Pelosi and Schumer prevail on stimulus
Last updated on September 25th, 2023 at 08:57 pm
Speaker of the House Nancy Pelosi explains how Democrats stood together and broke through McConnell and Trump’s obstruction to deliver a victory for small businesses.
Speaker Pelosi said at a press conference:
When the Republicans and the administration replied that there was no way they would join us, that they had the 250. That’s the way it was going to be. There would be nothing else. They took defeat on the floor because the congressional Democrats stuck together. Then there were objections and then proposing our proposal. It is almost exactly what they passed today. So in terms of holding up the works, they held up the works for a package that is more effective as we go forward.
They like the say, we held up — no. We didn’t hold up. They held up. Now we have prevailed. This is a real victory for smaller businesses, as the leader has said, who really didn’t have the banking relationships.
Video of Pelosi:
Mitch McConnell refused to pass a bill that included anything other than $250 billion for the Payroll Protection Program, but here is what Democrats got added to the bill:
· $60 billion in new SBA Paycheck Protection Program funding dedicated to small lenders and community-based financial institutions, to serve the needs of unbanked and underserved small businesses and nonprofits—especially rural, minority, and women-owned businesses
· $30 billion of these funds will assist Community Development Financial Institutions, Minority Depository Institutions, community-focused lending intermediaries, and the smallest community banks and credit unions
· 50 billion for the SBA’s Economic Injury Disaster Loan program, which will allow approximately $300 billion in loans to small businesses
· $10 billion for the SBA’s Emergency Economic Injury Grant program
· $75 billion in emergency money for our health system
· 25 billion to increase testing and contact tracing capabilities
Mitch McConnell and Donald Trump can pout and demand all that they want, but nothing gets done without the Democrats. As the country has witnessed on numerous occasions, Nancy Pelosi holds the House Democrats together, and when push comes to shove, she wins.
Speaker Pelosi, Leader Schumer, and House and Senate Democrats have delivered for the American people in a time of crisis.
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