White House Is Considering A New $1 Trillion COVID-19 Relief Package
Vice President Mike Pence’s chief of staff, Marc Short, has come out and stated that the White House is expecting a new coronavirus spending package to cost close to $1 trillion, a significant increase from the last major bill that was passed several months ago.
Short told Bloomberg Radio, “There’s a lot of stimulus put in the system over the last couple bills, and so, the price tag for us would be that.”
Backing up that claim is Senate Majority Leader Mitch McConnell, who stated on Monday that his caucus has talked about a trillion-dollar spending package and said that they were looking to pass a final version of the relief bill before August.
Here’s more from The Washington Examiner:
The House approved a $3.5 trillion relief bill in May that the Senate is not expected to take up. The measure extended the $600 unemployment “bonus” payment into next year. It is currently scheduled to expire at the end of the month, and McConnell does not want to extend it.
McConnell supports providing a five-year liability shield protecting businesses and schools that have reopened from coronavirus lawsuits and delivering another stimulus check to those who earn less than $40,000 a year.
The CARES Act, which was enacted in March, provided a $1,200 payment to those earning less than $75,000.
Democrats in the Senate are probably going to end up cast their support behind another round of stimulus payments, but won’t be in favor of enacting a liability shield.
The biggest problem with all of this stimulus spending is the fact that we’re adding to an already astronomically high national debt. We simply cannot keep printing money and tossing it at people and businesses. It’s increasing inflation, making the dollar worthless, and increasing the cost of living. That’s not helping anyone.
Now, more than ever, we need to work toward a full opening of all economies. We need to be able to produce goods and services and create jobs so people can buy these goods and services. This has to happen. How we do that without passing on the coronavirus is tricky, and I don’t have the answer. But we need to do something.