TOPLINE
White House Economic adviser Peter Navarro called the House stimulus bill a non-starter and expressed hesitation towards negotiating a different package on Sunday, a sign the Trump administration is sending mixed signals about plunging full steam ahead on new coronavirus stimulus legislation.
WASHINGTON, DC – MARCH 27: White House Trade and Manufacturing Policy Director Peter Navarro speaks … [+] during a briefing on the coronavirus pandemic in the press briefing room of the White House on March 27, 2020 in Washington, DC. President Trump signed the H.R. 748, the CARES Act on Friday afternoon. Earlier in the day, the U.S. House of Representatives approved the $2 trillion stimulus bill that lawmakers hope will battle the economic effects of the COVID-19 pandemic. (Photo by Drew Angerer/Getty Images)
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KEY FACTS
When asked about White House support for the $3 trillion stimulus proposal that passed the House on Friday, Navarro demurred, calling it a dead end.
“Nancy Pelosi basically lost me with that package when she has $1200 checks for illegal immigrants,” Peter Navarro said on ABC’s “This Week,” adding it “just goes downhill from there.”
Navarro maintained that we should “keep going with the fiscal and monetary policy that we’ve been going through” because we’ve “got a lot coursing through the system right now.”
Many Republican lawmakers have echoed Navarro’s sentiment in recent weeks, preferring a wait-and-see approach for a next round of stimulus legislation, even as 36 million Americans have joined the unemployment rolls in the last two months and Fed chair Jerome Powell said more stimulus “could be costly” but is “worth it if it helps avoid long-term economic damage.”
Democrats, led by House Speaker Nancy Pelosi, have been more aggressive about providing another round of relief to Americans: the House’s Friday bill is 1,800 pages long and includes a laundry list of Democratic priorities, starting with another $875 billion for state and local governments.
Republicans in the GOP-controlled Senate have said the bill stands no chance of passing, and maintained a fifth major coronavirus bill will likely not come until June.
Crucial quote
In an interview with the Associated Press published earlier Wednesday, Pelosi defended the size of the $3 trillion stimulus by saying that the “American people are worth it.”
Chief critic
But President Trump said during a White House event Friday that the bill is “DOA…Dead on arrival.”
Key background
The cornerstone of the 1,800-page House bill is $875 billion for state and local governments and $20 billion each for tribal governments and U.S. territories, a major Democratic priority that has been vehemently opposed by Republicans. The bill also includes another round of $1,200 stimulus checks for eligible adults and would expand the pool of people who could receive them. There’s also another $75 billion for testing, new provisions for hazard pay for essential workers, $75 billion in mortgage relief, $100 billion for rental assistance, another $25 billion for the Postal Service, student loan forgiveness up to $10,000 per borrower, and expansions to federal nutrition and unemployment programs.
Further reading
Here’s Why House Democrats’ $3 Trillion Coronavirus Relief Bill May Fail (Forbes)
Democrats Included Two Deeply Polarizing Proposals In $3 Trillion Stimulus Proposal (Forbes)
Here’s How Likely You Really Are To Get Another $1,200 Stimulus Check (Forbes)
Democrats Just Released A $3 Trillion Stimulus Wish List, Including Another Round Of $1,200 Checks (Forbes)
