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.”
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.
Matt Posner is founder and principal of CSG. Mr. Posner has more than a decade of experience in public finance and policy. He has testified before the U.S. Senate Committee on Finance on infrastructure finance problems facing the country and spent years educating staff in the U.S. House of Representatives, the U.S. Senate, the U.S. Treasury Department and the Securities and Exchange Commission on public policy and market implications. Mr. Posner has been quoted on his views and published in the Wall Street Journal, the New York Times, Bloomberg News, The Bond Buyer, the Municipal Finance Journal and the Government Finance Officers Association’s Government Finance Review, among others. Court Street Group LLC is a research and consulting firm based in Brooklyn, New York. At CSG, we build bridges among Washington, Wall Street and the Fintech worlds with strong market research and extensive, independent policy experience. CSG also has ties to Latin America and helps clients navigate there.
Patrick McCoy is the Director of Finance at the Metropolitan Transportation Authority (MTA) in New York where he manages the Authority's debt portfolio (currently $35 billion) and directs the issuance of over $2 billion in tax-exempt municipal bonds annually under the Authority's multi credit borrowing structure. The MTA is an active issuer of debt obligations to finance the bond funded portion of MTA's Capital Program. Pat has previously served as the Executive Director of the New York City Municipal Water Finance Authority, a public benefit corporation of the City of New York that provides capital financing for the City's water and sewer system. Pat was Executive Director of New York Water from January 2007 through August 2008.Previous positions include:Deputy Director of Finance for the MTA, 2002 through 2004, and Director of Finance, 2004 — 2007.Manager of Investor Relations for the NewPower Company, a publicly traded retail energy provider headquartered in Purchase, New York. Mr. McCoy was involved in NewPower's initial public offering and listing on the New York Stock Exchange. 2001 — 2001.Manager of Investor Relations for the New York City Municipal Water Finance Authority, the Transitional Finance Authority (TFA) and TSASC, Inc. (Tobacco Securitization), 1994 — 2000. Pat created the first investor relations program for the Authority.Senior Budget Analyst, Office of Management and Budget, Community Development Unit. 1991 — 1994.Pat currently serves on the Board of Directors of the Westchester County Health Care Corporation and on the Executive Board of the Government Finance Officer'sAssociation of the United States and Canada (GFOA).Pat holds a M.S. Degree in Urban Policy Analysis and Management from the New School University in New York, and a B.A. from St. Ambrose University in Davenport, Iowa.
“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.