Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed - Mnuchin
WASHINGTON (Reuters) - The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation's economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
Mnuchin, speaking on the "Fox News Sunday" television program, said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through next 90 to 120 days.
Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.
Mnuchin said the U.S. economy would clearly take a hit from the health crisis, but should rebound once the new coronavirus has been contained.
"We need to get the money into the economy now. If we do that, we think we can stabilize the economy," he said.
Nearly one in four Americans, or 80 million people, were under orders to close up shop and stay home as New York, California, Illinois, Connecticut and New Jersey instituted statewide lockdowns to try to contain the rapid spread of the highly contagious respiratory illness.
Mnuchin downplayed a question about a possible recession, calling it a "technical question" that was not "terribly relevant" in the current situation since the government was effectively shutting down large parts of the economy to slow the virus."
"When people focus on recessions, it's normally because of a prolonged economic environment," Mnuchin said. "This is a very unique situation that we've never had before. This is the government has self-imposed shutting down large parts of the economy. And as soon as we can get the medical situation under control, we're going to reopen it."
Mnuchin declined to comment specifically about a Washington Post report that the Trump administration did not act on repeated warnings about the potential impact of the coronavirus from the U.S. intelligence community, but said no one expected the crisis to escalate as quickly as it had.
"I don't think that anybody should second guess the government's actions," Mnuchin said. "This has been moving very quickly and I think we've responded appropriately."
Many critics have said the administration has been slow in both its preparation and response to the crisis as President Donald Trump for weeks played down the situation before changing his tone more recently.
Would you double the national debt for a one-time $3,000 payment to YOUR family? I've got a feeling that the American taxpayer is once again being taken for a globalist ride.
31 comments:
Robbing the public treasury to bail out corporate globalists is definitely how Dotard would like this to play out. How much will Dotard's hotels get?
Much more than needed tp pay workers salaries, you can bet.
Dotard has "skin in the game" and is also the head ref in the game. He can therefore rule in his own favor/give himself a bailout. The WORST kind of corruption. Yet you think it's great.
Better a businessman than a bureaucrat!
Better a bureaucrat working for us than a "businessman" stealing from us!
Except separation of powers make THAT impossible. He doesn't write the law, or decide guilt/innocense.
Sure, "impossible"...
Trump on GOP's $500 Billion Slush Fund: "I'll Be the Oversight" (excerpt) ...how the Republican stimulus bill would responsibly distribute a $500 billion corporate slush fund that currently allows for the Treasury Secretary to withhold the names of the businesses that receive bailout cash. ... Answering the question of who would provide accountability for the unrestricted distribution of half-a-trillion dollars, Trump's response was even less promising: "I'll be the oversight. I'll be the oversight". [end quote]
Even if it isn't Dotard giving himself a bailout, surely loyal trumpturds in Congress would NEVER direct any money his way. Just as Congressional trumpturds didn't include tax cuts that went to real estate developers in their "tax cuts for corporate globalists legislation". But you probably think it's OK because Dotard didn't ask for the tax cut. Or he can deny he did. And of course Dotard couldn't direct Toady Barr to prosecute anyone. And Toady Barr would never use Russian manufactured evidence in said prosecution. HA HA HA HA HA.
You don't trust Mnuchin? Do you trust the Federal Reserve? They operate w/o ANY oversight 24/7 with trillions more than you're worried about with Mnuchin.
Dotard runs up the debt like crazy (in an effort to buy himself another term) and magaturds think he is a financial genius. Unfortunately the US can't declare bankruptcy as Dotard has (numerous times). And you DO trust Munchkin? Or is it that you don't care? I don't trust either.
He's just following in Obama's footsteps. :)
Except Obama inherited the housing crisis. Whereas Dotard's inaction early on (even though he was made aware of what was coming) has made this pandemic so much worse than it might have been. Making this historically huge rescue necessary. And Obama never owned businesses that went bankrupt or bailed himself out. In any case, why would you be OK with "the greatest president since Washington" "following in Obama's footsteps"?
Trump created the Coronavirus epidemic? Who knew?
Dotard isn't in charge of the country and thus the response to pandemics? We all wish.
Trump is in charge of Interstate commerce. But the states are responsible for their ownindividual health infrastructures. If there aren't enough ventilators or PPEs, blame your local Governor. If there aren't enough hospital beds in your city, blame your local Mayor.
A bidding war for ventilators in the midst of a pandemic is the result of local officials failure to protect their own citizens. They're paying the price of lost opportunities for rational preparedness.
Your blame shifting is complete bullshit. The late response is ALL on Dotard.
Trump says China "should have told us" about coronavirus. He removed the official meant to do that. (excerpt) A US epidemiologist was embedded with the Chinese CDC. The Trump administration discontinued the position. ... Essentially, governments around the world might have been able to begin responding in early December, when the first Chinese cases were reported, rather than in late December, when China informed the World Health Organization it had begun to notice cases of a novel illness. [end excerpt]
Even after we knew, Dotard continued to hope for the best and go golfing. And there would be no bidding wars if there was only ONE buyer (the federal government buying on behalf of the states). We're paying the price of lost opportunities for rational preparedness due to Dotard's incompetence. WORST president EVER!
China was supplying accurate information relative to the virus' severity all along? Who knew?
Nobody. But we'd have more accurate info with a person on the ground there. That's an undeniable fact. btw, Dotard has not been supplying accurate information relative to the virus' severity all along. He knew in January but did nothing. He's guilty of the criminally negligent homicide of THOUSANDS of Americans.
lol! Just one more propaganda target.
Dotard is certainly responsible for tens (and possibly hundreds of thousands) of deaths. He should fry.
Trump gave no one the virus.
He gave a LOT of people the virus. Via his inaction.
He didn't force them to attend Mardis Gras or see a Broadway show after the pandemic had already revealed itself.
His downplaying of the threat convinced people the risk was minimal. He is the president, so some people think he knows what he's talking about and listen to his advice. Do you agree that nobody should take anything he says seriously (be suspicious of everything he says because he is an idiot)? If so, I absolutely agree.
On the subject of business and business management, you'd be well advised to take Trump seriously. Science.... not so much unless he's parroting his "experts" that actually have skin-in-the-game and not idiots like his current crop of half-baked public health sidekicks.
As for people who mistake his position of authority for skin-in-the--game derived expertise, that speaks to their failings more than his.
On the subject of business and business management, you'd be well advised to take Trump seriously.
You're talking about filing bankruptcy multiple times, losing money running a casino, losing more money than any taxpayer in US history, being deeply in debt to a foreign bank, screwing contractors by refusing to pay the agreed upon amount, hiring illegal immigrants, cheating the IRS, etc? So far that seems to be working out for Dotard, but STILL that all sounds like really bad advice to me.
He certainly knows ALL the loopholes. Who better to close them?
When is he going to start doing that? My prediction is never. I've certainly heard nothing that doing such things is even on his radar. More likely that Dotard wants to open up more loopholes that he can take advantage of. I'd have added "when he's back in the private sector", but he never left it (in violation of the emoluments clause).
He has to rol back Obamunism before moving down the priority ladder...
Rolling back "Obamunism" = OPENING loopholes (deregulation).
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