What’s in the CARES Act? Here’s a Summary
Last Updated April 22, 2020
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
The Scorekeepers Agree: Budget Bill will Increase U.S. Debt by Trillions
The House recently passed the One Big Beautiful Bill Act, and fiscal scorekeepers are unanimous in their assessment that it would increase federal debt by trillions of dollars within 10 years.
House Reconciliation Bill Would Increase the National Debt by More Than Any Other Recent Legislation
The House recently passed the largest reconciliation bill ever. CBO estimates it would add $2.4 trillion (excluding interest) to the national debt over 10 years.
No Tax on Social Security Would Weaken Both Social Security and Medicare
Republicans in Congress are considering several new tax cuts that would reduce federal revenues by trillions of dollars over the next decade.