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Rescue Package Includes $86 Billion Bailout for Failing Pensions
Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic.
Senator Sherrod Brown, a Democrat from Ohio, has been leading the effort to rescue the ailing pension plans.Credit.Alex Brandon/Associated Press
March 7, 2021
Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.
Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.
U.S. Senator Debbie Stabenow (D-MI) today announced the U.S. Senate passed the
American Rescue Plan Act to vaccinate more Americans, get checks and critical financial help to Michigan families, and help get our children safely back to school.
“Michigan families have been through so much this past year just trying to keep their families safe, educate their children at home and survive the financial challenges of this health pandemic. They need and deserve to know that their government has their back. The American Rescue Plan does just that. The Plan we just passed will get vaccines into people’s arms, provide direct financial help for people to survive the pandemic and help return students safely back to school and so much more,”
Stabenow, Peters Comment On Passage Of COVID Relief Bill wsjm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wsjm.com Daily Mail and Mail on Sunday newspapers.