Groups Warn Against More Federal Spending, Call it a ‘New Virus Afflicting Our Economy’
Article from For Liberty by Norm Leahy.
Sentiment in Congress and the White House to adopt additional measures stimulating the U.S. economy before the November elections remains strong. But so, too, does a growing movement among fiscal hawks to stop any new spending in its tracks.
The pressure to do something is growing, as the $600 per week federal unemployment subsidy ends in July, and a federal scheme that provided forgivable loans to companies if they did not cut payrolls ends in September.
Among the new ideas is a tax holiday:
Conservatives opposed to more spending are ramping up lobbying efforts against another bill and are pushing tax cuts instead. Steve Moore, a former Trump campaign adviser, said he met with some Senate Republicans this month to pitch a temporary reduction in payroll taxes, which Democrats oppose.
There’s also plenty of new ideas for spending additional trillions of dollars on relief:
House Democrats last month passed a $3.5 trillion bill that would extend the $600 in extra weekly unemployment payments through December, send households more stimulus checks and provide $1 trillion to state and local governments whose revenues have been hit by the pandemic.
And all the talk of more spending is finally stirring outside groups to respond.
A coalition of groups calling itself “Save Our Country” sent a letter to President Donald Trump warning that while “[t]here is no limit to worthy causes, there is a limit to other people’s money.”
The group also said the series of federal multi-trillion relief packages is “the new virus afflicting our economy.”
Image Credit: By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons