Economic Stimulus II?
For months, congressional leaders and the White House have skirted the possibility of a second economic stimulus package, saying they wanted to allow time for their first effort — those billions in $600 rebate checks — to trickle through the economy.
But on Tuesday, House Majority Leader Steny Hoyer (D-Md.) said that Congress will likely take up another stimulus bill this month.
“We are probably going to address an economic stimulus package,” Hoyer said when asked by a reporter what is possible in the few weeks remaining in the legislative year.
Hoyer was vague in his description of what such a package might include — and passage is highly questionable, particularly in the Senate — but the Maryland Democrat said the bill would emphasize infrastructure rather than pushing the rebate checks that defined the first effort. From the transcript:
We believe that infrastructure investment is, a) something we need to do for our economy, and b) creates American jobs. We are doing infrastructure here in America and the people are going to work here in America, and they are going to be hired here in America. So we believe that will be a significant component.
Hoyer added that a second stimulus might also include increased funding for Medicaid, unemployment insurance and a program helping low-income families pay their winter heating and summer cooling bills.
Hoyer failed to mention where these funds will come from.
If the first package is any model, you can bet it’ll be borrowed from your grandkids.