Trump, GOP Leaders Bet on Reopening Over Stimulus for Recovery

  
Via:  1776 Traditional American  •  4 months ago  •  11 comments

By:   Bloomberg

Trump, GOP Leaders Bet on Reopening Over Stimulus for Recovery
The lunch session with Trump followed a morning meeting in McConnell’s office at the Capitol with Vice President Mike Pence, Treasury Secretary Steven Mnuchin and House GOP leader Kevin McCarthy. After he left that meeting, Mnuchin joined Powell before the Senate Banking Committee, testifying about the response to the pandemic. Mnuchin warned of significant harm to the economy if shutdowns are prolonged. “There is the risk of permanent damage,” Mnuchin told lawmakers. “And as I’ve said...

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Good article.  The priority should be with re opening.  I see room for some more stimulus and aid to states but ultimately at about 1/3 of what amount passed in the house with different priorities of the administration and senate taken into account.  There is no stimulus like restarting the economy and that includes to revenues to state and local governments. 


S E E D E D   C O N T E N T



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President Donald Trump and Republican congressional leaders are counting on state lockdowns lifting to propel an economic rebound that will ease pressure for another round of stimulus.

“There is only one way out of this dilemma: America has to grow again, to open up again and I am pleased that is beginning to happen in my state and other states,” Majority Leader Mitch McConnell of Kentucky said at the Capitol after Trump had a lunch meeting with GOP senators.

Trump, who has been urging governors to lift restrictions on businesses, said he expects “a really great third quarter” for the U.S. economy, even though Federal Reserve Chairman Jerome Powell reiterated Tuesday that a full recovery might take until the end of 2021.

Republicans are putting up a unified front on holding off on another round of stimulus even as every economic indicator is showing historic declines. That’s put them in an election-year stalemate with Democrats, who last week pushed through the House a $3 trillion virus relief package that the GOP has rejected.

The lunch session with Trump followed a morning meeting in McConnell’s office at the Capitol with Vice President Mike Pence, Treasury Secretary Steven Mnuchin and House GOP leader Kevin McCarthy.

After he left that meeting, Mnuchin joined Powell before the Senate Banking Committee, testifying about the response to the pandemic. Mnuchin warned of significant harm to the economy if shutdowns are prolonged.

“There is the risk of permanent damage,” Mnuchin told lawmakers. “And as I’ve said before, we’re conscious of the health issues and we want to do this in a balanced and safe way.”

The Congressional Budget Office on Tuesday forecast that the U.S. economy will expand more in 2021 than it previously projected -- 4.2% on a fourth quarter-to-fourth quarter basis from an April 24 estimate for a 2.8% increase. But it also said the economic fallout from the pandemic will linger, with the unemployment averaging 11.5% this year and only improving marginally in 2021 to 9.3%, just under the high reached in the 2007-2009 recession.

Since agreeing to a massive stimulus package in March, Republican leaders in both chambers have been united in their call for a delay in providing more assistance, arguing that careful consideration is needed amid an explosion in spending to address the pandemic and bolster the sinking economy.

Full Agreement

McConnell said congressional Republicans and Mnuchin, who negotiated previous rounds of stimulus with Democrats, are all in agreement that a pause is needed. With the Senate leaving later this week for a nearly two-week recess, he said discussions on next steps would happen in couple of weeks.

A House GOP aide, who spoke on condition of anonymity to discuss party strategy, said that in addition to wanting to wait for a better measure of how the economy is faring, Republicans are concerned that providing more assistance to states and individuals would slow movement by governors to lift business restrictions.

Republicans haven’t ruled out additional legislative responses to the pandemic. McConnell is pushing giving businesses a shield against liability for employees or customers. Other GOP proposals include giving states more flexibility to spend the aid already allocated and extending the popular Paycheck Protection Program for small businesses. Three Republicans have signed on to legislation to provide more aid to state and local governments.

Senate Democratic leader Chuck Schumer blasted the Republican resistance to another round of economic relief. “How much will the Republican pause cost the American economy?” he said to reporters.

Despite the pressure from Democrats, Republicans are working hard to stick together. In a highly unusual move, McConnell on Wednesday is scheduled to join a conference call of all House Republicans.

McCarthy said that Congress needs to look at the state of the economy before acting again and assess whether the existing aid is working.

“I would make sure that the $3 trillion we have already passed is implemented correctly,” he said, adding he wants to see more flexibility for small businesses getting loans through the Paycheck Protection Program and to make sure unemployment insurance benefits are not so generous they prompt people to stay home.

McCarthy said Republicans are looking at “fixes” to the earlier stimulus bills. He indicated that more money may not be necessary, at least not right away, because states are reopening.

“I would note today we have almost every state doing some form of opening back up,” McCarthy said. “We see promise every single day, we watched just yesterday the promise of antibody test coming forward and how much advancement we have had on a vaccine and others.”

Schumer argues that public pressure is building on Republicans to sign onto a bigger package similar to what the House approved.

In remarks on the Senate floor Tuesday, he said Powell’s repeated calls for some action to aid the cratering economy should “jolt” Republicans to action. He assailed the fact that it hasn’t, and that McConnell instead has the chamber focused on confirming Trump nominees.

“When will our Republican Senate colleagues start to get the message?” Schumer said. “Because looking at the floor of the Unite States Senate, you would never guess that we are in the middle of a national economic crisis.”

But while a few Republican senators -- including Bill Cassidy of Louisiana -- are supporting efforts with Democrats to get more state aid, McConnell is facing little pressure from his rank and file.

“I’m not optimistic” about getting more funding any time soon, Senator John Kennedy, also a Louisiana Republican, told reporters Tuesday as he entered the GOP luncheon meeting. He added the lawmakers are increasingly wary of letting leaders in both parties negotiate the bills with Mnuchin and then simply signing on.

“They make a deal and they bring it back to the rest of us,” who then “moo and follow them into the chute like cattle.” He added, “I’m not sure it’s going to work this time.”

At the same time, some outside conservative groups are pushing congressional Republicans to reject more aid for states and local governments. On Wednesday, Americans for Prosperity, the main political arm of the Koch network, will release a report opposing “another massive bailout bill.”

The report is to argue that instead of pushing for more funding, state and local policy makers should first show how they are using currently available federal funds to give priority to necessary services. Those local officials should also enact reforms and spending reductions to address state budget challenges, many of which are the result of fiscal mismanagement before the Covid-19 crisis, the AFP report asserts.

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MAGA
1  seeder  MAGA    4 months ago

Full Agreement

McConnell said congressional Republicans and Mnuchin, who negotiated previous rounds of stimulus with Democrats, are all in agreement that a pause is needed. With the Senate leaving later this week for a nearly two-week recess, he said discussions on next steps would happen in couple of weeks.

A House GOP aide, who spoke on condition of anonymity to discuss party strategy, said that in addition to wanting to wait for a better measure of how the economy is faring, Republicans are concerned that providing more assistance to states and individuals would slow movement by governors to lift business restrictions.

Republicans haven’t ruled out additional legislative responses to the pandemic. McConnell is pushing giving businesses a shield against liability for employees or customers. Other GOP proposals include giving states more flexibility to spend the aid already allocated and extending the popular Paycheck Protection Program for small businesses. Three Republicans have signed on to legislation to provide more aid to state and local governments.

Senate Democratic leader Chuck Schumer blasted the Republican resistance to another round of economic relief. “How much will the Republican pause cost the American economy?” he said to reporters.

Despite the pressure from Democrats, Republicans are working hard to stick together. In a highly unusual move, McConnell on Wednesday is scheduled to join a conference call of all House Republicans.

McCarthy said that Congress needs to look at the state of the economy before acting again and assess whether the existing aid is working.

“I would make sure that the $3 trillion we have already passed is implemented correctly,” he said, adding he wants to see more flexibility for small businesses getting loans through the Paycheck Protection Program and to make sure unemployment insurance benefits are not so generous they prompt people to stay home.

McCarthy said Republicans are looking at “fixes” to the earlier stimulus bills. He indicated that more money may not be necessary, at least not right away, because states are reopening.

“I would note today we have almost every state doing some form of opening back up,” McCarthy said. “We see promise every single day, we watched just yesterday the promise of antibody test coming forward and how much advancement we have had on a vaccine and others.”             https://thenewstalkers.com/the-peoples-fish-still-hand-of-the-queen/group_discuss/8475/trump-gop-leaders-bet-on-reopening-over-stimulus-for-recovery

 
 
 
MAGA
2  seeder  MAGA    4 months ago

White House economic adviser Kevin Hassett told " Your World " Tuesday the U.S. economy could bounce back from the coronavirus pandemic  quicker than previously anticipated.

"One of the things that I'm seeing in the real time data, Neil, is that things are going back faster than I expected," Hassett told host Neil Cavuto. "As an example, we have a measure of how many businesses in the U.S. are open. It was 50 percent on April 11. It's just a count of businesses, so it's not the same as GDP, but it [was] 50 percent on April 11. It was 62 percent the day before yesterday and 67 percent today.

"So we're very, very rapidly opening up. And so I think what it means is that the stimulus that we passed really did build the bridge to the other side ... so that people can hit the ground running when they get there."

Hassett also predicted that other parts of the economy would perform strongly during the 3rd and 4th quarters.

"For GDP growth, what's going to happen is that we're looking at about a 40 percent decline in the second quarter and then a pretty strong third and fourth quarter," Hassett said. "And so I think at the end of the year, you might be a little bit below where we were in January [of this year]. But ... I think the CBO [Congressional Budget Office] is calling for a really quick comeback." https://www.foxnews.com/media/kevin-hassett-economy-coming-back-from-coronavirus

 
 
 
MAGA
3  seeder  MAGA    4 months ago

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The Chinese Communist government may frighten and control the so-called ‘representatives’ in the country’s pretend legislative body, but it can’t intimidate most members of Congress.

And that’s particularly true for a group of GOP lawmakers.

A story in the Global Times , a Chinese ‘media outlet’ which serves as nothing but an official mouthpiece for the ChiCom regime, last week threatened retaliation against “GOP hawks, US firms, states” over lawsuits and other actions aimed at holding Beijing responsible for the coronavirus pandemic.

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The Global Times ‘reported’:

China is extremely dissatisfied with  the abuse of litigation by the US  against China over the COVID-19 epidemic, and is considering punitive countermeasures against US individuals, entities and state officials, such as Missouri's attorney general Eric Schmitt, who filed a lawsuit against China, seeking compensation for the coronavirus pandemic, sources close to the matter told the Global Times exclusively. At least four US Congress members, including Josh Hawley and Tom Cotton, and two entities will be put on China's sanctions list, analysts said.  China won't just strike back symbolically, but will impose countermeasures that will make them feel the pain, analysts said. 

In addition to Sens. Josh Hawley of Missouri and Tom Cotton of Arkansas, Reps. Dan Crenshaw of Texas and Chris Smith of New Jersey where also identified.

The report claimed that the lawmakers “will face severe consequences, sources said, noting that the aftermath will also impact the upcoming November elections, while business and trade between Missouri and China will be further soured.”

‘Sources.’ How quaint. Almost makes the Global Times sound like a real media outlet, doesn’t it?

But the story did, at least, mention a Chinese official: Zhao Lijian. You may recall that he’s the Chinese Foreign Ministry who ‘suggested’ that the U.S. military introduced coronavirus into China.

“Chinese side urged the US side to stop blaming and smearing China, stop pushing forward anti-China bills and stop acts of abusing litigation against China and focus on safeguarding American people’s lives and health,” he was ‘quoted’ as saying.

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Added Chinese Academy of Social Sciences research fellow Yuan Zheng: “We can’t just strike back symbolically, but should impose countermeasures that could make them feel the pain.”

Last month Crenshaw and Cotton introduced legislation in their respective chambers that, if passed, would allow individual Americans affected by the coronavirus to sue the Chinese government.

As Fox News reported , the legislation is structured after the Justice Against Sponsors of Terrorism Act, which narrowed foreign sovereign immunity and allowed the families of 9/11 victims to sue Saudi Arabia for damages.

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Meanwhile, Hawley and Smith have introduced similar legislation.

In offering up a response, the “GOP hawks” essentially dared China to bring it on.

And from Crenshaw, and former Navy SEAL and legitimate war hero:

A follow-up from Hawley:

Smith’s response was similar.

“Beijing cannot hide, lie or threaten enough to silence those of us demanding transparency, human rights, and an end to the Communist Party’s censorship, cyber-hacking, and crimes against humanity,” the New Jersey representative said. “Sanctions will not silence me or anyone who wants real answers about the COVID virus’s transmission.”

So the moral to the story is, China’s intimidation tactics may work well on its own pretend legislators but it doesn’t go over so well with American lawmakers who belong to the Republican Party.   https://trendingpolitics.com/gop-lawmakers-practically-dare-china-to-retaliate-after-they-call-for-u-s-response-to-covid-pandemic/

 
 
 
It Is ME
4  It Is ME    4 months ago

"McConnell said congressional Republicans and Mnuchin, who negotiated previous rounds of stimulus with Democrats, are all in agreement that a pause is needed."

Yep !

Finish Doling out all the money still hanging out there, before deciding to spend more !

"President Donald Trump and Republican congressional leaders are counting on state lockdowns lifting to propel an economic rebound that will ease pressure for another round of stimulus."

Yep Again !

The more "Free" money that is doled out, the less folks will want to go back to work, especially if it's more than they are used to !

"Couch Potato" has become the "Great New Job" for some ! Don't let it be something to "Strive for" !

 
 
 
MAGA
4.1  seeder  MAGA  replied to  It Is ME @4    4 months ago

It is good that there is opposition to ice cream princess run away spending on every socialist dream out there.  

 
 
 
It Is ME
4.1.1  It Is ME  replied to  MAGA @4.1    4 months ago
It is good that there is opposition to ice cream princess run away spending on every socialist dream out there.  

"3rd Phases" should tell folks....."something else now is afoot".

 
 
 
MAGA
4.1.2  seeder  MAGA  replied to  It Is ME @4.1.1    4 months ago

Democrats are always planning some way to use any crisis as an excuse to try to advance new green and socialism efforts including medicine.

 
 
 
XDm9mm
4.1.3  XDm9mm  replied to  MAGA @4.1.2    4 months ago
Democrats are always planning some way to use any crisis as an excuse to try to advance new green and socialism efforts including medicine.

Hell, as Rahm said, they can't let a good crisis go to waste.   They need to suck it dry to create the dependent on government populace that they can control as opposed to a free and independent populace.  Democrats = control    Independents/Republicans = freedom.

 
 
 
MAGA
4.1.4  seeder  MAGA  replied to  XDm9mm @4.1.3    4 months ago

Rules for radicals... I’ve got that detailed on a news seed in Vic’s We The People group.  

 
 
 
MAGA
4.2  seeder  MAGA  replied to  It Is ME @4    4 months ago

They did make it clear yesterday that if one gets a legitimate offer for a job in writing while on unemployment and turns the offered job down they will immediately and automatically be ineligible for any further unemployment benefits, regular or enhanced. 

 
 
 
It Is ME
4.2.1  It Is ME  replied to  MAGA @4.2    4 months ago

As it should be ! jrSmiley_13_smiley_image.gif

 
 
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