Please have snow and mistletoe, and presents on the tree
EDITOR'S NOTE
Hello,
Well, they did it.
It took most of the year, but Congress finally passed another Covid relief package. Late Monday night, the Senate voted 92-6 to send a $1.4 trillion government funding bill and a $900 billion measure to help Americans contend with the coronavirus pandemic to President Trump's desk. He is expected to sign it soon.
But while the relief bill had wide bipartisan support, it fell well short of satisfying everyone. Republicans, after years of supporting Trump's deficit-expanding policies, are once again posturing as fiscal hawks. They are skeptical of any new spending as President-elect Biden prepares to take office next month.
Meanwhile, Democrats, including Biden, view the $900 billion legislation as a down payment on even more aid as states and municipalities face a funding crunch, putting essential services at risk. The president-elect has vowed to propose a new package on day one of his administration.
What that bill looks like will likely depend greatly on what happens Jan. 5 in Georgia, where control of the Senate is at stake. The GOP can hold onto the majority, and keep Mitch McConnell as majority leader, if just one of their incumbent candidates, David Perdue and Kelly Loeffler, win their runoff election against Democratic challengers Jon Ossoff and Raphael Warnock, respectively.
If Republicans keep the Senate, there's a good chance that Biden might not be able to get a large relief package, or any at all, through Congress. If Democrats win both races in Georgia, they'll enjoy a one-vote advantage due to Vice President-elect Kamala Harris' tie-breaking role, and would be able to get a bigger, but still compromised, bill passed.
For now, though, Congress is done for the holidays, and we're back to waiting.
Thoughts? Email Mike Calia at CNBCPolitics@nbcuni.com.
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