Gather around, kids. I want to tell you about the bird that used to rule Washington the way lions rule the jungle. It was called a “deficit hawk,” and it was a mighty creature. In its heyday, the deficit hawk could stop legislation, sway elections and shame presidents of both parties. There were Blue Dog Democrats and tea party conservatives, PayGo rules and government shutdowns.
But as Rep. Thomas Massie learned the hard way recently, the days of the deficit hawk in Washington are not just numbered, they may be over, as the economic shock from the coronavirus blasts the economy and Congress races in to save it in the fastest way it knows how — with lots and lots of money.
The totals so far are staggering — nearly $3 trillion appropriated in six weeks. In early March, as the virus began to force major changes to American life, Congress passed $8.3 billion in emergency funding for state and local health agencies, along with vaccine research. By mid-March, the Families First Coronavirus Response Act was passed to expand unemployment insurance, sick leave and free virus testing.
That was followed by the massive roughly $2 trillion CARES Act, including hundreds of billions for large and small businesses, hospitals, and state and local governments; direct payments to taxpayers; and the creation of the Paycheck Protection Program, or PPP, designed to keep employees on companies’ payrolls while the crisis lasts. With PPP depleted almost as soon as it passed, Congress moved in at the end of April with another $483.4 billion to shore up that program, as well as hospitals and testing.
This week, even with some $3 trillion out the door in the last two months, the prevailing question in Washington isn’t whether to spend more, but how much and in which ways? Speaker Nancy Pelosi says cities and states will need more help soon, and even $1 trillion might not cover the cost. The White House is considering a round of tax cuts and business-focused tax credits.
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May 05, 2020 at 05:03PM
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Is there any amount Congress can't spend to save us? - Roll Call
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