Free Republic

It makes sense that the federal government is stepping in to provide financial relief to the millions of citizens facing economic ruin due to the coronavirus crisis and subsequent government restrictions on activity. But what’s unconscionable is the fact that, thanks to the way Congress spent the last decade ignoring any sense of fiscal responsibility, coronavirus relief must come at the cost of further indebting future generations and dimming the outlook of our financial future. It’s not the $2 trillion price tag on the coronavirus relief bill, passed Wednesday evening by the Senate, that does this in and of itself....

Larry Kudlow, the director of the National Economic Council, said on Saturday that negotiators are doubling the size of a forthcoming coronavirus stimulus package as they try clinch an agreement. Kudlow said the size of the package would be approximately 10 percent of the county's gross domestic product (GDP), calling it a "very large package." When a reporter noted that 10 percent would be more than $2 trillion, he added: "That's correct." The decision is a significant uptick from the $1 trillion request initially submitted by the administration. Lawmakers are under significant pressure to quickly pass massive legislation to try...

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Senate Majority Leader Mitch McConnell is proposing direct payments of $1,200 per person and $2,400 for couples amid the coronavirus outbreak, according to a copy of the legislation obtained by The Associated Press. The GOP leader was poised to unveil the sweeping response Thursday as Congress raced to draft a $1 trillion measure to shore up for households and the U.S. economy. Among key elements would be the direct payments to Americans, aligned with the Trump administration's push for quick cash aid. Under McConnell's proposal, the minimum payments would be $600, and aid would be phased down at income thresholds...

“We should never forget fiscal responsibility, even in a crisis. My amendment seeks to offset the new spending by making numerous cuts in less important areas.” WASHINGTON, D.C. – Today on the U.S. Senate floor, U.S. Senator and physician Rand Paul (R-KY) spoke on his amendment to the U.S. House-passed coronavirus response bill to offset the new funding, prioritizing spending in this emergency rather than funding endless wars or paying for frivolous programs overseas. In his speech, Dr. Paul noted that “next time, maybe in the not-too-distant future, our children may not even be able to borrow their way out...

McConnell indicated job status would not be a factor, and that the money would go to unemployed workers and those recently laid off; those still working; and retirees, even if they're already receiving Social Security checks. While officials have indicated the ultra-rich would not be eligible, McConnell said Thursday the checks would still go to everybody "from the middle class on down. Period." How the middle class is defined can be a contentious subject when stimulus checks are on the line. One source told Fox Business Network that the amount would start to reduce for those making $75,000 and above...

Key Points Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to send Americans relief money. The White House is talking to congressional leaders of both parties about a massive stimulus package to blunt the impact of the coronavirus crisis. The proposal includes sending payments directly to Americans totaling $500 billion, broken up into two tranches. “The first one would be $1,000 per person, $500 per child,” Mnuchin said. “So for a family of four, that’s a $3,000 payment. ============================================================================= Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to...

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/422f727c-6931-11ea-800d-da70cff6e4d3 As the number of coronavirus cases has exploded across the US, the idea of a direct cash transfer to Americans has emerged as the primary feature of the Trump administration’s $1.3tn response to the crisis. The idea of...

WASHINGTON — Republicans are divided on President Trump’s push to send large checks to all Americans as soon as April 6 to keep the coronavirus from crushing the economy — putting the universal payday in doubt. “I think it makes sense later, not now,” Sen. Lindsey Graham (R-SC) told reporters after a meeting of Senate Republicans on Wednesday afternoon. GOP leaders have three groups of senators crafting a $1 trillion stimulus package that could pass as early as this weekend. But with Republicans holding just 53 seats, even a small number of defections could block the idea of direct checks.

Casinos have joined the airline industry in asking Congress for emergency financial help as Las Vegas and other tourist destinations take a severe financial hit from the coronavirus outbreak. The requested aid for the casino companies, raised by lobbyists in recent days, could come in the form of a comprehensive bailout package, similar to what lawmakers may provide to airlines, cruise companies and the hospitality industry. Other possibilities include direct cash payments, deferred taxes, or special bankruptcy protections, said two people with knowledge of the conversations, who were not authorized to speak publicly. One person said that on a strategy...

New York’s Metropolitan Transportation Authority has asked for a federal bailout of $4 billion because of the growing cost of the novel coronavirus. MTA Chairman Patrick Foye, in a letter to New York’s congressional delegation Tuesday, said the authority estimates that it will lose $3.7 billion in fare revenues as ridership has plummeted since the start of outbreak early this month and is expected to stay at a low level for six months.

Senate Majority Leader Mitch McConnell said the Senate would move at "warp speed" to pass coronavirus legislation on Tuesday, but Sen. Rand Paul, R-Ky., put a damper on those plans, two leadership sources told NBC News. Senators were on Tuesday heading towards a vote on the package — which includes provisions for free coronavirus testing, secures paid emergency leave, enhances unemployment insurance, strengthens food security initiatives, and increases federal Medicaid funding to states — but had to slam the brakes on because of an amendment Paul proposed. The sources said Paul is forcing a vote on his amendment, which would...

The Democrats offer the free world, that cares about American greatness, the leadership choice spectacle of a spendthrift socialist with a recent heart attack a wide range of plans for bankrupting America and a sleepy old hasbeen who cannot be relied upon to remember his own name for the next four and a half let alone lead. They do have one better candidate than either of these two guys, but she is honest with them and does principled things like not voting for a rabidly partisan impeachment, so the DNC shuts her out of its debates. The good side of...

Sen. Bernie Sanders (I-Vt.) proposed giving every housing in America a check for $2,000 each month as part of a laundry list of recommendations to curb the impacts of the coronavirus outbreak. Speaking from his presidential campaign’s headquarters in Burlington, Vt., Sanders outlined a $2 trillion list of proposals he would bring to the “Democratic leadership” that is centered around protecting workers in various industries. “We need to provide a direct $2,000 cash payment to every household in America for the duration of the crisis to provide them with the assistance they need to pay their bills and take care...

House Speaker Nancy Pelosi's coronavirus bill is not enough. It is not nearly enough. And if there is any hope of keeping the U.S. economy from free fall, its deficiencies must be addressed this week. House Speaker Nancy Pelosi’s coronavirus bill is not enough. It is not nearly enough. And if there is any hope of keeping the U.S. economy from free fall, its deficiencies must be addressed this week with a combination of immediate and direct aid to the businesses that feed our families, host our celebrations, employ our neighbors, sponsor our Little Leagues, and make our towns our...

The Centers for Medicare and Medicaid Services (CMS) on March 17 lifted all restrictions on telehealth services for Americans covered by Medicare to address the threat of the Wuhan coronavirus pandemic. President Donald Trump announced the lifting of the limits during a press conference at the White House, calling it a “historic breakthrough.” “This has not been done before either,” the president said. Previously Medicare only covered telehealth services for those living in rural areas and brief visits for established patients. With the restrictions lifted, all 62 million Medicare beneficiaries can call a doctor’s office and request to have their...

The U.S. airline industry has been hit hard by the coronavirus outbreak and will ask the federal government for a $50 billion aid package, according to Airlines for America (AFA), an airline advocacy organization. “U.S. carriers are in need of immediate assistance as the current economic environment is simply not sustainable,” an AFA statement said. “This is compounded by the fact that the crisis does not appear to have an end in sight.

Key Points Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration wants to get emergency funds in Americans’ pockets “immediately” amid the coronavirus crisis. The latest daily briefing came as stocks struggled to recover from one of the worst trading sessions ever. Markets have shed trillions of dollars amid the coronavirus spread, which has crippled major industries and forced governments around the world to take drastic steps to try to slow the spread of the disease. ==================================================================== Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration wants to get emergency funds in Americans’ pockets “immediately” amid the coronavirus...

Senate Majority Leader Mitch McConnell (R-Ky.) said Tuesday the upper chamber will pass the House's second coronavirus funding package without changes. The decision comes despite some vocal GOP opposition to the measure over concerns about its impact on small businesses. "With regard to the bill that came over from the House, there was some discussion about whether to amendment that with a bigger proposal, because we all know a bigger proposal is necessary. But I've decided we're going to go on and vote as soon as the Senate can get permission to vote on the bill that came over from...

The Congressional Budget Office (CBO) released an assessment of the cost of a college education and advised recent high school graduates planning on getting one to "save your money. You're going to need it to help pay down the student debt of those foolish enough to have already incurred the cost of earning a degree." The CBO report found that "a glut of graduates without marketable skills has led to a crash in the salaries many of them counted on to repay the loans they took out to be able to afford going to college. What America needs now is...