McConnell Answers Trump’s Call: Bailouts For Billion-Dollar Industries

So-Called ‘CARES Act’ Shortchanges Workers Hit Hardest by Health Crisis

          • NO Comprehensive Paid Sick Leave
          • NO Expansion of Unemployment Insurance Eligibility and Limits
          • YES to $200 Billion in Bailouts For Wealthy Industries

Washington D.C. – As the health and economic fallout of the coronavirus outbreak has grown exponentially over the past several days, President Trump’s priorities have stayed consistent. On numerous occasions, the President signaled his eagerness to give multi-billion-dollar industries like cruise lines, airlines and major hotel chains what they’ve pleaded for: a no-strings-attached bailout. Tonight, we learned that Senate Majority Leader Mitch McConnell clearly took the President’s message to heart.

McConnell’s newly unveiled ‘CARES Act’ seeks to give hundreds of billions of dollars in federal handouts to industry, including $50 billion to the major airlines and $150 billion in loans to unspecified “distressed” businesses that would be at Treasury Secretary Mnuchin’s discretion to approve. The bill also includes $1200 of means-tested direct cash assistance for some Americans struggling through this crisis, but just $600 for the poorest families in America. In response, Allied Progress Director Derek Martin released the following statement:

“With a small check for workers and blank checks for the President’s industry friends, this proposal fails to meet the nation’s needs during this crisis,” said Derek Martin, director of Allied Progress. “Senator McConnell needs to give the workers who don’t have billions in assets to fall back on at least equal consideration as industry, including long-term unemployment insurance and enhanced paid sick leave. Businesses like the airlines and the cruise ship industry have been profitable for years and got a major break from the Trump tax cuts, but now they’re coming to the American people and telling us it wasn’t enough? Any assistance for these billion-dollar corporations needs to come with serious strings attached, including changes to their risk planning and guarantees that they will prioritize their workers’ well-being.” 

Allied Progress has been working to ensure that the federal response to the coronavirus crisis puts hard working Americans first.

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