How to fund stimulus package without cutting spending
3rd and final stimulus package will be unveiled Thursday by House and Senate negotiators.
The package will include $500 billion in spending cuts and tax hikes, including a $50 billion reduction in corporate taxes and a $100 billion cut to food stamps.
That will be $50 less than the bill that passed the Senate in July.
The package will not be signed by President Donald Trump, who has vowed to veto any legislation that cuts back on spending.
That means lawmakers will be able to negotiate on how to pay for it.
Republicans have long insisted that they would cut spending if the spending package included money for the $1.9 trillion stimulus package.
The $1 trillion package was passed in July with bipartisan support.
It was originally intended to come up with $800 billion in emergency spending to help avert a deep recession.
But Republicans failed to pass the package, which included $1 billion in tax hikes and a cut to Medicare, and Democrats have accused Republicans of hiding their plan from the public.
Democrats have criticized the legislation for making the deficit worse.
The Senate passed a $1,000 tax on $100 bills and the House approved a $500 tax on a dollar bill.
The House and the Senate are working to get the legislation through both chambers of Congress before the week ends.
The legislation was originally supposed to be passed by July, but the Senate failed to reach a deal with Democrats to avoid a government shutdown.
Democrats are calling for a shutdown.
“We need to do something now to avoid another government shutdown,” Sen. Sherrod Brown, D-Ohio, said Wednesday on ABC’s “This Week.”
The White House has said it would like to see the bill pass before the end of the month.
The Senate bill has already passed the House.
Senate Majority Leader Mitch McConnell, R-Ky., is expected to sign the package into law, while House Speaker Paul Ryan, R and House Majority Leader Kevin McCarthy, R of California, are expected to support it.