thefiscaltimes--2020-11-30--Jobless Numbers Are Flawed, and Millions May Have Been Shortchanged: Report

The weekly unemployment reports from the Labor Department are “ flawed , ” according to a government watchdog , providing an inaccurate picture of the number of people who are unemployed and receiving benefits at any given time .
In a report issued Monday , the Government Accountability Office said that the weekly unemployment statistics have been distorted by processing delays , double-counting , fraud , and inconsistency of reporting across states .
Backlogs of claims have been particularly problematic , the GAO said , inflating numbers as states struggle to handle an avalanche of paperwork that in some cases @ @ @ @ @ @ @ ordinary times , weekly initial jobless claims serve as a pretty good estimate for layoffs and the number of newly unemployed people , GAO said .
But the millions of job losses produced by the coronavirus pandemic have overwhelmed state unemployment offices , breaking the link between actual layoffs and claims processing .
“ [ D ] ue to state backlogs in processing claims and other data issues , these traditional estimates are not appropriate in the context of the pandemic , ” GAO said .
“ For example , state backlogs in @ @ @ @ @ @ @ for multiple weeks of retroactive benefits during single reporting periods .
So , by using claims counts to represent the number of people , many individuals are counted more than once in DOL ’ s estimate.
” Inconsistency in individual state reporting has also led to distortions .
In one example provided by GAO , the state of Arizona failed to report data for claims within the Pandemic Unemployment Assistance program for the week ending July 23 , 2020 , due to concerns about fraud .
Had it reported , the Labor Department @ @ @ @ @ @ @ increase ” in participation in unemployment programs nationally for that week , rather than a decrease .
In response to the GAO analysis , the Labor Department said “ it plans to clarify in its weekly news releases that the numbers it reports for weeks of unemployment claimed do not accurately estimate the number of unique individuals claiming benefits.
” The department does not plan to revise its already-issued reports , however , due to both time constraints and the fact that many of the emergency unemployment programs passed by Congress at the @ @ @ @ @ @ @ end next month .
Shortchanging payments : In addition to flawed statistics , the GAO found that many states were underpaying certain unemployment benefits .
A majority of states have been paying the minimum amount in the temporary Pandemic Unemployment Assistance program – which aids workers who are usually excluded from unemployment insurance systems , including self-employed and gig workers – rather than the amount they are entitled to based on previous earnings .
As a result , millions of households may have fallen below the poverty level after the Federal Pandemic Unemployment @ @ @ @ @ @ @ $ 600 in unemployment benefits , expired at the end of July .

The weekly unemployment reports from the Labor Department are “flawed,” according to a government watchdog, providing an inaccurate picture of the number of people who are unemployed and receiving benefits at any given time.
In a report issued Monday, the Government Accountability Office said that the weekly unemployment statistics have been distorted by processing delays, double-counting, fraud, and inconsistency of reporting across states. Backlogs of claims have been particularly problematic, the GAO said, inflating numbers as states struggle to handle an avalanche of paperwork that in some cases dates backs weeks and months.
In ordinary times, weekly initial jobless claims serve as a pretty good estimate for layoffs and the number of newly unemployed people, GAO said. But the millions of job losses produced by the coronavirus pandemic have overwhelmed state unemployment offices, breaking the link between actual layoffs and claims processing. “[D]ue to state backlogs in processing claims and other data issues, these traditional estimates are not appropriate in the context of the pandemic,” GAO said. “For example, state backlogs in processing claims led to individuals submitting claims for multiple weeks of retroactive benefits during single reporting periods. So, by using claims counts to represent the number of people, many individuals are counted more than once in DOL’s estimate.”
Inconsistency in individual state reporting has also led to distortions. In one example provided by GAO, the state of Arizona failed to report data for claims within the Pandemic Unemployment Assistance program for the week ending July 23, 2020, due to concerns about fraud. Had it reported, the Labor Department would have likely shown a “significant increase” in participation in unemployment programs nationally for that week, rather than a decrease.
In response to the GAO analysis, the Labor Department said “it plans to clarify in its weekly news releases that the numbers it reports for weeks of unemployment claimed do not accurately estimate the number of unique individuals claiming benefits.” The department does not plan to revise its already-issued reports, however, due to both time constraints and the fact that many of the emergency unemployment programs passed by Congress at the beginning of the pandemic are scheduled to end next month.
Shortchanging payments: In addition to flawed statistics, the GAO found that many states were underpaying certain unemployment benefits. A majority of states have been paying the minimum amount in the temporary Pandemic Unemployment Assistance program – which aids workers who are usually excluded from unemployment insurance systems, including self-employed and gig workers – rather than the amount they are entitled to based on previous earnings. As a result, millions of households may have fallen below the poverty level after the Federal Pandemic Unemployment Compensation program, which provided an additional $600 in unemployment benefits, expired at the end of July.


thefiscaltimes--2020-11-30--Long Agenda, Little Time in Washington

Long Agenda, Little Time in Washington

Lame-duck lawmakers returned to Washington this week with some major issues on their plate but just a few legislative days left to address them .
Most pressingly , a short-term agreement to fund the government expires on December 11 , leaving Congress less than two weeks to either pass an omnibus spending package or agree on another stopgap resolution to keep the doors open through early next year .
Democratic and Republican negotiators have agreed to topline numbers on a full-year , $ 1.4 trillion omnibus bill , but the details still need to be hammered out .
Potentially problematic @ @ @ @ @ @ @ s border wall , abortion funding and the renaming of military bases that honor Confederate leaders .
Additional spending for Covid-19 relief and economic stimulus provides another potential hurdle .
House Speaker Nancy Pelosi ( D-CA ) and Senate Majority Leader Mitch McConnell ( R-KY ) remain miles apart on a comprehensive package , and there ’ s little hope that one would pass before the New Year , but some relief spending could be added to a government funding bill .
Emergency unemployment programs that expire at the end of December could @ @ @ @ @ @ @ business loan program .
Other possibilities include funding for vaccines and extensions of the student loan payment moratorium , eviction protections and paid family leave benefits .
Gaveling the Senate into session Monday , McConnell said his agenda included funding the government , finishing the annual defense authorization bill , and confirming judges to the federal bench .
The senate leader said he saw no reason not to pass another pandemic relief package in what appears to be “ the last chapter of this battle , ” with funds for vaccine distribution , @ @ @ @ @ @ @ McConnell also blamed “ obstruction ” by Democrats for the failure to pass a new aid package thus far .
Senators talk relief : A bipartisan group of senators is trying to revive talks about the next coronavirus relief package , Politico ’ s Burgess Everett reported Monday .
“ There are several groups of discussions , ” Everett said .
“ Among the senators involved in them are Chris Coons ( D-Del . )
, Joe Manchin ( D-W.Va. ) , Mitt Romney ( R-Utah ) , Susan Collins ( R-Maine ) @ @ @ @ @ @ @ Mark Warner ( D-Va. ) , Rob Portman ( R-Ohio ) , Bill Cassidy ( R-La . )
, Jeanne Shaheen ( D-N.H. ) and Michael Bennet ( D-Colo. ) ... .
Senate Minority Whip Dick Durbin has also been involved in some discussion.
” There are no guarantees that the talks will lead to anything , of course , and few signs so far of compromise on the key issue of spending levels .

Lame-duck lawmakers returned to Washington this week with some major issues on their plate but just a few legislative days left to address them.
Most pressingly, a short-term agreement to fund the government expires on December 11, leaving Congress less than two weeks to either pass an omnibus spending package or agree on another stopgap resolution to keep the doors open through early next year. Democratic and Republican negotiators have agreed to topline numbers on a full-year, $1.4 trillion omnibus bill, but the details still need to be hammered out. Potentially problematic issues include money for President Trump’s border wall, abortion funding and the renaming of military bases that honor Confederate leaders.
Additional spending for Covid-19 relief and economic stimulus provides another potential hurdle. House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Mitch McConnell (R-KY) remain miles apart on a comprehensive package, and there’s little hope that one would pass before the New Year, but some relief spending could be added to a government funding bill. Emergency unemployment programs that expire at the end of December could be renewed, as could a small business loan program. Other possibilities include funding for vaccines and extensions of the student loan payment moratorium, eviction protections and paid family leave benefits.
Gaveling the Senate into session Monday, McConnell said his agenda included funding the government, finishing the annual defense authorization bill, and confirming judges to the federal bench. The senate leader said he saw no reason not to pass another pandemic relief package in what appears to be “the last chapter of this battle,” with funds for vaccine distribution, small business loans and unemployment assistance. McConnell also blamed “obstruction” by Democrats for the failure to pass a new aid package thus far.
Senators talk relief: A bipartisan group of senators is trying to revive talks about the next coronavirus relief package, Politico’s Burgess Everett reported Monday. “There are several groups of discussions,” Everett said. “Among the senators involved in them are Chris Coons (D-Del.), Joe Manchin (D-W.Va.), Mitt Romney (R-Utah), Susan Collins (R-Maine), Lisa Murkowski (R-Alaska), Mark Warner (D-Va.), Rob Portman (R-Ohio), Bill Cassidy (R-La.), Jeanne Shaheen (D-N.H.) and Michael Bennet (D-Colo.) .... Senate Minority Whip Dick Durbin has also been involved in some discussion.” There are no guarantees that the talks will lead to anything, of course, and few signs so far of compromise on the key issue of spending levels.


thefiscaltimes--2020-11-30--What Biden’s New Economic Team Signals About His Agenda

President-elect Joe Biden on Monday announced his picks for top members of his economic team , with choices that signal a strong focus on providing relief for a Covid-stricken economy and help for the labor market — and likely less of an emphasis on deficit reduction , at least in the near term .
Combined with Biden ’ s announcement of an all-female senior communications team , Biden ’ s picks also indicate the incoming administration ’ s attention to racial and gender diversity .
Janet Yellen for Treasury secretary .
Yellen , the former Federal Reserve chair and director @ @ @ @ @ @ @ Advisers under President Bill Clinton .
If confirmed , Yellen would be the first woman to run the Treasury Department in its 231-year history .
“ We face great challenges as a country right now , ” Yellen said on Twitter .
“ To recover , we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children .
As Treasury Secretary , I will work every day towards rebuilding that dream for all.
” Adewale “ Wally ” Ademeyo as deputy Treasury @ @ @ @ @ @ @ Obama Foundation and former senior adviser at Wall Street giant BlackRock , has also served as deputy director of the National Economic Council , deputy national security advisor , and as the first chief of staff of the Consumer Financial Protection Bureau .
He would be the first Black deputy Treasury secretary .
Cecilia Rouse , a Princeton labor economist , to head the Council of Economic Advisers .
Rouse was on President Obama ’ s Council of Economic Advisers from 2009 to 2011 and worked at the National Economic Council during the @ @ @ @ @ @ @ first Black woman to lead the Council .
Jared Bernstein as a member of the Council of Economic Advisers .
Bernstein , an adviser to the Biden campaign and senior fellow at the Center on Budget and Policy Priorities , was chief economist to then-Vice President Biden during the Obama administration .
Heather Boushey as a member of the Council of Economic Advisers .
Boushey is president and CEO of the Washington Center for Equitable Growth , a liberal think tank focused on inequality , which she co-founded .
She was also an @ @ @ @ @ @ @ Both Ms. Boushey and Mr. Bernstein come from a liberal , labor-oriented school of economics that views rising inequality as a threat to the economy and emphasizes government efforts to support and empower workers , ” The New York Times reports .
Neera Tanden , head of the Center for American Progress , a liberal think tank , to lead the Office of Management and Budget .
Tanden , who was an advisor to Hillary Clinton , would be the first Indian-American and first woman of color in the job .
“ After @ @ @ @ @ @ @ young , my mother relied on public food and housing programs to get by , ” Tanden tweeted Monday .
“ Now , I ’ m being nominated to help ensure those programs are secure , and ensure families like mine can live with dignity .
I am beyond honored.
” Biden has reportedly also chosen Brian Deese , an executive at BlackRock and former Obama administration economic adviser , to head the National Economic Council , though that announcement may come later in the week .
Signaling Biden ’ s economic priorities @ @ @ @ @ @ @ transition team underscored that the incoming administration will prioritize recovery from the pandemic and plans to focus on driving up wages while driving down unemployment and inequality .
The team “ will help the communities hardest hit by COVID-19 and address the structural inequities in our economy , ” Biden said in the statement .
“ They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead , and that our businesses can thrive and outcompete the rest of the world.
” @ @ @ @ @ @ @ pursuit of additional stimulus and federal spending .
“ Mr .
Biden ’ s selections include outspoken advocates for aggressive fiscal stimulus to help return the economy quickly to its pre-pandemic health , a cause that could run into resistance in a closely divided Congress , ” Ken Thomas and Kate Davidson write at The Wall Street Journal .
“ The advisers are also known for advocating expanded government spending they say would boost the economy ’ s long-term potential , in areas that are liberal priorities such as education , infrastructure and @ @ @ @ @ @ @ aimed at narrowing racial disparities in the economy.
” Many of Biden ’ s nominees have explicitly called for deficit spending to address the pandemic and its economic effects .
Boushey and Tanden were among the authors of a recent commentary titled “ Deficit and Debt Shouldn ’ t Factor Into Coronavirus Recession Response.
” And Yellen has made clear in congressional testimony and published op-eds that she firmly believes debt and deficit concerns should take a back seat to a more robust pandemic response .
( For more on their approach to @ @ @ @ @ @ @ in The New York Times . )
A fight ahead ?
Biden ’ s picks require Senate confirmation , and Tanden — known as an outspoken critic of President Trump and some others in the GOP — has already faced some backlash from Republicans who say she is too political and too progressive , even as she has in the past also clashed with some on the left .
“ I think , in light of her combative and insulting comments about many members of the Senate , mainly on our side of @ @ @ @ @ @ @ a problematic path , ” Sen. John Cornyn ( R-TX ) said Monday .
Drew Brandewie , a spokesperson for Cornyn , said she “ stands zero chance of being confirmed ” ( the statement assumes Republicans will keep control of the Senate by holding onto at least one if not both Georgia Senate seats headed for a January 5 runoff election ) .
Even before the nominations were formally announced , Sen. Tom Cotton ( R-AR ) slammed Tanden as a “ partisan hack.
” And Josh Holmes , former chief of @ @ @ @ @ @ @ ( R-KY ) called her selection a “ sacrifice to the confirmation gods , ” suggesting that her nomination may have been set up to fail so that other nominees would be more easily confirmed .
Biden is unlikely to have intended that , potentially setting up a clash over the nomination .

President-elect Joe Biden on Monday announced his picks for top members of his economic team, with choices that signal a strong focus on providing relief for a Covid-stricken economy and help for the labor market — and likely less of an emphasis on deficit reduction, at least in the near term. Combined with Biden’s announcement of an all-female senior communications team, Biden’s picks also indicate the incoming administration’s attention to racial and gender diversity.
The choices formally announced include:
Janet Yellen for Treasury secretary. Yellen, the former Federal Reserve chair and director of the White House Council of Economic Advisers under President Bill Clinton. If confirmed, Yellen would be the first woman to run the Treasury Department in its 231-year history. “We face great challenges as a country right now,” Yellen said on Twitter. “To recover, we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all.”
Adewale “Wally” Ademeyo as deputy Treasury secretary. Adeyemo, president of the Obama Foundation and former senior adviser at Wall Street giant BlackRock, has also served as deputy director of the National Economic Council, deputy national security advisor, and as the first chief of staff of the Consumer Financial Protection Bureau. He would be the first Black deputy Treasury secretary.
Cecilia Rouse, a Princeton labor economist, to head the Council of Economic Advisers. Rouse was on President Obama’s Council of Economic Advisers from 2009 to 2011 and worked at the National Economic Council during the Clinton administration. She would be the first Black woman to lead the Council.
Jared Bernstein as a member of the Council of Economic Advisers. Bernstein, an adviser to the Biden campaign and senior fellow at the Center on Budget and Policy Priorities, was chief economist to then-Vice President Biden during the Obama administration.
Heather Boushey as a member of the Council of Economic Advisers. Boushey is president and CEO of the Washington Center for Equitable Growth, a liberal think tank focused on inequality, which she co-founded. She was also an adviser to the Biden campaign. “Both Ms. Boushey and Mr. Bernstein come from a liberal, labor-oriented school of economics that views rising inequality as a threat to the economy and emphasizes government efforts to support and empower workers,” The New York Times reports.
Neera Tanden, head of the Center for American Progress, a liberal think tank, to lead the Office of Management and Budget. Tanden, who was an advisor to Hillary Clinton, would be the first Indian-American and first woman of color in the job. “After my parents were divorced when I was young, my mother relied on public food and housing programs to get by,” Tanden tweeted Monday. “Now, I’m being nominated to help ensure those programs are secure, and ensure families like mine can live with dignity. I am beyond honored.”
Biden has reportedly also chosen Brian Deese, an executive at BlackRock and former Obama administration economic adviser, to head the National Economic Council, though that announcement may come later in the week.
Signaling Biden’s economic priorities: The announcement from Biden’s transition team underscored that the incoming administration will prioritize recovery from the pandemic and plans to focus on driving up wages while driving down unemployment and inequality.
The team “will help the communities hardest hit by COVID-19 and address the structural inequities in our economy,” Biden said in the statement. “They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead, and that our businesses can thrive and outcompete the rest of the world.”
That’s likely to mean a pursuit of additional stimulus and federal spending. “Mr. Biden’s selections include outspoken advocates for aggressive fiscal stimulus to help return the economy quickly to its pre-pandemic health, a cause that could run into resistance in a closely divided Congress,” Ken Thomas and Kate Davidson write at The Wall Street Journal. “The advisers are also known for advocating expanded government spending they say would boost the economy’s long-term potential, in areas that are liberal priorities such as education, infrastructure and the green economy, and policy changes aimed at narrowing racial disparities in the economy.”
Many of Biden’s nominees have explicitly called for deficit spending to address the pandemic and its economic effects. Boushey and Tanden were among the authors of a recent commentary titled “Deficit and Debt Shouldn’t Factor Into Coronavirus Recession Response.” And Yellen has made clear in congressional testimony and published op-eds that she firmly believes debt and deficit concerns should take a back seat to a more robust pandemic response. (For more on their approach to debt and deficits, see this piece in The New York Times.)
A fight ahead? Biden’s picks require Senate confirmation, and Tanden — known as an outspoken critic of President Trump and some others in the GOP — has already faced some backlash from Republicans who say she is too political and too progressive, even as she has in the past also clashed with some on the left.
“I think, in light of her combative and insulting comments about many members of the Senate, mainly on our side of the aisle, that it creates certainly a problematic path,” Sen. John Cornyn (R-TX) said Monday. Drew Brandewie, a spokesperson for Cornyn, said she “stands zero chance of being confirmed” (the statement assumes Republicans will keep control of the Senate by holding onto at least one if not both Georgia Senate seats headed for a January 5 runoff election).
Even before the nominations were formally announced, Sen. Tom Cotton (R-AR) slammed Tanden as a “partisan hack.” And Josh Holmes, former chief of staff to Senate Majority Leader Mitch McConnell (R-KY) called her selection a “sacrifice to the confirmation gods,” suggesting that her nomination may have been set up to fail so that other nominees would be more easily confirmed.
Biden is unlikely to have intended that, potentially setting up a clash over the nomination.


thefiscaltimes--2020-12-03--Most Small Business Aid Went to Bigger Businesses: Report

The Paycheck Protection Program was meant to help small businesses keep employees on the payroll for up to eight weeks at the height of the pandemic last spring and summer , but larger businesses claimed a majority of the funds , according to data released late Tuesday .
More than 50 % of the PPP money went to just 5 % of the aid recipients , The Washington Post reported Wednesday , and 25 % of the funds went to just 1 % of the recipients .
About 600 large companies – including national chains such as P.F .
Chang @ @ @ @ @ @ @ , as well as a law firm run by Marc Kasowitz , President Trump 's personal lawyer – received loans of $ 10 million , the maximum amount allowed in the $ 525 billion program .
At the other end of the scale , loans of $ 150,000 and less accounted for 87 % of the total loans made , but less than 30 % of the total in dollar terms .
“ The data shows that this program primarily benefited the well banked and well lawyered at the expense of the small @ @ @ @ @ @ @ ” Liz Hempowicz , director of public policy for the nonprofit Project on Government Oversight , told the Post .
The Small Business Administration , which ran the program , had sought to keep the loan data confidential , but a federal judge ordered it to be released .
Judge James E. Boasberg of the U.S. District Court in Washington said last month that “ the weighty public interest in disclosure easily overcomes the far narrower privacy interest of borrowers who collectively received billions of taxpayer dollars in loans .
”

The Paycheck Protection Program was meant to help small businesses keep employees on the payroll for up to eight weeks at the height of the pandemic last spring and summer, but larger businesses claimed a majority of the funds, according to data released late Tuesday.
More than 50% of the PPP money went to just 5% of the aid recipients, The Washington Post reported Wednesday, and 25% of the funds went to just 1% of the recipients. About 600 large companies – including national chains such as P.F. Chang’s and TGI Friday’s, as well as a law firm run by Marc Kasowitz, President Trump's personal lawyer – received loans of $10 million, the maximum amount allowed in the $525 billion program.
At the other end of the scale, loans of $150,000 and less accounted for 87% of the total loans made, but less than 30% of the total in dollar terms.
“The data shows that this program primarily benefited the well banked and well lawyered at the expense of the small businesses it was supposed to benefit,” Liz Hempowicz, director of public policy for the nonprofit Project on Government Oversight, told the Post.
The Small Business Administration, which ran the program, had sought to keep the loan data confidential, but a federal judge ordered it to be released. Judge James E. Boasberg of the U.S. District Court in Washington said last month that “the weighty public interest in disclosure easily overcomes the far narrower privacy interest of borrowers who collectively received billions of taxpayer dollars in loans.”


thefiscaltimes--2020-12-03--Congress Pushes Back on Trump’s Threat to Veto Defense Bill

In a pair of tweets late Tuesday , President Trump threatened to veto the National Defense Authorization Act unless lawmakers repeal certain legal protections for social media companies .
Trump claimed that the target of his ire – section 230 of the Communications Decency Act of 1996 – is a “ serious threat ” to “ National Security & Election Integrity ” in the U.S. “ Our Country can never be safe & secure if we allow it to stand , ” the president said .
“ Therefore , if the very dangerous & unfair Section 230 is not completely @ @ @ @ @ @ @ Authorization Act ( NDAA ) , I will be forced to unequivocally VETO the Bill when sent to the very beautiful Resolute desk .
Take back America NOW.
” Trump has threatened to veto the 2021 NDAA before , citing his opposition to a bipartisan provision that would require renaming military bases that honor Confederate leaders .
The White House reportedly floated the idea last week of accepting the renaming provision in exchange for repealing section 230 , but Trump made no reference to the military base issue in his veto threat Tuesday @ @ @ @ @ @ @ Along with some fellow Republicans , Trump maintains that the law , which shields companies from liability for the content posted online by their users , allows big tech firms such as Facebook and Twitter to censor conservative voices .
There is no evidence that this is true , and the annual NDAA , which defines the size of the Pentagon budget and establishes key defense policy issues , has no obvious , real-world connection to the issue of liability protections for tech companies .
Congress is critical : Lawmakers from both parties @ @ @ @ @ @ @ threat Wednesday .
Senate Armed Services Committee Chairman James Inhofe ( R-OK ) said he told the White House that he would not include the repeal provision Trump wants in the final version of the bill .
“ 230 has nothing to do with the military , ” he said .
“ I agree with his sentiments ... but you can ’ t do it in this bill .
That ’ s not a part of the bill.
” Another conservative Republican , Sen. John Thune of Wyoming , said that while he @ @ @ @ @ @ @ criticism of the communications law , he does not support his current approach .
“ I do n't think the defense bill is the place to litigate that , ” Thune said .
Michigan Republican Rep. Paul Mitchell of the Armed Services Committee was more pointed , saying in a tweet that “ as a member of House Armed Services I am disgusted with these threats to veto the NDAA .
It is a strong bi-partisan DEFENSE policy bill .
Not the place for a rush job last minute whack at social media.
@ @ @ @ @ @ @ took issue with the president ’ s threat : “ 'Take it or leave it ' legislating is why Congress is broken , ” Roy tweeted .
“ Sec 230 should NOT be mixed with NDAA & used by @ realDonaldTrump to veto.
” Not every lawmaker spoke against the president ’ s effort , however .
Sen. Lindsey Graham ( R-SC ) said he was in favor of Trump “ using all the leverage he can .
”

In a pair of tweets late Tuesday, President Trump threatened to veto the National Defense Authorization Act unless lawmakers repeal certain legal protections for social media companies.
Trump claimed that the target of his ire – section 230 of the Communications Decency Act of 1996 – is a “serious threat” to “National Security & Election Integrity” in the U.S. “Our Country can never be safe & secure if we allow it to stand,” the president said. “Therefore, if the very dangerous & unfair Section 230 is not completely terminated as part of the National Defense Authorization Act (NDAA), I will be forced to unequivocally VETO the Bill when sent to the very beautiful Resolute desk. Take back America NOW.”
Trump has threatened to veto the 2021 NDAA before, citing his opposition to a bipartisan provision that would require renaming military bases that honor Confederate leaders. The White House reportedly floated the idea last week of accepting the renaming provision in exchange for repealing section 230, but Trump made no reference to the military base issue in his veto threat Tuesday.
What’s going on: Along with some fellow Republicans, Trump maintains that the law, which shields companies from liability for the content posted online by their users, allows big tech firms such as Facebook and Twitter to censor conservative voices. There is no evidence that this is true, and the annual NDAA, which defines the size of the Pentagon budget and establishes key defense policy issues, has no obvious, real-world connection to the issue of liability protections for tech companies.
Congress is critical: Lawmakers from both parties pushed back against the president’s threat Wednesday. Senate Armed Services Committee Chairman James Inhofe (R-OK) said he told the White House that he would not include the repeal provision Trump wants in the final version of the bill. “230 has nothing to do with the military,” he said. “I agree with his sentiments ... but you can’t do it in this bill. That’s not a part of the bill.”
Another conservative Republican, Sen. John Thune of Wyoming, said that while he is sympathetic with the president’s criticism of the communications law, he does not support his current approach. “I don't think the defense bill is the place to litigate that,” Thune said.
Michigan Republican Rep. Paul Mitchell of the Armed Services Committee was more pointed, saying in a tweet that “as a member of House Armed Services I am disgusted with these threats to veto the NDAA. It is a strong bi-partisan DEFENSE policy bill. Not the place for a rush job last minute whack at social media.” Texas Republican Rep. Chip Roy also took issue with the president’s threat: “'Take it or leave it' legislating is why Congress is broken,” Roy tweeted. “Sec 230 should NOT be mixed with NDAA & used by @realDonaldTrump to veto.”
Not every lawmaker spoke against the president’s effort, however. Sen. Lindsey Graham (R-SC) said he was in favor of Trump “using all the leverage he can.”


thefiscaltimes--2020-12-01--Centrist Senators Float $908 Billion Stimulus Deal

In an effort to break the stalemate over the next coronavirus relief bill , a bipartisan group of lawmakers on Tuesday released the outline of an emergency spending package totaling $ 908 billion .
Talks between Democratic and Republican leaders have gone nowhere for months , with House Speaker Nancy Pelosi ( D-CA ) calling for a relief bill worth upwards of $ 2.2 trillion , while Republican lawmakers have shown little interest in any package exceeding $ 500 billion .
Led by Sens .
Susan Collins ( R-ME ) and Joe Manchin ( D-WV ) , the group of @ @ @ @ @ @ @ a time when Covid hospitalizations are soaring and economists are growing increasingly concerned about another severe slowdown this winter .
“ It ’ s inexcusable for us to leave town and not have an agreement , ” Manchin said at a press conference .
“ Our action to provide emergency relief is needed now more than ever before .
The people need to know we are not going to leave until we get something accomplished.
” Other supporters of the new proposal include Republican Senators Lisa Murkowski ( AK ) , Mitt Romney @ @ @ @ @ @ @ LA ) , as well as Democratic Senators Mark Warner ( VA ) , Jeanne Shaheen ( NH ) and independent Angus King ( ME ) .
Some members of the Problem Solvers Caucus in the House , which released a $ 1.5 trillion stimulus plan in September , have also been involved , including Reps. Josh Gottheimer ( D-NJ ) Tom Reed ( R-NY ) .
What ’ s in the plan : Warner described the plan as an “ interim package ” designed to provide financial support until President-elect Joe Biden @ @ @ @ @ @ @ that idea Monday , saying , “ Any package passed in lame duck session is - at best - just a start.
” Although the final details have not yet been agreed upon , a draft of the plan shows that it would provide $ 288 billion for small businesses , $ 160 billion for state and local governments , and $ 180 billion for unemployment aid , including a $ 300 per week supplemental benefit through March .
It would also include short-term liability protections from coronavirus litigation , to protect businesses @ @ @ @ @ @ @ .
It would not , however , provide another round of $ 1,200 checks for individuals .
Where the money comes from : Romney said the plan involves $ 348 billion in new money , with the rest coming from unspent funds provided by the Cares Act in March .
“ Now , I happen to be a deficit hawk , ” Romney said .
“ I don ’ t like borrowing money , I don ’ t like spending money we don ’ t have .
But the time to borrow money @ @ @ @ @ @ @ money , is when there ’ s a crisis.
” Referring to an earlier coronavirus proposal supported by Treasury Secretary Steven Mnuchin , Romey added , “ This is not a $ 1.8 trillion stimulus bill .
This is a relief measure -- half that amount.
” Steep hill to climb : The plan faces critics on all sides , and The Washington Post ’ s Jeff Stein reports that congressional aides have expressed doubts that it will go anywhere .
There is some hope , however , that parts of the proposal @ @ @ @ @ @ @ bill that must pass by December 11 – and which could provide the only realistic chance of providing Covid relief funds before Biden takes office .
Alternatively , the proposal could provide a starting point for negotiations in the next Congress .
In any event , the bill faces the basic problem of coming from a small group of centrists , who have been far from the center of power in recent years .
As Politico ’ s Jake Sherman and Anna Palmer put it Tuesday , “ Congress is run by the @ @ @ @ @ @ @ … from the leadership .
At best , this is a guideline for what a chunk of the Senate is willing to accept .
But view this as a Senate version of the Problem Solvers Caucus .
And that went nowhere.
” Pelosi and Mnuchin speak : Pelosi and Mnuchin spoke by telephone Tuesday for the first time since October .
They reportedly discussed coronavirus relief and the government funding bill , with Mnuchin saying that the White House wants to avoid a shutdown and would prefer to pass a full appropriations bill @ @ @ @ @ @ @ After the call , Pelosi released a brief statement citing progress in the funding talks while calling for action on the coronavirus relief bill , saying that “ [ a ] dditional COVID relief is long overdue and must be passed in this lame duck session.
” McConnell circulates new plan : Saying “ [ w ] e just don ’ t have time to waste time .
We have a couple of weeks left here , ” Senate Majority Leader Mitch McConnell reportedly circulated a coronavirus relief plan Tuesday that is considerably @ @ @ @ @ @ @ in the day – in effect rejecting the centrist effort while defining what he is willing to accept in a “ targeted relief bill.
” McConnell said he expects relief funds to be included in the government funding bill .
His specific proposal is unlikely to gain bipartisan support , however , since it lacks funds for state and local governments and provides less money for the unemployed , among other non-starters for Democrats .

In an effort to break the stalemate over the next coronavirus relief bill, a bipartisan group of lawmakers on Tuesday released the outline of an emergency spending package totaling $908 billion.
Talks between Democratic and Republican leaders have gone nowhere for months, with House Speaker Nancy Pelosi (D-CA) calling for a relief bill worth upwards of $2.2 trillion, while Republican lawmakers have shown little interest in any package exceeding $500 billion.
Led by Sens. Susan Collins (R-ME) and Joe Manchin (D-WV), the group of centrists is trying to kickstart negotiations at a time when Covid hospitalizations are soaring and economists are growing increasingly concerned about another severe slowdown this winter.
“It’s inexcusable for us to leave town and not have an agreement,” Manchin said at a press conference. “Our action to provide emergency relief is needed now more than ever before. The people need to know we are not going to leave until we get something accomplished.”
Other supporters of the new proposal include Republican Senators Lisa Murkowski (AK), Mitt Romney (UT) and Bill Cassidy (LA), as well as Democratic Senators Mark Warner (VA), Jeanne Shaheen (NH) and independent Angus King (ME). Some members of the Problem Solvers Caucus in the House, which released a $1.5 trillion stimulus plan in September, have also been involved, including Reps. Josh Gottheimer (D-NJ) Tom Reed (R-NY).
What’s in the plan: Warner described the plan as an “interim package” designed to provide financial support until President-elect Joe Biden takes office in January. Biden echoed that idea Monday, saying, “Any package passed in lame duck session is - at best - just a start.”
Although the final details have not yet been agreed upon, a draft of the plan shows that it would provide $288 billion for small businesses, $160 billion for state and local governments, and $180 billion for unemployment aid, including a $300 per week supplemental benefit through March.
It would also include short-term liability protections from coronavirus litigation, to protect businesses while states draw up their own rules. It would not, however, provide another round of $1,200 checks for individuals.
Where the money comes from: Romney said the plan involves $348 billion in new money, with the rest coming from unspent funds provided by the Cares Act in March.
“Now, I happen to be a deficit hawk,” Romney said. “I don’t like borrowing money, I don’t like spending money we don’t have. But the time to borrow money, maybe the only time to borrow money, is when there’s a crisis.” Referring to an earlier coronavirus proposal supported by Treasury Secretary Steven Mnuchin, Romey added, “This is not a $1.8 trillion stimulus bill. This is a relief measure -- half that amount.”
Steep hill to climb: The plan faces critics on all sides, and The Washington Post’s Jeff Stein reports that congressional aides have expressed doubts that it will go anywhere. There is some hope, however, that parts of the proposal could be incorporated into the government funding bill that must pass by December 11 – and which could provide the only realistic chance of providing Covid relief funds before Biden takes office. Alternatively, the proposal could provide a starting point for negotiations in the next Congress.
In any event, the bill faces the basic problem of coming from a small group of centrists, who have been far from the center of power in recent years. As Politico’s Jake Sherman and Anna Palmer put it Tuesday, “Congress is run by the leadership, and most every deal comes … from the leadership. At best, this is a guideline for what a chunk of the Senate is willing to accept. But view this as a Senate version of the Problem Solvers Caucus. And that went nowhere.”
Pelosi and Mnuchin speak: Pelosi and Mnuchin spoke by telephone Tuesday for the first time since October. They reportedly discussed coronavirus relief and the government funding bill, with Mnuchin saying that the White House wants to avoid a shutdown and would prefer to pass a full appropriations bill rather than another short-term continuing resolution.
After the call, Pelosi released a brief statement citing progress in the funding talks while calling for action on the coronavirus relief bill, saying that “[a]dditional COVID relief is long overdue and must be passed in this lame duck session.”
McConnell circulates new plan: Saying “[w]e just don’t have time to waste time. We have a couple of weeks left here,” Senate Majority Leader Mitch McConnell reportedly circulated a coronavirus relief plan Tuesday that is considerably smaller than the bipartisan proposal released earlier in the day – in effect rejecting the centrist effort while defining what he is willing to accept in a “targeted relief bill.”
McConnell said he expects relief funds to be included in the government funding bill. His specific proposal is unlikely to gain bipartisan support, however, since it lacks funds for state and local governments and provides less money for the unemployed, among other non-starters for Democrats.


thefiscaltimes--2020-12-02--Pelosi and Schumer Make a Big Concession on Stimulus

Coronavirus stimulus discussions saw some dramatic movement on Wednesday , but it ’ s not clear yet whether that will translate to real progress toward a deal .
House Speaker Nancy Pelosi ( D-CA ) and Senate Democratic Leader Chuck Schumer ( D-NY ) called on Senate Majority Leader Mitch McConnell ( R-KY ) to negotiate a new coronavirus relief package , using the $ 908 billion bipartisan stimulus plan proposed by centrist lawmakers on Tuesday as the starting point for talks .
President-elect Joe Biden also endorsed the bipartisan proposal , saying it would be a “ down payment @ @ @ @ @ @ @ he takes office .
Pelosi and Schumer have previously pressed for a package of roughly $ 2.2 trillion and they reportedly offered up a $ 1.3 trillion plan in private on Monday .
But in a joint statement released Wednesday , they embraced the narrower bipartisan proposal as a basis for compromise .
“ While we made a new offer to Leader McConnell and [ House Minority ] Leader McCarthy on Monday , in the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis @ @ @ @ @ @ @ ” they said .
“ Of course , we and others will offer improvements , but the need to act is immediate and we believe that with good-faith negotiations we could come to an agreement.
” Why it matters : “ Wednesday ’ s announcement by Pelosi and Schumer appeared to be the first time that leaders from one party agreed to back a proposal that had substantial support of members of the other party , ” The Washington Post said .
“ And the willingness to accept a potential bill totaling less @ @ @ @ @ @ @ step-down for the top Democrats , who had pushed for more than $ 3 trillion in new aid earlier this year.
” McConnell also noted the movement by Democrats .
“ In the last several days , the Democrats ’ leaders have signaled a new willingness to engage in good faith , '' he said on the Senate floor , according to Roll Call .
Where a stimulus deal stands : McConnell rejected the bipartisan plan after it was announced Tuesday .
He reportedly circulated a revised , smaller proposal that he described @ @ @ @ @ @ @ he and Treasury Secretary Steven Mnuchin said has the support of President Trump .
( Before November ’ s elections , the president had called for a much larger package and his negotiators had offered up some $ 1.9 trillion , but congressional Republicans objected to a stimulus that size . )
“ After the first of the year , there is likely to be a discussion about some additional package of some size next year , depending upon what the new administration wants to pursue , ” McConnell said .
Biden said @ @ @ @ @ @ @ the current lame-duck session of Congress would be “ at best just a start.
” But Democrats had previously blocked a $ 500 billion GOP plan similar to McConnell ’ s latest blueprint , calling it grossly inadequate , and they panned the revised version .
McConnell ’ s latest plan reportedly includes $ 333 billion in aid for businesses along with money for schools , vaccines and agriculture .
It would also make business meals and entertainment expenses 100 % tax deductible and provide a liability shield for businesses against coronavirus-related lawsuits @ @ @ @ @ @ @ .
But the plan does not include the $ 300 in supplemental unemployment benefits that were in an earlier GOP proposal and does not provide the additional aid to state and local governments that Democrats have demanded .
See the chart below from Goldman Sachs for a comparison of the various plans that have come out since May .
What ’ s at stake : S & P Global Chief Economist Beth Ann Bovino warned Wednesday that the economy could fall into recession again and take almost a year longer to recover if @ @ @ @ @ @ @ stimulus bill .
The bottom line : Time is running out , as lawmakers aim to have their legislative business done by December 11 – and lots of issues remain to be addressed , both on Covid relief and a $ 1.4 trillion annual spending package that ’ s likely to be the vehicle for any pandemic aid .
The deadline could still change via a short-term government funding bill that buys a bit more time .

Coronavirus stimulus discussions saw some dramatic movement on Wednesday, but it’s not clear yet whether that will translate to real progress toward a deal.
House Speaker Nancy Pelosi (D-CA) and Senate Democratic Leader Chuck Schumer (D-NY) called on Senate Majority Leader Mitch McConnell (R-KY) to negotiate a new coronavirus relief package, using the $908 billion bipartisan stimulus plan proposed by centrist lawmakers on Tuesday as the starting point for talks. President-elect Joe Biden also endorsed the bipartisan proposal, saying it would be a “down payment” on larger bill to come once he takes office.
Pelosi and Schumer have previously pressed for a package of roughly $2.2 trillion and they reportedly offered up a $1.3 trillion plan in private on Monday. But in a joint statement released Wednesday, they embraced the narrower bipartisan proposal as a basis for compromise.
“While we made a new offer to Leader McConnell and [House Minority] Leader McCarthy on Monday, in the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” they said. “Of course, we and others will offer improvements, but the need to act is immediate and we believe that with good-faith negotiations we could come to an agreement.”
Why it matters: “Wednesday’s announcement by Pelosi and Schumer appeared to be the first time that leaders from one party agreed to back a proposal that had substantial support of members of the other party,” The Washington Post said. “And the willingness to accept a potential bill totaling less than $1 trillion represents a significant step-down for the top Democrats, who had pushed for more than $3 trillion in new aid earlier this year.”
McConnell also noted the movement by Democrats. “In the last several days, the Democrats’ leaders have signaled a new willingness to engage in good faith," he said on the Senate floor, according to Roll Call.
Where a stimulus deal stands: McConnell rejected the bipartisan plan after it was announced Tuesday. He reportedly circulated a revised, smaller proposal that he described as a stopgap measure, one that he and Treasury Secretary Steven Mnuchin said has the support of President Trump. (Before November’s elections, the president had called for a much larger package and his negotiators had offered up some $1.9 trillion, but congressional Republicans objected to a stimulus that size.)
“After the first of the year, there is likely to be a discussion about some additional package of some size next year, depending upon what the new administration wants to pursue,” McConnell said.
Biden said Tuesday that any relief package passed in the current lame-duck session of Congress would be “at best just a start.” But Democrats had previously blocked a $500 billion GOP plan similar to McConnell’s latest blueprint, calling it grossly inadequate, and they panned the revised version.
McConnell’s latest plan reportedly includes $333 billion in aid for businesses along with money for schools, vaccines and agriculture. It would also make business meals and entertainment expenses 100% tax deductible and provide a liability shield for businesses against coronavirus-related lawsuits, a provision that Democrats have rejected. But the plan does not include the $300 in supplemental unemployment benefits that were in an earlier GOP proposal and does not provide the additional aid to state and local governments that Democrats have demanded. See the chart below from Goldman Sachs for a comparison of the various plans that have come out since May.
What’s at stake: S&P Global Chief Economist Beth Ann Bovino warned Wednesday that the economy could fall into recession again and take almost a year longer to recover if Congress doesn’t pass a new stimulus bill.
The bottom line: Time is running out, as lawmakers aim to have their legislative business done by December 11 – and lots of issues remain to be addressed, both on Covid relief and a $1.4 trillion annual spending package that’s likely to be the vehicle for any pandemic aid. The deadline could still change via a short-term government funding bill that buys a bit more time.


thefiscaltimes--2020-12-01--Debating the Debt: Biden’s Team Reflects a Big Shift

Debates about the national debt and federal budget deficit dominated political and policy clashes throughout the Obama administration , but largely disappeared during President Trump ’ s time in the White House , even as the debt held by the public surged from $ 14.4 trillion on the day Trump was sworn in to more than $ 21.2 trillion now .
As President-elect Joe Biden prepares to take office and economic fears rise in conjunction with a surge in coronavirus cases , those debates are back — or , at the very least , GOP deficit warnings are .
Following @ @ @ @ @ @ @ 2 trillion coronavirus response package in March , Republicans have renewed their admonitions about the growing debt and resisted the larger additional stimulus Democrats have sought .
“ Sen .
Lindsey Graham ( R-S.C. ) , slated to chair the Senate Budget Committee if Republicans maintain control of the upper chamber , told reporters after the Nov. 3 election that he wants to ‘ finally begin to address the debt.
’ Likewise , Sen. John Thune ( S.D . )
, the No .
2 Senate Republican , said he expects to focus @ @ @ @ @ @ @ programs , adding : ‘ I think that ’ s kind of getting back to our DNA .
...
I think spending , entitlement reform , growth and the economy are all things that we ’ re going to have to be focused on.
’ ” Progressive pushback : Some on the left , meanwhile , say that the GOP ’ s renewed deficit concerns are a hypocritical , if entirely predictable , way to resurrect the obstructionist playbook used during the Obama years , arguing that one-time deficit hawks were perfectly willing @ @ @ @ @ @ @ 2017 tax cuts — and that past predictions that rising debt would lead to soaring interest rates and rampant inflation not only proved wrong but also hampered the recovery from the Great Recession .
President-elect Joe Biden , while he has in the past urged fiscal restraint , signaled this week via his choice of top advisers that his top economic priority will be to spend as needed to address the pandemic and revive the labor market and economy .
For example , Janet Yellen , the former Federal Reserve chair who is @ @ @ @ @ @ @ , has warned in the past that U.S. debt is unsustainable — but has been a vocal proponent of additional coronavirus relief spending .
“ It ’ s an American tragedy , and it ’ s essential that we move with urgency , ” she said Tuesday .
“ Inaction will produce a self-reinforcing downturn causing yet more devastation.
” As New York Times columnist Paul Krugman writes approvingly in his email newsletter , Biden ’ s picks “ are , as a group , a bevy of deficit doves.
” Mike Konczal @ @ @ @ @ @ @ approvingly ) describes Biden ’ s choices as “ All people who understand how important executing the recovery and getting to full employment will be .
They ’ ll also have strong antibodies against cynical debt hysteria and conservative boilerplate.
” A shift in economic thought : “ The Biden team ’ s push for government borrowing to fill the pandemic-sized hole in the economy also reflects a broader shift in some leading economists ’ view of public debt , ” the Post ’ s Lynch writes .
“ By cutting interest rates @ @ @ @ @ @ @ exhausting its conventional tool kit — the Federal Reserve has made such borrowing more attractive and left the nation ’ s fiscal authorities in Congress with a greater role in propping up the economy , they say.
” Economists have by and large warned that a failure by the federal government to provide additional coronavirus relief could result in a slower and more painful recovery .
“ You ’ re going to get the recovery starting in April , May , whether or not we get this package , ” economist Adam Posen @ @ @ @ @ @ @ International Economics , told the Post .
“ Whether we get stimulus in December or January is about how much human suffering there is between now and then.
” Furman and Summers call for a “ revolution ” in fiscal policymaking : Democratic economists Jason Furman , who chaired the Council of Economic Advisers under President Obama , and Lawrence Summers , who was Treasury secretary under President Clinton and head of the National Economic Council under Obama , argue in a new paper released Tuesday that persistently low interest rates call for @ @ @ @ @ @ @ the dangers of debt and deficits .
They argue that low rates have made debt more manageable and that past concerns about rising government debt “ crowding out ” private investment “ have much less force ” in the current environment .
Fiscal policy should thus be oriented toward new goals : “ As a new guidepost , we propose that fiscal policy focus on supporting economic growth while preventing real debt service from being projected to rise quickly or to rise above 2 percent of GDP over the forthcoming decade.
” They @ @ @ @ @ @ @ : “ While current projections do raise concerns over the fiscal situation beyond 2030 we note that that there is enormous uncertainty and that much of the issue would be addressed if necessary reforms internal to Social Security and Medicare were undertaken.
” And not everyone is convinced that fiscal policy can ignore the long-term dynamics of debt .
In response to the Post piece Tuesday , the Committee for a Responsible Budget , which promotes fiscal discipline , tweeted , “ We must borrow now to address the current crisis , but @ @ @ @ @ @ @ national debt in a reasonable way after the economy recovers.
” Read more at The Washington Post .

Debates about the national debt and federal budget deficit dominated political and policy clashes throughout the Obama administration, but largely disappeared during President Trump’s time in the White House, even as the debt held by the public surged from $14.4 trillion on the day Trump was sworn in to more than $21.2 trillion now.
As President-elect Joe Biden prepares to take office and economic fears rise in conjunction with a surge in coronavirus cases, those debates are back — or, at the very least, GOP deficit warnings are. Following the passage of the more than $2 trillion coronavirus response package in March, Republicans have renewed their admonitions about the growing debt and resisted the larger additional stimulus Democrats have sought.
As The Washington Post’s David J. Lynch notes:
“Sen. Lindsey Graham (R-S.C.), slated to chair the Senate Budget Committee if Republicans maintain control of the upper chamber, told reporters after the Nov. 3 election that he wants to ‘finally begin to address the debt.’
Likewise, Sen. John Thune (S.D.), the No. 2 Senate Republican, said he expects to focus next year on curbing spending on entitlement programs, adding: ‘I think that’s kind of getting back to our DNA. ... I think spending, entitlement reform, growth and the economy are all things that we’re going to have to be focused on.’”
Progressive pushback: Some on the left, meanwhile, say that the GOP’s renewed deficit concerns are a hypocritical, if entirely predictable, way to resurrect the obstructionist playbook used during the Obama years, arguing that one-time deficit hawks were perfectly willing to drive up the debt via their 2017 tax cuts — and that past predictions that rising debt would lead to soaring interest rates and rampant inflation not only proved wrong but also hampered the recovery from the Great Recession.
President-elect Joe Biden, while he has in the past urged fiscal restraint, signaled this week via his choice of top advisers that his top economic priority will be to spend as needed to address the pandemic and revive the labor market and economy. For example, Janet Yellen, the former Federal Reserve chair who is Biden’s nominee for Treasury secretary, has warned in the past that U.S. debt is unsustainable — but has been a vocal proponent of additional coronavirus relief spending. “It’s an American tragedy, and it’s essential that we move with urgency,” she said Tuesday. “Inaction will produce a self-reinforcing downturn causing yet more devastation.”
As New York Times columnist Paul Krugman writes approvingly in his email newsletter, Biden’s picks “are, as a group, a bevy of deficit doves.” Mike Konczal of the liberal Roosevelt Institute (also approvingly) describes Biden’s choices as “All people who understand how important executing the recovery and getting to full employment will be. They’ll also have strong antibodies against cynical debt hysteria and conservative boilerplate.”
A shift in economic thought: “The Biden team’s push for government borrowing to fill the pandemic-sized hole in the economy also reflects a broader shift in some leading economists’ view of public debt,” the Post’s Lynch writes. “By cutting interest rates to near zero — and all but exhausting its conventional tool kit — the Federal Reserve has made such borrowing more attractive and left the nation’s fiscal authorities in Congress with a greater role in propping up the economy, they say.”
Economists have by and large warned that a failure by the federal government to provide additional coronavirus relief could result in a slower and more painful recovery. “You’re going to get the recovery starting in April, May, whether or not we get this package,” economist Adam Posen, head of the Peterson Institute for International Economics, told the Post. “Whether we get stimulus in December or January is about how much human suffering there is between now and then.”
Furman and Summers call for a “revolution” in fiscal policymaking: Democratic economists Jason Furman, who chaired the Council of Economic Advisers under President Obama, and Lawrence Summers, who was Treasury secretary under President Clinton and head of the National Economic Council under Obama, argue in a new paper released Tuesday that persistently low interest rates call for a “revolution” in thinking about the dangers of debt and deficits.
They argue that low rates have made debt more manageable and that past concerns about rising government debt “crowding out” private investment “have much less force” in the current environment. Fiscal policy should thus be oriented toward new goals: “As a new guidepost, we propose that fiscal policy focus on supporting economic growth while preventing real debt service from being projected to rise quickly or to rise above 2 percent of GDP over the forthcoming decade.”
They do note some longer-term worries, though: “While current projections do raise concerns over the fiscal situation beyond 2030 we note that that there is enormous uncertainty and that much of the issue would be addressed if necessary reforms internal to Social Security and Medicare were undertaken.”
And not everyone is convinced that fiscal policy can ignore the long-term dynamics of debt. In response to the Post piece Tuesday, the Committee for a Responsible Budget, which promotes fiscal discipline, tweeted, “We must borrow now to address the current crisis, but we will need to address the long-term national debt in a reasonable way after the economy recovers.”
Read more at The Washington Post.


thefiscaltimes--2020-12-04--Stimulus Deal Gains Steam as McConnell, Pelosi Talk

The prospects of a coronavirus relief bill of some sort passing before the end of the year picked up momentum on Thursday , as House Speaker Nancy Pelosi ( D-CA ) and Senate Majority Leader Mitch McConnell ( R-KY ) spoke by phone about a deal and more Senate Republicans voiced support for a bipartisan package unveiled earlier this week .
Pelosi and McConnell spoke by phone “ about their shared commitment to completing an omnibus [ spending bill ] and COVID relief as soon as possible , ” according to a spokesman for Pelosi .
The lawmakers are racing @ @ @ @ @ @ @ and a larger spending package ahead of a December 11 deadline , when current government funding is set to expire .
Their conversation came a day after Pelosi and Senate Minority Leader Chuck Schumer ( D-NY ) said that a $ 908 billion framework introduced by lawmakers this week should serve as the basis for negotiations , signaling a willingness to back off of earlier demands for a package in the $ 2 trillion range — and from a private $ 1.3 trillion offer the Democrats made to start the week .
Pelosi @ @ @ @ @ @ @ proven dealmakers , ” the Associated Press notes — each had made optimistic comments earlier on Thursday .
Pelosi told reporters “ we will have an agreement ” on a coronavirus package by December 11 .
McConnell said on the Senate floor that “ it ’ s been heartening to see a few hopeful signs in the past few days.
” He made clear that sharp differences remain , but again suggested that Congress pass legislation addressing the narrow areas where the parties can agree .
“ Compromise is within reach .
We @ @ @ @ @ @ @ do this , ” he said .
The reality : Pressure for a deal is building , with Republican Sens .
Kevin Cramer of North Dakota , Lindsey Graham of South Carolina , John Cornyn of Texas and Joni Ernst and Chuck Grassley of Iowa all signaling their openness to the $ 908 billion compromise .
Sen. Dick Durbin ( D-IL ) , the No .
2 Senate Democrat , called for a vote on that package .
But for all the optimistic talk and undeniable momentum , it ’ s still not @ @ @ @ @ @ @ their differences .
McConnell , with additional leverage following November ’ s elections and Democrats ’ softening demands , appears to be taking a hard line .
He rejected the $ 908 billion bipartisan proposal when it came out and he continues to call for a deal along the lines of his roughly $ 550 billion package .
( See here for a side-by-side comparison of the two plans . )
Schumer said Thursday that McConnell “ does not seem inclined to compromise ” on a relief deal .
`` Once again the @ @ @ @ @ @ @ pass only what Republicans approve of and leave the rest for later , ” Schumer said .
“ As far as I can tell , McConnell and other Republicans believe their bill *is* the compromise , ” Politico ’ s Burgess Everett tweeted Thursday morning .
Everett noted that the biggest obstacles to a Covid-relief deal have not changed : “ Many Republicans oppose sending money to blue states and cities , ” he wrote , and “ Democrats do n't like the coronavirus liability shield for businesses.
” The Washington Post reports @ @ @ @ @ @ @ the bipartisan plan ’ s proposal for $ 160 billion in state and local aid , which is already much less than Democrats had been seeking .
McConnell will face some pressure from rank-and-file members , but probably not from the White House .
Trump told reporters Thursday that he wants a stimulus deal .
“ I think they are getting very close and I want it to happen , ” Trump said .
But a White House spokesman clarified to the Washington Post that the president talking about McConnell ’ s plan @ @ @ @ @ @ @ bottom line : A narrow Covid-relief deal appears more likely than it has in months .
Lawmakers may still stumble as they try to also finalize a $ 1.4 trillion omnibus spending package , in which case the Covid legislation could be tied to a stopgap spending deal — meaning that we could be talking about both another coronavirus stimulus and a spending package again before long .

The prospects of a coronavirus relief bill of some sort passing before the end of the year picked up momentum on Thursday, as House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Mitch McConnell (R-KY) spoke by phone about a deal and more Senate Republicans voiced support for a bipartisan package unveiled earlier this week.
Pelosi and McConnell spoke by phone “about their shared commitment to completing an omnibus [spending bill] and COVID relief as soon as possible,” according to a spokesman for Pelosi. The lawmakers are racing to come together on both coronavirus relief and a larger spending package ahead of a December 11 deadline, when current government funding is set to expire.
Their conversation came a day after Pelosi and Senate Minority Leader Chuck Schumer (D-NY) said that a $908 billion framework introduced by lawmakers this week should serve as the basis for negotiations, signaling a willingness to back off of earlier demands for a package in the $2 trillion range — and from a private $1.3 trillion offer the Democrats made to start the week.
Pelosi and McConnell — “frequent rivals but proven dealmakers,” the Associated Press notes — each had made optimistic comments earlier on Thursday. Pelosi told reporters “we will have an agreement” on a coronavirus package by December 11. McConnell said on the Senate floor that “it’s been heartening to see a few hopeful signs in the past few days.” He made clear that sharp differences remain, but again suggested that Congress pass legislation addressing the narrow areas where the parties can agree. “Compromise is within reach. We know where we agree. We can do this,” he said.
The reality: Pressure for a deal is building, with Republican Sens. Kevin Cramer of North Dakota, Lindsey Graham of South Carolina, John Cornyn of Texas and Joni Ernst and Chuck Grassley of Iowa all signaling their openness to the $908 billion compromise. Sen. Dick Durbin (D-IL), the No. 2 Senate Democrat, called for a vote on that package.
But for all the optimistic talk and undeniable momentum, it’s still not clear that the two sides can bridge their differences. McConnell, with additional leverage following November’s elections and Democrats’ softening demands, appears to be taking a hard line. He rejected the $908 billion bipartisan proposal when it came out and he continues to call for a deal along the lines of his roughly $550 billion package. (See here for a side-by-side comparison of the two plans.)
Schumer said Thursday that McConnell “does not seem inclined to compromise” on a relief deal. "Once again the Republican Leader argued that the Senate should pass only what Republicans approve of and leave the rest for later,” Schumer said.
“As far as I can tell, McConnell and other Republicans believe their bill *is* the compromise,” Politico’s Burgess Everett tweeted Thursday morning. Everett noted that the biggest obstacles to a Covid-relief deal have not changed: “Many Republicans oppose sending money to blue states and cities,” he wrote, and “Democrats don't like the coronavirus liability shield for businesses.”
The Washington Post reports that conservative senators have already objected to the bipartisan plan’s proposal for $160 billion in state and local aid, which is already much less than Democrats had been seeking.
McConnell will face some pressure from rank-and-file members, but probably not from the White House. Trump told reporters Thursday that he wants a stimulus deal. “I think they are getting very close and I want it to happen,” Trump said. But a White House spokesman clarified to the Washington Post that the president talking about McConnell’s plan, not the bipartisan proposal.
The bottom line: A narrow Covid-relief deal appears more likely than it has in months. Lawmakers may still stumble as they try to also finalize a $1.4 trillion omnibus spending package, in which case the Covid legislation could be tied to a stopgap spending deal — meaning that we could be talking about both another coronavirus stimulus and a spending package again before long.


thefiscaltimes--2020-12-03--Most Americans Support Higher Tax on High Earners: Poll

About two-thirds of Americans support President-elect Joe Biden ’ s proposal to raise taxes on households earning more than $ @ @ @ @ @ taxes on those below that level the same , according to a new poll by @ @ @ @ @ Survey Monkey .
“ Nearly all Democrats and Democratic leaners ( 88 % ) support @ @ @ @ @ 70 % of independents and nearly half of Republicans and GOP leaners ( 45 % @ @ @ @ @ ’ s Laura Wronski wrote .
“ Even among those with household incomes of $ @ @ @ @ @ highest category for which we collect data , 62 % of people support an increase @ @ @ @ @ at least $ 400K.
” Questioning 3,477 adults online from November 9 to November 15 @ @ @ @ @ majority support for making college tuition-free for students from families earning less than $ 125,000 @ @ @ @ @ paid leave plan for sick workers or gig economy workers during the pandemic ; and @ @ @ @ @ the coronavirus , even if it hurts some businesses .

About two-thirds of Americans support President-elect Joe Biden’s proposal to raise taxes on households earning more than $400,000 a year while keeping taxes on those below that level the same, according to a new poll by The New York Times and Survey Monkey.
“Nearly all Democrats and Democratic leaners (88%) support this proposal, along with 70% of independents and nearly half of Republicans and GOP leaners (45%),” Survey Monkey’s Laura Wronski wrote. “Even among those with household incomes of $150,000 or more, the highest category for which we collect data, 62% of people support an increase in taxes for those making at least $400K.”
Questioning 3,477 adults online from November 9 to November 15, the poll also found majority support for making college tuition-free for students from families earning less than $125,000 per year; an emergency paid leave plan for sick workers or gig economy workers during the pandemic; and a national effort to control the coronavirus, even if it hurts some businesses.


thefiscaltimes--2020-12-03--Trump Doubles Down on Veto Threat

Trump Doubles Down on Veto Threat

Despite pushback from both sides of the aisle , President Trump on Thursday reiterated his threat to veto the annual National Defense Authorization Act if lawmakers fail to include in the bill a repeal of legal protections for tech companies that provide platforms for user-generated content online .
Acknowledging that some members of his own party oppose his effort to use the defense policy bill to repeal Section 230 of the Communications Decency Act of 1996 , Trump tweeted , “ Looks like certain Republican Senators are getting cold feet with respect to the termination of Big Tech ’ s @ @ @ @ @ @ @ Election Integrity MUST .
For years , all talk , no action .
Termination must be put in Defense Bill !
!
!
” Although a handful of lawmakers have expressed support for Trump ’ s effort , more have criticized it , and the president ’ s tweet Thursday doesn ’ t seem to have changed many minds .
Sen. Jack Reed of Rhode Island , the top Democrat on the Senate Armed Services Committee , told Politico that it was too late to start debating new provisions in the bill , @ @ @ @ @ @ @ policy .
“ At this last minute , this sudden threat on an item that ’ s not even part of a defense bill … I don ’ t think we could do it in a thoughtful , logical way at all.
” Speculating about Trump ’ s motivation , Reed said , “ It seems to be more out of spite than anything else .
”

Despite pushback from both sides of the aisle, President Trump on Thursday reiterated his threat to veto the annual National Defense Authorization Act if lawmakers fail to include in the bill a repeal of legal protections for tech companies that provide platforms for user-generated content online.
Acknowledging that some members of his own party oppose his effort to use the defense policy bill to repeal Section 230 of the Communications Decency Act of 1996, Trump tweeted, “Looks like certain Republican Senators are getting cold feet with respect to the termination of Big Tech’s Section 230, a National Security and Election Integrity MUST. For years, all talk, no action. Termination must be put in Defense Bill!!!”
Although a handful of lawmakers have expressed support for Trump’s effort, more have criticized it, and the president’s tweet Thursday doesn’t seem to have changed many minds.
Sen. Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee, told Politico that it was too late to start debating new provisions in the bill, especially ones that are unrelated to defense policy. “At this last minute, this sudden threat on an item that’s not even part of a defense bill … I don’t think we could do it in a thoughtful, logical way at all.”
Speculating about Trump’s motivation, Reed said, “It seems to be more out of spite than anything else.”


thefiscaltimes--2020-12-07--Congress Looks to Punt Funding Bill Into Next Week

With just a few days to go before significant parts of the federal government are forced to shut down , @ @ @ @ @ bill to give themselves a little more time to work out a full-year funding package @ @ @ @ @ agreement on Covid-19 relief .
The stopgap funding measure , known as a continuing resolution @ @ @ @ @ open until December 18 , a week beyond the current December 11 deadline .
Although @ @ @ @ @ conclude this week , talks on the full-year funding bill have hit a rough patch @ @ @ @ @ Monday , with negotiators unable to agree on more than a dozen issues , including @ @ @ @ @ s border wall with Mexico .
“ I am disappointed that we have not yet @ @ @ @ @ , ” House Majority Leader Steny Hoyer ( D-MD ) tweeted Monday .
“ The @ @ @ @ @ on a one-week CR to keep government open while negotiations continue .
”

With just a few days to go before significant parts of the federal government are forced to shut down, lawmakers are contemplating a short-term bill to give themselves a little more time to work out a full-year funding package, as well as an agreement on Covid-19 relief.
The stopgap funding measure, known as a continuing resolution, would keep the government open until December 18, a week beyond the current December 11 deadline.
Although there were hopes they would conclude this week, talks on the full-year funding bill have hit a rough patch, The Washington Post reported Monday, with negotiators unable to agree on more than a dozen issues, including funding for President Trump’s border wall with Mexico.
“I am disappointed that we have not yet reached agreement on government funding,” House Majority Leader Steny Hoyer (D-MD) tweeted Monday. “The House will vote on Wednesday on a one-week CR to keep government open while negotiations continue.”


thefiscaltimes--2020-12-07--Closing In on a Covid Relief Bill

Closing In on a Covid Relief Bill

Congressional leaders are still hoping to attach a Covid relief package to the annual government funding bill , with the goal of passing both before lawmakers leave town for the holidays .
Negotiators are using the $ 908 billion coronavirus relief package offered by a bipartisan group of lawmakers last week as a starting point and may release a detailed summary of their bill as soon as Monday night , with legislative text coming later in the week .
The details are still in flux , but reports indicate that the relief package would include hundreds of billions for the @ @ @ @ @ @ @ and small businesses .
Smaller amounts would be allocated for rental assistance , schools , child care and other issues .
The unemployment provision would provide $ 300 per week in federal benefits for 16 weeks , but would not be retroactive .
Self-employed and gig workers would be included in the program .
No $ 1,200 checks : One thing the framework does not include is more direct aid for individuals , and that ’ s sparking some opposition to the bill .
Sen. Bernie Sanders ( I-VT ) said last week @ @ @ @ @ @ @ that fails to provide another round of checks .
“ [ D ] uring the worst economic crisis since the Great Depression , when over half of our workers are living paycheck to paycheck , when one out of four workers are either unemployed or make less than $ 20,000 a year , when 92 million Americans are uninsured or under-insured , when tens of millions of people face eviction and when hunger in America is exploding , it is unacceptable that the Manchin-Romney proposal does not even do what the CARES Act @ @ @ @ @ @ @ least , a $ 1,200 direct payment to working class Americans and $ 500 for their kids , ” Sanders said in a statement .
On the other side of the aisle , Sen. Josh Hawley ( R-MO ) also said he would not support a bill lacking direct aid – and has lobbied President Trump to veto it .
“ I said , ‘ I think it 's vital that any relief include direct payments , and I 'm not gon na vote for it if it does n't , ’ ” @ @ @ @ @ @ @ conversation with Trump .
“ And I also urged him to veto any bill that did not have direct payments in it.
” The president , however , has reportedly signaled that he would sign a relief bill , even without another round of direct support .
“ President Trump has indicated that he would sign a $ 908 billion package — there ’ s only one $ 908 billion package out there and it ’ s ours , ” Sen. Bill Cassidy ( R-LA ) said Sunday .
A “ tricky path @ @ @ @ @ @ @ there are still some serious issues to resolve .
Republicans are pushing for liability shields for businesses that many progressives oppose , while Democrats want more money for state and local governments than some conservatives are willing to provide .
This means the Covid relief package “ has really a tricky path , ” as Politico put it Monday .
“ I think we ’ ll get there , ” Sen. Mark Warner ( D-VA ) , who is backing the bipartisan compromise bill , said Sunday , adding , “ I think @ @ @ @ @ @ @ few more days of drama .
”

Congressional leaders are still hoping to attach a Covid relief package to the annual government funding bill, with the goal of passing both before lawmakers leave town for the holidays. Negotiators are using the $908 billion coronavirus relief package offered by a bipartisan group of lawmakers last week as a starting point and may release a detailed summary of their bill as soon as Monday night, with legislative text coming later in the week.
The details are still in flux, but reports indicate that the relief package would include hundreds of billions for the unemployed, state and local governments, and small businesses. Smaller amounts would be allocated for rental assistance, schools, child care and other issues.
The unemployment provision would provide $300 per week in federal benefits for 16 weeks, but would not be retroactive. Self-employed and gig workers would be included in the program.
No $1,200 checks: One thing the framework does not include is more direct aid for individuals, and that’s sparking some opposition to the bill. Sen. Bernie Sanders (I-VT) said last week that he would not support a bill that fails to provide another round of checks. “[D]uring the worst economic crisis since the Great Depression, when over half of our workers are living paycheck to paycheck, when one out of four workers are either unemployed or make less than $20,000 a year, when 92 million Americans are uninsured or under-insured, when tens of millions of people face eviction and when hunger in America is exploding, it is unacceptable that the Manchin-Romney proposal does not even do what the CARES Act did and provide, at the very least, a $1,200 direct payment to working class Americans and $500 for their kids,” Sanders said in a statement.
On the other side of the aisle, Sen. Josh Hawley (R-MO) also said he would not support a bill lacking direct aid – and has lobbied President Trump to veto it. “I said, ‘I think it's vital that any relief include direct payments, and I'm not gonna vote for it if it doesn't,’” Hawley told Politico Monday, recounting his conversation with Trump. “And I also urged him to veto any bill that did not have direct payments in it.”
The president, however, has reportedly signaled that he would sign a relief bill, even without another round of direct support. “President Trump has indicated that he would sign a $908 billion package — there’s only one $908 billion package out there and it’s ours,” Sen. Bill Cassidy (R-LA) said Sunday.
A “tricky path:” Despite the recent progress, there are still some serious issues to resolve. Republicans are pushing for liability shields for businesses that many progressives oppose, while Democrats want more money for state and local governments than some conservatives are willing to provide. This means the Covid relief package “has really a tricky path,” as Politico put it Monday.
“I think we’ll get there,” Sen. Mark Warner (D-VA), who is backing the bipartisan compromise bill, said Sunday, adding, “I think we may have to go through a few more days of drama.”


thefiscaltimes--2020-12-04--Growing Chorus for Stimulus as Job Growth Slows

The U.S. economy added a disappointing 245,000 jobs in November , the Labor Department announced Friday , the weakest job growth since the economy started recovering in May from the first wave of coronavirus shutdowns .
Job growth has declined for five months in a row , raising alarms about the waning strength of the recovery and the fate of millions of workers who have lost their jobs in an economy still battered by the Covid-19 pandemic .
The U.S. remains about 10 million jobs short of its peak in February , and 11 million shy of the trend line @ @ @ @ @ @ @ The unemployment rate fell by two-tenths of a percentage point to 6.7 % in November , but the decline was driven largely by more than half a million workers leaving the labor force .
According to an analysis by Jason Furman , who served as chair of the Council of Economic Advisers in the Obama administration , a more realistic unemployment measure that takes into account those who have dropped out puts the jobless rate at 8.5 % .
A worrying trend : The number of people experiencing long-term unemployment has been rising @ @ @ @ @ @ @ clues that what was once temporary unemployment is becoming more permanent — in ways that , if unchecked , could do long-term damage to millions of families and to the economic potential of the United States , ” Neil Irwin of The New York Times wrote .
Since September , the number of people jobless for more than 27 weeks has risen by 1.5 million , and some economists fear that the job market will get worse before it gets better .
“ The recovery is not insulated from the effects of the @ @ @ @ @ @ @ economist at Glassdoor , told the Associated Press .
“ This is the calm before the storm .
We face a long and difficult winter ahead.
” Biden calls for more stimulus : President-elect Joe Biden said the report underscores the need for Congress to provide further stimulus .
“ This is a grim jobs report .
It shows an economy that is stalling .
It confirms we remain in the midst of one of the worst economic and jobs crises in modern history , ” Biden said in a statement .
“ @ @ @ @ @ @ @ need help and they need it now .
I am encouraged by the bipartisan efforts in the Senate around a $ 900 billion relief package.
” Senate Democratic leader Chuck Schumer also cited the latest employment numbers as he pushed for a deal .
“ This jobs report is blaring warning that a double-dip recession is looming and must be a wakeup call for anyone who is standing in the way of true bipartisan emergency relief , ” he said in a statement .
Rep. Tom Cole , a Republican from Oklahoma , @ @ @ @ @ @ @ : “ I think today ’ s jobs numbers really help ” the effort to pass another round of stimulus .
“ We may disagree about the specifics but there is no doubt the economy needs help.
” The conservative U.S. Chamber of Commerce said the “ slumping economy ” makes it clear that lawmakers need to reach a deal quickly .
“ The fire alarm is sounding on our economy and the only question is whether Congress will respond , ” a Chamber representative said in a statement .
“ The time @ @ @ @ @ @ @ is now .
The U.S. Chamber strongly urges lawmakers to support bipartisan efforts to enact pandemic relief ... ”

The U.S. economy added a disappointing 245,000 jobs in November, the Labor Department announced Friday, the weakest job growth since the economy started recovering in May from the first wave of coronavirus shutdowns.
Job growth has declined for five months in a row, raising alarms about the waning strength of the recovery and the fate of millions of workers who have lost their jobs in an economy still battered by the Covid-19 pandemic. The U.S. remains about 10 million jobs short of its peak in February, and 11 million shy of the trend line in place in the pre-Covid economy.
The unemployment rate fell by two-tenths of a percentage point to 6.7% in November, but the decline was driven largely by more than half a million workers leaving the labor force. According to an analysis by Jason Furman, who served as chair of the Council of Economic Advisers in the Obama administration, a more realistic unemployment measure that takes into account those who have dropped out puts the jobless rate at 8.5%.
A worrying trend: The number of people experiencing long-term unemployment has been rising sharply. “The jobs report offers clues that what was once temporary unemployment is becoming more permanent — in ways that, if unchecked, could do long-term damage to millions of families and to the economic potential of the United States,” Neil Irwin of The New York Times wrote.
Since September, the number of people jobless for more than 27 weeks has risen by 1.5 million, and some economists fear that the job market will get worse before it gets better. “The recovery is not insulated from the effects of the pandemic,” Daniel Zhao, an economist at Glassdoor, told the Associated Press. “This is the calm before the storm. We face a long and difficult winter ahead.”
Biden calls for more stimulus: President-elect Joe Biden said the report underscores the need for Congress to provide further stimulus. “This is a grim jobs report. It shows an economy that is stalling. It confirms we remain in the midst of one of the worst economic and jobs crises in modern history,” Biden said in a statement. “The situation requires urgent action. Americans need help and they need it now. I am encouraged by the bipartisan efforts in the Senate around a $900 billion relief package.”
Senate Democratic leader Chuck Schumer also cited the latest employment numbers as he pushed for a deal. “This jobs report is blaring warning that a double-dip recession is looming and must be a wakeup call for anyone who is standing in the way of true bipartisan emergency relief,” he said in a statement.
Rep. Tom Cole, a Republican from Oklahoma, agreed on the implications of the report: “I think today’s jobs numbers really help” the effort to pass another round of stimulus. “We may disagree about the specifics but there is no doubt the economy needs help.”
The conservative U.S. Chamber of Commerce said the “slumping economy” makes it clear that lawmakers need to reach a deal quickly. “The fire alarm is sounding on our economy and the only question is whether Congress will respond,” a Chamber representative said in a statement. “The time for Congress to move a bipartisan bill is now. The U.S. Chamber strongly urges lawmakers to support bipartisan efforts to enact pandemic relief ...”