The White House Tuesday morning began signaling it was aiming for as much as $1 trillion in stimulus spending, split between a payroll tax cut, support for the airline industry and $250 billion in loans for small business
Cobbling together a stimulus package worth more than $1 trillion would mark a major ideological shift for Republicans, who spent years decrying debt and government bailouts following the 2008 global financial crisis. But with uncertainty surrounding the spread of the coronavirus and the volatility in the stock market, the White House does not seem concerned about the price tag — only stopping the financial freefall.
“The economic disruption and uncertainty created by COVID-19 has created challenges for the commercial paper market, constraining access to short-term credit for American businesses,” Mnuchin said. “By providing short-term credit, the CPFF will help American businesses manage their finances through this challenging period.”
The coronavirus relief packages under consideration now by Congress are set to eclipse prior efforts. The TARP program ultimately disbursed around $426 billion and eventually recovered $441 billion, earning the Treasury Department a nominal profit of around $15 billion. That figure remains controversial. Taking into account inflation from the time of the bailouts, the government actually lost around $25 billion on the program.
Ortiz said he has been in touch directly with Mnuchin, who seems very amenable to including relief for small-to-medium-sized businesses in any package.
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