Connect with us

Economy

Pelosi, Schumer To GOP: ‘Quit the political posturing’ on COVID Economic Relief

Published

on

House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer sent a joint letter Monday to Republicans urging them “to quit the political posturing by proposing bills they know will not pass either chamber and get serious and work with us towards a solution.”

Further, the two Democratic party leaders argued that the Republican lawmakers need to focus on giving small businesses, families, and workers additional funding.

“While the Trump Administration struggles to figure out how to distribute the funds provided for in the CARES Act, it’s clear that those appropriated amounts will not be enough to cover the tremendous need,” Pelosi and Schumer wrote.

They added, “Further changes must also be made to the SBA’s assistance initiative, as many eligible small businesses continue to be excluded from the Paycheck Protection Program by big banks with significant lending capacity. Funding for Covid-19 SBA disaster loans and grants must be significantly increased to satisfy the hundreds of billions in oversubscribed demand.”

Schumer and Pelosi emphasized the need to expand SNAP nutrition assistance to Americans struggling to put food on the table. Moreover, the Democrats requested that the next spending package include additional funding for expanded coronavirus testing and for Personal Protective Equipment for medical workers on the frontlines of the epidemic.

“The collection and publication of demographic data are also desperately needed, so that we can accurately determine the level of impact on under-served communities and communities of color and direct needed resources to them immediately,” the Democratic lawmakers wrote.

The two parties reached an impasse Thursday over their disagreements on funding priorities. In a joint letter Friday, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy slammed the Democratic leadership for blocking additional funding for the Payment Protection Program that “may be depleted in just a few days.”

“Republicans did not ask to change any of the policy details that were negotiated by both parties and passed unanimously. All we want to do is put more money into a popular job-saving policy which both parties designed together.” the Republican leaders wrote, “Yesterday, Senate Democrats blocked this funding because Republicans would not open a sweeping renegotiation of the bipartisan CARES Act. Their unrelated demands included hundreds of billions of extra dollars for parts of the legislation which are still coming online and have not yet spent a single dollar.”

They added, “Speaker Pelosi said yesterday she was aware of ‘no data as to why we need’ more funding for Americans’ paychecks. Anyone paying attention knows differently. The Administration reports the PPP has already burned through nearly half of its initial funding in just its first week. Yesterday, we learned that a staggering 10% of the entire American workforce has filed for unemployment in less than a month. This morning, we learned that small-business layoffs spiked by 1,000% last month alone.”

You may like

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

The Looming National Debt Crisis: The Uncomfortable Truth No One Wants to Discuss

Published

on

Screen Shot 2021 01 26 at 9.19.52 AM

As Republican candidates gather for a debate, the skeleton in the closet remains the ballooning national debt, a subject that’s largely been relegated to the shadows of political discourse.

While the candidates may briefly touch upon the issue and offer surface-level solutions, the uncomfortable truth is that addressing the national debt’s growing burden would require difficult, unpopular choices. Candidates find themselves in a precarious position, tasked with both solving the problem and securing votes, all within the constraints of a 90-second debate response.

Since surpassing the $33 trillion debt threshold, the United States has been accruing over $800 million in new debt every hour, adding more than $2 billion daily in interest payments. The most recent debt ceiling bill has suspended any cap on this debt until January 2025, casting a long shadow over the nation’s future freedom and prosperity.

Democrats have occasionally pointed to the “Trump Tax Cuts” as a driver of the deficit. However, the tax cuts did stimulate economic growth and resulted in record-high Treasury revenues, albeit without corresponding spending cuts.

One feasible solution begins with fixing the federal budget process, though it is by no means an easy task. Nonetheless, it would substantially rein in Congress’s control over the spending pie chart. A recent Heritage study revealed that only 10 percent of the $7.5 trillion in COVID-related spending actually went to healthcare. The remaining 90 percent, charged as overhead and other expenses, underscores the need for significant reform.

According to reports from Fox News, while the discretionary budget, including debt interest payments and defense spending, constitutes less than 25 percent of overall expenditures and continues to shrink, the true driver of federal deficits lies in mandatory, programmatic spending. These are expenditures Congress does not address annually but continues unabated.

Furthermore, they encompass popular transfer programs such as Medicare, Medicaid, Social Security, student loans, and healthcare initiatives like Obamacare, among countless others. Altering these programs involves a political third rail, a risk few presidential candidates are willing to take.

Mandatory, programmatic expenditures are perpetual and don’t undergo annual scrutiny or adjustment. There is virtually no constituency for tackling these fundamental issues, despite their role as the primary drivers of the nation’s fiscal challenges.

Many citizens believe that trimming discretionary spending, such as congressional salaries or foreign aid, or rooting out “waste, fraud, and abuse,” can resolve the debt problem. While these are valid concerns, the real target for reform should be mandatory, programmatic spending to ensure the sustainability of essential programs.

The Republican candidates vying for the nomination face a daunting question: Who among them possesses the courage and leadership to make the unpopular decisions necessary to restore fiscal responsibility to the nation’s future?

On the other side of the aisle, Democrats seem unlikely to embrace responsible spending as part of their agenda, leaving the issue largely unaddressed in their political DNA.

In a political landscape dominated by divisive issues and partisan debates, the national debt looms as the silent crisis that few are willing to confront.

The path to fiscal responsibility requires acknowledging the harsh reality that popular programs must also be on the table for reform. Only then can America hope to secure a stable financial future for its citizens.

You may like

Continue Reading

Trending