Tag: economic stimulus

Lawmakers already planning more coronavirus stimulus after $2T package

The Hill logoLawmakers are already planning another round of legislation aimed at keeping companies flush with capital and millions of workers on payrolls amid the coronavirus pandemic, even after passing a $2 trillion relief bill this past week, the largest stimulus of its kind in U.S. history.

The Senate plans to be on recess until April 20, and the House will take an extended break as well, though members say they could return sooner depending on how the economy reacts in the next few weeks.

Businesses, trade associations and state governments are already jockeying for more federal relief, calling the package that President Trump signed Friday a good “first step” but not enough to keep the economy on track if the coronavirus crisis extends beyond the end of April. Continue reading.

Ex-Reagan aide explains why Republicans are such massive hypocrites on stimulus: ‘They love Trump. He is destroying government’

AlterNet logoIn 2009, when Barack Obama proposed a relatively modest economic stimulus — one that Paul Krugman, among others, warned was roughly half the size that was needed — Republican politicians and economists screamed bloody murder. Now, with COVID-19 panic gripping the world, and a Republican in the White House, it’s a totally different story. Surprise, surprise. As David Dayen noted Wednesday, the stimulus package the U.S. Senate may have passed by the time you read this is “not a $2 trillion bill, [but] closer to $6 trillion, since bailout money helps capitalize $4.25 trillion in leveraged lending by the Federal Reserve.

Just because this ideological switchback is so predictable doesn’t mean we should shrug it off. Becoming habituated to GOP hypocrisy is a crucial part of how and why they continue to get away with it. Normalizing bad-faith politics, to put it another way, is a central goal of bad-faith politics.

One person who’s not habituated is Bruce Bartlett, who was a domestic policy adviser in the Reagan administration and then a top Treasury official under George H.W. Bush. He was one of the first establishment Republicans, along with John Dean, to break ranks with the party during the George W. Bush years. When he called out the current GOP’s hypocrisy on Twitter, I stood up and took notice. Continue reading.

Congress to bail out firms that avoided taxes, safety regulations and spent billions boosting their stock

Washington Post logoLess than a dozen years after the bailouts of the Great Recession, airlines, hotels and a long list of others come calling.

When airline executives realized a few years ago that they could charge passengers extra fees for just about anything — meals, checking bags, even choosing seats — their businesses seemed bulletproof.

“I don’t think we’re ever going to lose money again,” American Airlines chief executive Doug Parker told giddy investors in 2017. As such companies continued to thrive, they also undertook share buybacks, boosting investor value. President Trump and congressional Republicans sweetened the outlook for big businesses further when they passed a $1.5 trillion tax cut that slashed the corporate rate beginning in 2018.

That seems so long ago. Now airlines, hotels, cruise lines, coal-mining companies and others strangled by coronavirus shutdowns are lining up to receive slices of a $2 trillion aid package funded by taxpayers. Continue reading.

Senior GOP senators object to direct payments at caucus meeting

The Hill logoPresident Trump’s signature proposal to send $1,200 direct payments to the public received pointed pushback from senior Senate Republicans at a meeting Thursday where GOP negotiators unveiled their version of a $1 trillion stimulus plan.

The most controversial element is a plan to send out $1,200 checks to people earning up to $75,000 and couples earning up to $150,000, and to phase out the subsidies quickly after those thresholds.

Despite the pushback, GOP senators still expect Senate Majority Leader Mitch McConnell (R-Ky.) to unveil the GOP plan on Thursday. Continue reading.

McConnell details GOP proposal for third coronavirus bill

The Hill logoSenate Republicans are finalizing their proposal for the third tranche of coronavirus aid, which is expected to be unveiled Thursday.

Senate Majority Leader Mitch McConnell (R-Ky.), speaking from the Senate floor, outlined what will be included in the Republican package and said lawmakers must take “bold steps” amid the growing outbreak.

“It is critical that we move swiftly and boldly to begin to stabilize our economy, preserve Americans’ jobs, get money to workers and families and keep up our fight on the health front. That is exactly, exactly what our proposal will do,” McConnell said. Continue reading.

Teetering economy sparks talk of second stimulus package

The Hill logoThe Senate returns to work Monday to take up the House-passed coronavirus relief package, but senators are already starting discussions about a second round of economic stimulus.

Lawmakers and aides expect an additional legislative package would include broader economic measures such as a tax rebate, a payroll tax cut, small-business grants and loans, expanded unemployment insurance and relief for the airlines and other hard-hit industries.

Senate Majority Leader Mitch McConnell (R-Ky.) on Sunday said he had spoken to several GOP committee chairmen “about the next steps,” such as helping Americans with financial challenges, efforts to shore up the economy and small business and bolstering the health care system. Continue reading.