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20×102mm Vulcan
Over the past three days a bipartisan group of senators, not leadership, constructed a $1.6 Trillion emergency aid package to rescue the U.S. economy and American workers. The package had the support of Mitch McConnell. It is called The Coronavirus Aid, Relief, and Economic Security Act, or “CARE Act“. [READ BILL S.548 HERE]
However, at the last minute House Speaker Nancy Pelosi, having returned from her House recess vacation sipping cocktails poolside, instructed Senate Minority Leader Chuck Schumer to crush the senate effort.
Power hungry Pelosi sees an opportunity to use the looming economic crisis as leverage for selecting winners & losers amid the K-Street lobbying community. Donors for Democrats will be rewarded; supporters of Republicans, not-so-much. This is DC at it’s worst and Pelosi isn’t going to lose another opportunity. It’s the same process she used in ’08/’09
Senator Schumer did as he was instructed. The relief bill did not pass cloture (60 votes needed), and the three-day effort collapsed. Immediately the DOW futures dropped 5%.
There are two main points Pelosi is targeting. First, because COVID-19 creates a MASSIVE SPENDING opportunity, Speaker Nancy Pelosi wants to include the elimination of college debt, literally wipe out student loans – which ironically and intentionally were created under Obamacare, in the coronavirus bill.
This move has nothing to do with the economic impacts of coronavirus, but it allows: (a) a political win to get the Bernie AOC crowd behind the Democrat candidate; and (b) will allow more government funding to ideological college interests by wiping out the debt problem.
Secondly, Speaker Pelosi wants unilateral control over which companies will receive any financial assistance or loans to survive the cris
theconservativetreehouse.com
However, at the last minute House Speaker Nancy Pelosi, having returned from her House recess vacation sipping cocktails poolside, instructed Senate Minority Leader Chuck Schumer to crush the senate effort.
Power hungry Pelosi sees an opportunity to use the looming economic crisis as leverage for selecting winners & losers amid the K-Street lobbying community. Donors for Democrats will be rewarded; supporters of Republicans, not-so-much. This is DC at it’s worst and Pelosi isn’t going to lose another opportunity. It’s the same process she used in ’08/’09
Senator Schumer did as he was instructed. The relief bill did not pass cloture (60 votes needed), and the three-day effort collapsed. Immediately the DOW futures dropped 5%.
There are two main points Pelosi is targeting. First, because COVID-19 creates a MASSIVE SPENDING opportunity, Speaker Nancy Pelosi wants to include the elimination of college debt, literally wipe out student loans – which ironically and intentionally were created under Obamacare, in the coronavirus bill.
This move has nothing to do with the economic impacts of coronavirus, but it allows: (a) a political win to get the Bernie AOC crowd behind the Democrat candidate; and (b) will allow more government funding to ideological college interests by wiping out the debt problem.
Secondly, Speaker Pelosi wants unilateral control over which companies will receive any financial assistance or loans to survive the cris
Pelosi and Schumer Block $1.6 Trillion Emergency Economic Bill - DOW Futures Collapse... - The Last Refuge
Over the past three days a bipartisan group of senators, not leadership, constructed a $1.6 Trillion emergency aid package to rescue the U.S. economy and American workers. The package had the support of Mitch McConnell. It is called The Coronavirus Aid, Relief, and Economic Security Act, or...
theconservativetreehouse.com
