Steve Mnuchin is escalating his intentional sabotage of the Biden administration:
Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will soon need authorization from Congress to use.
The money will be placed in the agency’s General Fund, a Treasury Department spokesperson said Tuesday. Most of it had gone to support Federal Reserve emergency-lending facilities, and Mnuchin’s clawback would make it impossible for Yellen as Treasury secretary to restore for that purpose without lawmakers’ blessing.
Democrats swiftly criticized the move, with Bharat Ramamurti, a member of the congressionally appointed watchdog panel overseeing Fed and Treasury Covid-19 relief funds, saying “the good news is that it’s illegal and can be reversed next year.”
The relief bill currently being offered by McConnell is a deal only Bill O’Brien would take — it’s so paltry it would barely worth passing without the corporate immunity provisions, let alone with them. But restoring this money to Treasury should be one of the Democratic conditions.
This context makes this classic moment from the Politico playbook even more grimly hilarious:
I’m not sure what’s worse, if Savvy reporters really believe that a Republican Senate would do anything but do maximum damage to the American economy to damage Biden, or if they’re just pretending to believe it and lying to their readers.