President Trump has had to deal with Joe Biden talking about how he hasn’t done enough to help the people. Forget about the tax stimulus that was offered in April along with a full CARE package that received bipartisan support.
To ensure that the people know that he’s here to help, Trump has been working on a $1 trillion package for the next round of coronavirus relief.
The deficit is already a problem, but the country also needs this relief package. If Trump’s $1 trillion package doesn’t shut Biden and the rest of the Dems up from “not doing enough,” then nothing will.
The Dems have a reputation for poor spending and inadequate budgeting, so it’s not surprising that they don’t get it.
The new stimulus bill would be a compromise between the Republicans and Democrats, focusing on areas of state aid and unemployment.
How much is too much? The White House is looking to limit the relief package to $1 trillion. Dems, of course, want even more being spent – yet they also don’t know where the money will come from.
Several administration officials have voiced their concern that Trump will lose pivotal support from fiscally conservative Senate Republicans if the package goes over $1 trillion. Particularly when spending levels and debt are starting to creep to an all-time high, it’s important to focus on how this will play out.
Sen. John Kennedy of Louisiana is identifying that he hopes that Congress will learn from the first of three relief bills to determine what will and will not work. He is also the first to point out that, “we owe $3 trillion and climbing. This is real debt.”
This is the part that the Dems want to ignore – and the part that Biden won’t talk about in his campaign ads when he says that Trump has forgotten the people.
The previous stimulus packages have issued up to $1200 to Americans as a one-time payment, created the Paycheck Protection Program, and helped to expand unemployment benefits through the end of July with an added $600 per week.
Congress has already identified that they want to get this bill finished before the House goes on recess starting August 3 and the Senate following a week later.
Could there be another stimulus package? This is the question that everyone is asking. The June jobs report is looking better than expected, with the unemployment rate ticking down to 11.1%. There may have been 4.8 million jobs added in the past month, but people are still struggling due to the coronavirus.
Some of the measures currently being discussed include a stimulus check only for individuals earning less than $40,000, limited liability protection for businesses, and additional payroll tax relief. The administration also wants to focus on relief for industries that have been hit particularly hard, including restaurants and hotels.
Further, Sen. Marco Rubio is working closely with the Trump administration. As the chair of the Small Business Committee, Rubio is looking to create programs to help expand the uses for some of the funds.
This would allow Chambers of commerce to apply for financial aid. It would also entitle $25 billion to be set aside for businesses with fewer than 10 employees and prevent restaurant and hotel chains from receiving more than $2 million.
Trump is putting in the work to show that he has not forgotten about people. However, he also has to be fiscally responsible to the country. As Trump is concerned about the budget, Biden continues to show that he would throw caution to the wind if he were elected president – and this does not sit well with anyone who is fiscally conservative.
As it shows right now, the Congressional Budget Office has identified that what the government will be collecting versus what it will be spending is expected to hit a $3.7 trillion gap.
Within the next few weeks, we will see what Congress can agree on to show that the Trump administration is working to help the people.