McConnell wants to hand over $500 billion for the president to disburse to himself, and he expresses indignation Democrats don’t want to vote for it
Photo: Eric Baradat/AFP via Getty Images Three days ago, Senate Republicans unveiled their version of an economic-rescue bill, planning to secure quick bipartisan Senate approval followed by a pro forma approval in the House. Instead, Senate Democrats blocked it. Senate Majority Leader Mitch McConnell summoned his moral indignation to accuse Democrats of indifference to the economic crisis.
There is nothing wrong in principle with bailing out large firms. The trouble with the Senate bill is the mechanism. Its requirements that bailed-out firms protect their workers are too weak. More disturbing, it’s designed as a pool of money to be doled out by the Treasury secretary. That is to say, the money is, for all intents and purposes, personally controlled by Donald Trump, who selected the Treasury secretary, Steve Mnuchin, and could replace him on a whim.
Even worse, giving Trump control over a bailout fund would invite the sorts of abuses that he has routinely engaged in. This is a president who tried to direct the Justice Department to punish the parent company of CNN and successfully got the Defense Department to deny a contract to the owner of the Washington Post. The entire concept that the federal government ought to operate independent of the president’s political whims is inherently foreign to Trump.
It is not difficult to imagine what McConnell would do, were the circumstances reversed. We don’t really have to imagine it. The 2008 financial crisis was the deepest economic collapse since the Great Depression. McConnell had supported fiscal stimulus while his party held the White House, approving a bill to send out checks in February 2008, but when Barack Obama assumed the White House , he reversed himself.
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