Just days after a $2 trillion Coronavirus rescue package was signed into law, congressional Democrats are calling for “Phase 4” of the COVID-19 response to be a massive infrastructure bill to help rebuild the country’s infrastructure and economy following record unemployment. President Trump is on board, but congressional Republicans are balking at the idea.
According to House Speaker Nancy Pelosi, the centerpiece of Phase 4 would be similar to their previously proposed 5-year, $760 billion infrastructure plan.
“We all know our nation faces an historic health and economic emergency as we confront the coronavirus epidemic,” Pelosi said. “As we work to address the immediate health emergency, mitigate the economic impact and lay the foundation for a strong recovery, we must take bold action to renew America’s infrastructure.
A day later, President Trump tweeted his support for “Phase 4,” upping the price tag from $760 billion over 5 years to $2 trillion over 10 years.
“With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” tweeted President Trump. “It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4”
Supporters of Phase 4 claim that in addition to rebuilding the nation’s infrastructure, the spending bill could help give the nation’s economy the help it may need in recovering from COVID-19. In the past 7 days, 6.6 million new unemployment claims were filed. This is by far the highest weekly jump in unemployment claims in U.S. history. The highest previous weekly increase was 695,000 in 1982. During the financial crash of 2008-2009, the highest weekly jump was 665,000. The CBO also just released revised estimates on Thursday that puts second-quarter unemployment rates over 10%.
But congressional republicans aren’t wild about the idea of a massive public works project. House Minority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnel both took to the airwaves to pump the brakes on Phase 4. Both Republicans claim that more time is needed to see if another aid package will be needed at all.
“I think we need to wait a few days here, a few weeks, and see how things are working out,” McConnell said Tuesday The Hugh Hewitt Show. “[Speaker Pelosi] needs to stand down on the notion that we’re going to go along with taking advantage of the crisis to do things that are unrelated to the crisis.”
Source: ttnews, ttnews, ttnews, politico, reuters, thehill, cnbc, marketwatch, cnbc, marketwatch, bloomberg
Lets take care of this covid-19 before we put more money in anything else. We need to put more money into this covid-19, to wipe it out of the United States. . most important is peoples heath. Then take care of other thing like highways.
I agree, lets take care of our American Citizens first.
Obviously you don’t drive much. I’m a truck driver and our infrastructure is terrible. Some states are good but most of them are terrible because the taxes that are collected from IFTA and fuel tax at the pump go into the general fund which means politicians can spend however they want it.
He promised in 2016 to fix our infrastructure and this would fulfill that promise.
But yes, this is not the time to do that. We need to get the virus under control and get people back to work before spending money on infrastructure. With 2 of our aircraft carriers seeing hundreds of infections it has hit the combat readiness for our Navy.
We need to set priorities
Should we be telling the World our military defense has been compromised from this infection ?
Good question
I thought ISTEA, NESTEA, and the rest of the lied about “highway bills” were supposed to rebuild our roads. At least, that’s what we were told when the multi-trillion dollar bills were passed and the bribes were all paid. How about we get an accounting of every penny from the previous bills before we borrow MORE money that will be wasted.
I say we can walk and chew tabakky at the same time. Of course addressing the immediate problem of eradicating the virus is tantamount. This is why it’s designed in phases. Who here believes once the crisis is over those politicians wont drag their feet (as they have been) on actually passing an adequate infrastructure plan. I for one sure as hell don’t.
Imagine that! Trump and the Dems agreee on something, and yet the partisan leaders on the Republicans are blocking it at every turn because it might hurt THEIR investments and portfolios…and ‘donors’…
Better idea yet: Let’s declare war on Venezuela, China and Russia. Who needs healthcare, roads or any of that junk. More bombs. now!