat the coronavirus.

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After an evening meeting with Treasury Secretary Steven Mnuchin, HHS Secretary Alex Azar and Labor Secretary Eugene Scalia, President Trump has announced his support for House Resolution 6201 – The Cononavirus Response Act.

You can find the text of the House Bill HERE

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It took some digging but we found it. The 2020 Coronavirus Response Act is H.R.6201 [SEE HERE].

Speaker Nancy Pelosi is saying the Democrats and White House have made an agreement to pass the content of the Coronavirus Response Act.  However, there is no confirmation from the White House (yet).

President Trump is meeting with Treasury Secretary Steven Mnuchin in the White House right now.

WASHINGTON – House Democrats and the Trump administration reached agreement on a coronavirus response package Friday after a day of grueling negotiations, House Speaker Nancy Pelosi said.

“We are proud to have reached an agreement with the Administration to resolve outstanding challenges, and now will soon pass the Families First Coronavirus Response Act,” she wrote to Democrats after hours of back-and-forth with Treasury Secretary Steven Mnuchin.

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The House Rules Committee previously released the text of proposed changes to FISA (full pdf).  The “deal” is intended to reauthorize the FISA “business records provision”, the “roving wiretap” provision, the “lone wolf” provision, and the more controversial bulk metadata provisions [Call Detail Records (CDR)], all parts of the Patriot Act.  However, key Senators and President Trump say not enough being done to change it.
The current FISA authorities expire on March 15th; it looks like they will lapse as Mitch McConnell tries to regroup for a possible vote next week.  McConnell was forced to delay consideration past the expiration date after Senators Mike Lee (R), Rand Paul (R) and  Ron Wyden  (D) said they would object.

WASHINGTON DC – President Trump told Sen. Mike Lee (R-Utah) on Thursday that he does not support a House-passed surveillance bill— raising fresh questions about the fate of the legislation.
A spokesman for Lee confirmed the conversation and that the president told the Utah Republican that he does not support the House legislation. Officials speaking for the White House did not immediately respond to a request for comment.

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Speaker Nancy Pelosi is attempting to exploit the coronavirus issue to pass a litany of permanent laws inside what was supposed to be a temporary legislative bill to assist those economically impacted by the coronavirus mitigation efforts.

Two issues are stark: (1) permanent and mandatory paid sick leave; and (2) a massive and permanent increase in medicare spending to benefit health insurance companies.

(Via The Hill) […] “There’s a couple major problems with it. Here’s one glaring problem: Under [Speaker Nancy] Pelosi’s bill, the Social Security Administration will be set up to administer the paid sick leave program. Now this will take more than six months, so it won’t work in time. It will also hamper the administration from putting out Social Security for those who need it right now that are in harm’s way,” he added.

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Never let a crisis go to waste… And right on cue the Democrats in Washington DC see an opportunity to use the Coronavirus as a tool to spend and expand dependency initiatives.
One of President Trump’s biggest and non-discussed success stories has been his economic policy initiatives allowing people to be financially secure, independent and non-reliant on government hand-outs.  However, the financial health and success of Americans is adverse to the political interests of Democrats who structure all of their policy objectives upon creating a dependent citizenry.
Weaponizing Coronavirus now becomes a tool for House Democrats to push-back against economic freedom; diminish the last several years of independence; and return to the era where more people become dependent on government.

It is not a question of “if legislation will happen”, it is simply a matter of “what” legislation will look like.  What elements will the Democrats attempt to exploit most?  The answer is very predictable when looking at their preferred approach.
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