Here’s How $2.3 Trillion In Stimulus Money Was Doled Out and What Could Be Next
Tuesday, May 19, 2020
As Congress argues about a second stimulus package, here’s a look at how the $2.3 trillion Coronavirus Aid, Relief and Economic Security Act was divided up.
The CARES Act became the largest economic stimulus bill in modern history, more than doubling the stimulus act passed in 2009 during the financial crisis.
The CARES Act was signed into law on March 27. Now Congress is considering another stimulus package that could be even bigger.
According to this CNBC/Change Research poll, 94% of Americans support sending recurring direct monthly payments, specifically to those who have lost jobs or wages. Respondents support sending the monthly checks until the pandemic ends.
Another poll conducted by WalletHub found 84% of Americans want another wave of stimulus checks. The WalletHub survey was an online survey of 350 adults across the country.
The poll asked: Who needs coronavirus relief money the most? Here are the answers:
- Small businesses 50%
- Consumers 47%
- Big businesses 3%
What Congress Is Doing Now
There is a growing consensus that the first stimulus check of $1,200 fails to help much over the long haul as COVID-19 continues. Democrats recently passed their Health and Economic Recovery Omnibus Emergency Solutions Act, which is a larger than $3 trillion proposal to inject cash and other forms of relief into the economy.
The plan calls for increased unemployment payouts and student debt forgiveness. Senate Republicans immediately blasted the bill as “dead on arrival,” calling much of it unnecessary spending.
Even though the bill was passed in the House, it will still need to pass in the Senate and be signed by the president. The Senate is not expected to return to session until June.
How much deficit will this aid cause the U.S.? Here’s the projection after the CARES Act.
The only time deficits have ever exceeded the 18.7% of GDP was the three-year span during World War II, where it reached 20.6% in 1943.
Here’s How the Money From The CARES Act Was Divided Up
What does that much money physically look like? If you stacked $2,300,000,000,000 in $100-dollar bills they would reach about 1,451 miles high. For reference, the International Space Station is about 248 miles high.
Category: COVID-19, Economic News, Business News