Unused COVID Funds Recycled into New $10 Billion Deal – What It Covers for Average Americans
Written by
Vance Cariaga
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
The U.S. Senate reached a bipartisan deal on Monday to provide $10 billion in additional COVID-19 funding that will be used to purchase therapeutics and vaccines and also prop up the country’s testing capacity in the event of another surge in cases.
The money essentially repurposes unspent COVID funds, Reuters reported. And although it was applauded by lawmakers across the political aisle — including Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Mitt Romney (R-Utah) — the dollar value is less than half of the $22.5 billion the Biden administration had sought.
Schumer also expressed disappointment that the bill does not include $5 billion in global health funding to spread vaccines around the world.
The proposed bill earmarks at least $5 billion to buy and develop COVID-19 treatments such as antiviral pills, CNBC reported. Another $750 million will go toward developing vaccines that target specific variants and expanding vaccine production capacity in the U.S. if needed.
The bill must now get House approval before it can be signed into law by President Joe Biden.
“We urge Congress to move promptly on this $10 billion package because it can begin to fund the most immediate needs, as we currently run the risk of not having some critical tools like treatments and tests starting in May and June,” White House press secretary Jen Psaki said in a statement.
She also said the White House will work with Congress to pass more aid, but that might be a tough sell. As Reuters noted, Senate Republicans demanded that any new requests for COVID funding be paid for by recycling existing money from prior COVID relief funds. Biden might have a hard time convincing them to approve new pandemic funding.
House Democrats in March sought to approve $15 billion in COVID funding, but Republicans insisted on repurposing funds that were already appropriated for state and local governments to cover any new spending. The bill moved to the Senate after the House failed to reach a bipartisan agreement.
Under terms of the Senate bill, about $2.3 billion was cut from a COVID program to boost aviation manufacturing and repair businesses. It also eliminates nearly $2 billion in grant funding for shuttered venues such as live performance venues, museums and movie theaters.
More From GOBankingRates
