“Donald Trump and the congressional GOP have apparently convinced themselves that enacting any further stimulus somehow qualifies as a gift to Democrats. Or at least the White House believes that it can convince Nancy Pelosi to believe such absurdities”
Photo: Doug Mills/Pool via Bloomberg/Getty Images More than 36 million Americans have lost their jobs since March. Unemployment in the United States is now above 20 percent. The Republican chairman of the Federal Reserve says that further stimulus spending is required to avert “long-term economic damage” and hasten the onset of recovery.
Last week, the Trump administration announced that it had no interest in passing another coronavirus relief package this month. After all, Congress had already pumped roughly $3 trillion into the coffers of corporations, small businesses, and households, White House economic adviser Larry Kudlow reasoned. And now that states were beginning to reopen their economies, it wasn’t clear that any further federal largesse would be needed.
The same can be said for air travel, retail shopping, and a whole host of other consumer goods and services. And fewer flights and commuters means tepid demand for the fossil fuels that power the economies of red petro-states.
White House officials have privately signaled that they are willing to provide tens of billions of dollars in relief to states as part of a bipartisan deal with Democrats in the coming weeks, despite President Trump’s reluctance and strong opposition from conservative groups, according to seven people familiar with the internal deliberations who were granted anonymity to discuss the matter.
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