ANOTHER $2 TRILLION?! Trump Calls For Massive New Spending In Phase 4 Of Stimulus Package
President Trump on Tuesday called for spending another $2 trillion in a “Phase 4” of the federal government’s stimulus spending to mute the effects of the coronavirus on the UJ.S. ecolnomy.
“With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” Trump wrote Tuesday on Twitter. “It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4.”
The president’s tweet came just days after he signed into law a bill to appropriate $2.2 trillion. Lawmakers in both the House and the Senate are already calling for more federal money in a fourth stimulus package.
“I think the odds are we’ll need more legislation,” said Senate Minority Leader Chuck Schumer (D-NY), according to The Hill. “First, we don’t know the extent of the crisis in terms of the magnitude, so that could rise. But there are going to be problems that we don’t realize now that we’re going to have to grapple with. So I think the odds are high there will be a COVID-4.”
House Speaker Nancy Pelosi (D-CA) has also called for more money, telling CNN that Democrats “had bigger direct payments in our bill, and we think we’ll get more direct payments in another bill.”
“Democrats, in a fourth stimulus package, are reportedly seeking additional funding for the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps, as well as emissions restrictions on airlines — a measure that was blocked from inclusion in the package passed last week,” Fox News reported Tuesday. “Pelosi also said that she planned to push for pension protections which did not make it into phase three of the stimulus package.”
But Senate Majority Leader Mitch McConnell (R-KY) said lawmakers should hold tight for a bit. “I think we’ll have to wait and see,” McConnell said on the “Hugh Hewitt Show” Tuesday when asked about a fourth coronavirus bill. “Remember, this bill was only signed into law last Friday. So it’s only been law for about four days. And the Speaker is already talking about another bill.”
The $2.2 trillion bill that passed the House last week was loaded with Democratic pork, which was stripped out by Republicans in the Senate. Still, few lawmakers have read the 880-page bill.
The package includes hundreds of billions for Americans hit hard by the pandemic — some 3.3 million filed for unemployment last week — as well as cash for large corporations and small businesses.
Under the bill, individuals are eligible for payments up to $1,200, but that amount declines for those with an adjusted gross income higher than $75,000 a year. The $1,200 payment drops by 5% of every dollar above $75,000, or $50 for every $1,000. The benefit doesn’t apply for individuals with incomes over $99,000.
Married couples with combined incomes up to $150,000 would receive $2,400, subject to the same phaseout that applies to individuals. The payments would be phased out entirely for couples making $198,000 or more. Families also get $500 per dependent child under the age of 16.
About 120 million U.S. taxpayers will qualify for direct payments from the federal government under the bill, according to an analysis by one think tank.
Businesses with fewer than 500 employees will also be eligible for up to $10 million in loans. “This is a very popular program with Republicans and Democrats, and the president likes it a lot,” Mnuchin told Fox Business’ Stuart Varney Monday. “If we run out of money, and this is a huge success, we will absolutely go back to Congress and ask for more money.”
