Thursday, May 13, 2021

Biden's Blue-State Bailout Begins; Treasury to Release COVID-19 Bailout Money to Cities and States; NYC Gets $4.2 Billion, and related stories

AP Photo/Evan Vucci
Biden's blue-state bailout begins:
This month the Biden administration will start doling out $350 billion to state and local governments even though there’s evidence the states don’t need the funds.
California is flush with cash, anticipating a $75.7 billion budget surplus, as it reaped taxpayer funds from booming Silicon Valley firms and residents — one of the few sectors in the U.S. economy which actually benefited from the coronavirus lockdown.
Embattled Democratic Gov. Gavin Newsom, who is headed for a recall, is using the cash to send $600 checks to households making up to $75,000 and an additional $500 to families if they have children. It’s a blatant vote buying effort, assisted by the Biden administration. In addition to its surplus, California is set to receive $27 billion in federal funds as part of coronavirus relief.
New York Gov. Andrew Cuomo has refused to renegotiate his state’s union contracts or cut spending during the pandemic and recently warned of a $15 billion budget deficit. However, last year, his state’s revenues were down only a mere 1.5% from 2019. --->READ MORE HERE
AP Photo/Mark Lennihan, File
Treasury to release COVID-19 bailout money to cities and states; NYC gets $4.2 billion:
The Biden administration on Monday announced the distribution of $350 billion in emergency coronavirus aid to states and cities, bailing out budget coffers and weighting the money to states with higher levels of unemployed workers.
Treasury officials said states and cities will have great discretion on how they spend the money, but they can’t use it to offset any tax cuts.
New York City topped the list with more than $4.2 billion in aid, followed by Chicago with more than $1.8 billion and Los Angeles with $1.2 billion. San Francisco, home to House Speaker Nancy Pelosi, came in at $453.5 million.
Among states, California will receive $27 billion, Texas will get $15.8 billion, and New York is receiving $12.7 billion. The District is receiving about $1.8 billion. --->READ MORE HERE
Follow links below to related stories:

Biden admin releases $12.7B for NY state, $4.3B for NYC in COVID stimulus

Biden administration launches $350 billion COVID-19 payments for state and local governments

U.S. Offers States $350 Billion in Aid, With Conditions

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