GOP Says Wait On More Bailout Money

The Republicans are in no hurry to do another COVID-19 bailout.

On Tuesday (May 12), PYMNTS reported that House Speaker Nancy Pelosi proposed a $3 trillion spending package for more coronavirus aid. The 1,800-page measure provides more money for Americans impacted by the shutdown.

But Republicans aren’t ready for another round of cash assistance. Instead, the GOP is urging the Congress to pause, the Associated Press reported.

Polls reveal that Republican voters are convinced the government is already doing enough to assist businesses and families, and they are worried about printing money and raising the federal debt. 

In March, President Donald Trump signed a $2 trillion coronavirus relief bill as Washington tries to blunt the economic destruction from the pandemic.

It’s unclear where President Donald Trump stands on a new stimulus package. In a press conference this week, he mentioned a possible payroll tax cut, but Democrats say that won’t provide relief to the unemployed.

PYMNTS reported on Thursday (May 14) that new unemployment claims reached 2.98 million for the week ending May 9, according to the U.S. Bureau of Labor Statistics. That brings the total number of jobless claims filed to 36.5 million since the crisis began, a new record.

Senate Republicans are divided over how to proceed after they’ve already supported more than $2 trillion in help. 

“There’s just a pragmatic piece to this, which is, if we’re going to do another bill, let’s get into June and July so we know how people are re-emerging,” U.S. Rep. Patrick McHenry (R-North Carolina) told the AP.

Privately, many Republicans see the passage of another coronavirus measure as inevitable, the news service reported.

Republican Senate Majority Leader Mitch McConnell said his party is “taking a look at what we’ve already done … and we’ve added about $3 trillion to the national debt, and assessing the effectiveness of that before deciding to go forward.” Still, McConnell left the door open for additional help if the legislation is narrowly targeted.

“I’m in discussion, we all are, with the administration. If we reach a decision along with the administration to move to another phase, that’ll be the time to interact with the Democrats,” he said.

Senate Minority Leader Chuck Schumer, the New York Democrat, said it’s likely Republicans will negotiate. “In the last two bills, they sat on the sidelines at the beginning, said our way or no way, and then they had to come to the table,” he said on CNBC’s Squawk on the Street on Thursday (May 14).