Lawmakers urge Trump to prevent ‘chaos’ and sign stimulus bill

Lawmakers across the political spectrum urged President Donald Trump to sign the $900 billion coronavirus stimulus bill passed with bipartisan support last week, as millions of Americans face a loss in benefits.

Lawmakers across the political spectrum urged President Donald Trump to sign the $900 billion coronavirus stimulus bill passed with bipartisan support last week, as millions of Americans face a loss in benefits.

Trump risks being remembered for creating “chaos and misery” at the end of his term if he takes no action on two crucial and intertwined spending bills and triggers a government shutdown, Republican Senator Pat Toomey said.

The Trump administration helped negotiate the stimulus effort, and if the president believes direct stimulus checks should be increased, he should approve the current proposal and return to Congress with a request for more aid, Pennsylvania’s Toomey said on “Fox News Sunday.”

trump-listening.jpg
President Donald Trump listens during a trade meeting in the Oval Office.
Bloomberg

The $2,000-per-person checks demanded by Trump are too high for people who haven’t lost income as a result of COVID-19, Toomey said, making the case for more targeted aid.

CORONAVIRUS IMPACT: ADDITIONAL COVERAGE
J. Henning Buchholz of Deloitte

J. Henning Buchholz is a strategic initiatives, transformation and M&A leader who supports global organizations in unlocking value through strategic transactions and enterprise change. As a principal with Deloitte Consulting's M&A practice and co-leader of the U.S. divestitures & separations group, he advises global life sciences, technology, and other organizations on reshaping portfolios, driving growth and unlocking operational value through complex transactions and enterprise transformations.

Erin DeHaven of Deloitte

Erin DeHaven is a partner with Deloitte Tax LLP in the transaction & integration services practice. She assists clients in addressing their comprehensive tax responsibilities, including tax technical, departmental operations and business process considerations during corporate life events, such as mergers, acquisitions, divestitures and legal entity rationalizations. Her experience includes transaction planning, consolidated group transactions, carve-out tax accounting, continuing operations calculations and project management. She has more than 12 years of experience assisting multinational corporations with their federal, state and international tax compliance and tax planning considerations, including ASC 740 and related accounting matters.

Ryan Stecz of Deloitte

Ryan Stecz is a partner with Deloitte Tax LLP in the M&A transaction services practice, based in Chicago. He has more than 20 years of public accounting experience including more than 15 years as a dedicated M&A specialist. He has experience in advising financial and strategic buyers on due diligence and deal structuring in a range of industries including consumer and industrial products, health care and technology. He has significant experience advising clients on sell side transactions including the preparation of carve-out financial statements, vendor due diligence reports, tax structuring and modeling exercises, and the tax implications associated with selling S corporations.

“I understand he wants to be remembered for advocating for big checks, but the danger is he’ll be remembered for chaos and misery and erratic behavior if he allows this to expire,” Toomey said. “The best thing to do is sign this and then make the case for subsequent legislation.”

Trump has taken no action on the stimulus bill that Congress approved last week, beyond expressing his displeasure with a series of tweets and videos over the past few days.

A group of bipartisan lawmakers, the “908 coalition,” released a statement saying Trump must either sign the emergency relief bill, or veto it outright — at which point Congress could attempt to override the veto.

“If your objection to the COVID-19 relief bill will prevent you from signing, please veto it immediately. You’ve made your position clear and rejecting it quickly will allow those in favor to act before it is too late,” the lawmakers said.

Surprise decision

On CNN’s “State of the Union,” Republican Larry Hogan, governor of Maryland, also urged Trump to back the bill, calling it “not enough” but a step in the right direction in the waning days of 2020 and the current Congress.

“Sign the bill, get it done. And then, if the president wants to push for more, let’s get that done too,” Hogan said. He added that Trump “should have weighed in” with his thoughts on the matter months ago.

Also on CNN, Representative Adam Kinzinger of Illinois, a GOP critic of Trump, suggested the standoff over stimulus and other measures, including Trump’s veto last week of a bipartisan defense bill, was done “just to create chaos and show power and be upset because you lost the election.”

Trump’s criticism of the legislation took lawmakers by surprise since it was developed with members of his administration — notably, Treasury Secretary Steven Mnuchin.

‘Immense’ suffering

“Everybody assumed, everybody, that Mnuchin was representing the White House,” Senator Bernie Sanders, an Independent of Vermont, said on ABC’s “This Week.”

Sanders, a leading progressive, has advocated $2,000 checks to help Americans cope with the “economic crisis,” but he too urged Trump not to hold up the current bill, which was passed by sizable bipartisan majorities in the House and Senate.

“What we need to do is have the president sign that bill today, right now. Or else the suffering of this country will be immense,” Sanders said.

Trump hasn’t said explicitly that he’ll veto the measure, which Toomey said he viewed as a hopeful sign. The legislation has been delivered to Trump at his Mar-a-Lago resort in Florida. Trump golfed on Sunday for the third time in four days.

The stimulus bill is in addition to a $1.4 trillion omnibus spending bill to fund the federal government, which without Trump’s signature is at risk of closing down early this week.

Democrats plan to vote Monday on new legislation to codify the $2,000 payments for most American adults and children, which is opposed by many Republicans. They also could vote on another stopgap measure to fund the government past the current spending deadline of midnight that day.