What’s in the CARES Act? Here’s a Summary
On March 27, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the third phase of legislation designed to lessen the economic impact of the COVID-19 pandemic.
The largest emergency response bill in history, the CARES Act allocates nearly $2 trillion in emergency funding to provide relief to households, small and large businesses, states and municipalities, and healthcare providers, among others. Many commentators have noted that the CARES Act is better characterized as a relief bill, which addresses the more immediate fallout, than a stimulus plan, which would restore regular economic activity and is expected to roll out in subsequent phases.
This infographic breaks down the CARES Act to explain some key funding items in the legislation.
Further Reading
How No Tax on Overtime Will Affect Federal Revenues and Tax Fairness
This new, temporary deduction will cost $90 billion dollars over the next four years, while undermining tax equity and making the tax system more complex.
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
The legislative package will be the most expensive reconciliation bill in a quarter of a century and will add trillions of dollars to the U.S. debt.
Lifting the Debt Ceiling Has Been Paired with Budget Reform in the Past
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $36.1 trillion.