President Trump called for more massive action as he suggested that now was the perfect time to introduce another “very big & bold” bill in response to the coronavirus.
Trump is looking to act proactively shortly after the passage of a massive stimulus package, seeking a $2 trillion infrastructure bill to serve as “Phase 4” of the federal government’s response to the global pandemic.
“With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” Trump tweeted Tuesday. “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.”
The president has long sought after a major infrastructure bill and what better time than now to introduce it as a crucial form of an economic stimulus. Trump is joined by members on both sides of the isle in the House and Senate who are similarly looking towards a potential fourth coronavirus bill.
“I think the odds are we’ll need more legislation. First, we don’t know the extent of the crisis in terms of the magnitude, so that could rise. But there are going to be problems that we don’t realize now that we’re going to have to grapple with,” Senate Minority Leader Chuck Schumer, said recently, according to The Hill. “So I think the odds are high there will be a COVID-4.”
House Speaker Nancy Pelosi also expressed the need for further legislation and at the top of her wish list conveniently enough, is a tax break for wealthy blue state Americans.
A report in the New York Times claims Pelosi is considering a “retroactive rollback” of “a tax change that hurt high earners in states like New York and California” — the SALT (or “State and Local Taxes” deduction) — in order to appease the Democrat’s biggest supporters.
“A full rollback of the limit on the state and local tax deduction, or SALT, would provide a quick cash infusion in the form of increased tax rebates to an estimated 13 million American households — nearly all of which earn at least $100,000 a year,” the New York Times reports.
Republicans reconstructed the SALT provision back in the early days of the Trump administration, as part of a major tax code overhaul that helped most middle and lower income households take larger, regular deductions on their taxes.
The move angered Democrats at the time because it largely affected their prime constituencies — and, it seems, even the New York Times recognizes that Pelosi is using a coronavirus relief bill to resurrect the measure.
Oddly enough, Pelosi was extremely critical of the phase 3 stimulus relief bill which she and her constituents labeled as a corporate “handout” or “slush fund,” that in reality turned out to be an open fund providing low- and no-interest loans to businesses still suffering from an extended coronavirus lockdown more than six months after it ended.
Now it is Pelosi who is looking to provide a slush fund for the wealthy Democrats as regular Americans struggle to pay their bills.
Democrats are also seeking additional funding for food stamps, as well as emissions restrictions on airlines — a measure that was blocked from inclusion in the package passed last week.
Pelosi also said that she planned to push for pension protections which did not make it into phase three of the stimulus package.