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Washington, DC — On Saturday, Treasury Secretary Steve Mnuchin said that a new coronavirus aid package would be released by Republicans on Monday. In his comments, he promised an additional $1200 checks would be coming in August and that the measure would contain some form of unemployment benefit extension.
According to the Associated Press, the White House proposed lowering the unemployment aid by $100 per week, while Senate Republicans wanted to lower it $200 per week. The proposal is expected to have a phase-out measure that will limit the amount of the additional aid to 70% of the employee’s previous pay. $1200 checks were to be based on the same qualifications as before.
The package is not expected to come to a vote before the Senate, but is expected to be a starting point for negotiations with Democrats. House Democrats passed their measure many weeks ago, a sweeping $3 trillion package that was filled with ridiculousness.
Mnuchin seemed convinced that the aid package could be passed quickly, but Majority Leader McConnell did not seem so sure. He said that he hoped a package could be passed in the coming weeks. In the public eye, weeks is the keyword here.
The media and Democrats have went after Republicans for failing to act before now. Rhetoric has slowed the past few weeks amid other events, but is sure to increase in the coming days. The proposed Republican package is expected to come in around $1 trillion, which is significantly less than the Democrat proposal.
Knowing that the Republican proposal is being considered a starting point, we can assume the final package will come in well over $1 trillion. The Democrats will negotiate several extra components into the bill, running the final cost much higher. How will the bill be paid for? By adding it to our national debt of course.
The US continues to spend money like it has an unlimited supply. Democrats and Republicans alike have yet to face the reality that our nation is facing a looming debt crisis. Yes, we must assure that our citizens can make it through the coronavirus pandemic, but are there better options?
The US debt stands at $26.5 trillion after the most recent packages and our current rate of expense. If you are a US taxpayer, your share of that amounts to $213, 277 as of the time of this writing.
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