Adapting to a Rapidly Changing Environment…of Economic PolicyComments
With all due respect to my colleague, I’d like to take a slightly different tack with regards to the “Pelosi being outflanked on stimulus” argument. While I agree that Republicans shouldn’t be credited for vague statements sans any real effort to pass legislation, I think the underlying situation is starting to change:
“The Trump administration is preparing to ask for about $850 billion in additional stimulus to support the economy, which is facing a deep downturn as businesses close as coronavirus spreads.
Steven Mnuchin, the Treasury secretary, is expected to make the pitch for additional fiscal firepower on Tuesday to Republican senators, some of whom have been hesitant to embrace the legislation that the House passed last week, according to people familiar with the plans. A centerpiece of the proposal is the payroll tax cut that President Trump has been calling for.
The Trump administration is also supportive of a request for $50 billion in economic relief for the airline industry. The industry’s lobbying group publicly made the request on Monday, asking for grants, loan guarantees and tax relief.”