Navigating the CARES Act: Understanding the Largest US Economic Relief Package

Abstract

Coronavirus Aid, Relief, and Economic Security or "CARES" act Amid the Covid 19 pandemic outbreak, the president of the United States of America signed into law a $2.2 trillion aid package, known as the Coronavirus Aid, Relief, and Economic Security or "CARES" act. The aid package served as the largest on record in the history of the United States of America and aimed to address the economic downturn inflicted by the coronavirus pandemic (Driessen, 2020). The Democrats pushed for more than $400billion in state and municipal aid, which was way too high considering that the white house had offered $250billion. The Democrats opposed the demands of the republicans who wanted liability protection for business, and house democrats urged the speaker Nancy Pelosi to downplay the prospect of passing a more targeted plan. To this effect, Pelosi addressed a group of house democrats and urged them to continue demanding a sweeping deal and not to bow down to the GOP's earlier demands that suggested a smaller bill (Kareem and Ariff, 2020). The house democrats passed their own $2.2 trillion packages in which the Senate majority leader Mitch McConnell had opposed the democratic legislation. The initial proposition that Treasury Secretary Steven Mnuchin had offered was $1.6 trillion, up from $1.3 trillion that the white house had embraced, and it was the figures that Pelosi felt both the democrats and the republicans were distant on the issues which included the state and the municipal aid (Maxeiner, 2020). The big issue affecting the democrats and the republicans was the best way to structure a package. The debates led to President Trump stating that some of Pelosi's proposals were outrageous since the democrats asked for all sorts of goodies. Besides the aid package signed into law by President Trump, there erupted...