CNBC: Covid Relief Bill Could Lead to Cuts to Medicare, Student Loan Programs

A Democrat-backed Covid relief bill could trigger billions of dollars in cuts to medicare and other federal programs, like those that support the unemployed and student borrowers, if ultimately passed . The funding cuts would take effect in 2022 and last for several years. (Iacurci, 02/27)

Bloomberg: Biden’s virus relief plan threatens to trigger cuts in health insurance

The Congressional Budget Office said in a letter Thursday to Parliamentary Minority Leader Kevin McCarthy that Medicare would face a $ 36 billion cut and $ 90 billion in other programs would be cut. The spending cliff is entirely the fault of the Democrats. Under the 2010 Pay-As-You-Go law passed by Democrats and signed by then-President Barack Obama, spending increases and tax cuts that add to the deficit – like the Biden’s plan – trigger automatic cuts the following calendar year. It takes 60 votes in the Senate to declare the new emergency spending and avoid the cuts, meaning Democrats would need 10 Republicans. (Dennis, 2/26)

Politico: Biden urges Senate to take ‘swift action’ on coronavirus relief package

President Joe Biden on Saturday called on the Senate to swiftly pass his $ 1.9 trillion coronavirus relief package, which the House approved early Saturday morning. “I hope he gets some quick action,” Biden said. “We have no time to waste. If we act now, decisively, swiftly and boldly, we can finally get ahead of this virus, we can finally revive our economy and the people of this country have suffered too much for too long. . We must alleviate this suffering. ”(Leonard, 02/27)

The Washington Post: Democrats abandon plan to save $ 15 minimum wage hike

Senior Democrats are dropping a backup plan to raise the minimum wage through a corporate tax penalty, after encountering numerous practical and political challenges when drafting their proposal over the weekend, according to two people close to internal deliberations. On Thursday, the Senate parliamentarian said the $ 15 an hour minimum wage included in President Biden’s $ 1.9 trillion stimulus package was ineligible under the rules Democrats are using to pass the bill. of law in the Senate. (Stein, 2/28)

Roll call: Medicare fixes, Amtrak increase in proposed Senate Aid package

Senate Democrats were perfecting a replacement amendment to the House’s $ 1.9 trillion coronavirus aid package that the House plans to take this week, with an early draft in circulation that would add money for Amtrak , cybersecurity, and Medicare payments for ambulance services and some hospitals, among other changes. (Krawzak, 2/28)

In related news on Covid’s economic record –

AP: Fraud crushes unemployment programs linked to pandemic

As the floodgates are expected to open to another wave of unemployment aid, states are hit by a new wave of fraud as they scramble to update security systems and block fraudsters who have already hijacked billions of dollars in unemployment programs linked to the pandemic. Fraud scams taxpayers, delays legitimate payments, and turns thousands of Americans into unintentional victims of identity theft. Many states have failed to adequately protect their systems, and an Associated Press review reveals that some will not even publicly recognize the extent of the problem. (Mulvihill and Welsh-Huggins, 3/1)

CNBC: ‘Long carriers’ of Covid symptom may see lasting financial impact

Laura Crovo has felt completely normal for 10 months. Since testing positive for Covid last April, the 41-year-old Marylander has yet to evacuate all of her symptoms. And in addition to battling them – mostly a pounding heart (tachycardia), occasional fatigue, and a lingering cough – she and her husband, parents of two, continue to pay off the thousands of dollars in debt they’ve racked up over the year. last because of his persistent illness. (O’Brien, 2/28)

Axios: Scammers seize COVID confusion

The pandemic has created a great opportunity for crooks to target people who are already confused about chaotic deployments of things like stimulus payments, loans, contact tracing and vaccines. Data shows that older people who are not digitally literate are the most vulnerable. (Fischer and McGill, 2/28)