The Democrats Cave

After holding out for 12 days, the Democrats gave in today and agreed to fund the Paycheck Protection Program to the tune of another $320 billion. The bill includes additional $60 billion for “Economic Injury Disaster” Loans, plus $75 billion to go to hospitals and health care providers. And on top of that, $25 billion for COVID testing and research and development.

This is Mitch McConnell’s tweet announcing the agreement:

My guess is that there are some Democratic goodies buried in the fine print, but I take it that the Dems abandoned their demands for unrelated priorities like mail-in voting.

This shouldn’t be considered a victory. The cost of the shutdowns continues to be catastrophic, and the hangover when the bills come due will be immense.