The current proposal leaves too many “unmet needs”…
(Silver Doctors Editors) Fiscal stimulus progress has stalled.
For those keeping score, this will be the fourth round of Federal fiscal stimulus, and it has been in the works for months, but somehow politicians in Washington just can’t seem to agree on how much to spend and on what.
In fact, back in July, Steve Mnuchin said President Trump wanted action in August (referring to the Economic Impact Payments):
And yet August came and went, and the fiscal stimulus did not.
Fast forward to today, and here’s the supposed reason for the stall, as described by the Chairs of various House Committees, in the form of a press release, pasted below in its entirety.
Finally, it should also be noted that according to the latest Daily treasury Statement, the US Treasury has nearly $1.6 trillion on Deposit at the Fed, and the Federal government’s fiscal year ends in September.
BEGIN PRESS RELEASE
House Chairs Joint Statement on Problem Solvers Caucus Coronavirus Relief Proposal
September 15, 2020 Press Release
WASHINGTON, D.C. – House Appropriations Committee Chairwoman Nita M. Lowey (D-N.Y.), House Administration Committee Chairwoman Zoe Lofgren (D-CA), Education and Labor Committee Chairman Robert C. “Bobby” Scott (D-VA), Energy and Commerce Committee Chairman Frank Pallone, Jr. (D-NJ), Financial Services Committee Chairwoman Maxine Waters (D-CA), Oversight and Reform Committee Chairwoman Carolyn B. Maloney (D-NY), Small Business Committee Chairwoman Nydia M. Velázquez (D-NY), and Ways and Means Committee Chairman Richard E. Neal (D-MA) released the following statement on the Problem Solvers Caucus’ coronavirus relief proposal:
“While we appreciate every attempt at providing critical relief to American families, the Problem Solvers Caucus’ proposal falls short of what is needed to save lives and boost the economy.
“Over four months ago, the House passed The Heroes Act. This critical legislation supports testing, tracing, and treatment needed to crush the coronavirus. It honors our heroes on the frontlines by preventing devastating state and local layoffs. It provides relief to prevent rising hunger and evictions. And it puts money in the pockets of working families so that we can overcome this crisis.
“Unfortunately, today’s proposal retreats from these critical policies and fails to respond to additional issues that have emerged since May. When it comes to bolstering the public health system, supporting state and local governments, and assisting struggling families, the Problem Solvers’ proposal leaves too many needs unmet. With the general election just 49 days away and the Postal Service sabotaged by the Trump administration, their proposal also abandons our responsibility to protect the life of our democracy.
“With infections and deaths still rapidly rising, tens of millions out of work, and state and local government layoffs accelerating, the health and economic crisis demands action. That will require President Trump and Republican leaders to come back to the table and work with Democrats to save lives and livelihoods.”