Sen. John Kennedy (R-LA) warned Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell that another coronavirus relief package will not be met with bipartisan support at a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday.
KENNEDY: Let me let me offer you an observation, Mr. Secretary. I'm not expecting you to comment on it. It looks to me like the game plan is to have Senator McConnell, Senator Schumer, Leader McCarthy, Speaker Pelosi and you go off and negotiate a deal on the next package, if there is one. And then, you will bring that deal back to the Republicans and Democrats in both houses. And if the past is any indication, the Republicans and Democrats in both houses don't get to participate in the negotiations will moan and groan and complain and then moo and follow their leaders in the chute like cattle.
I'm not sure that's going to work this time. I think that whatever deal y'all come up with is going to receive serious push back from both Republicans and Democrats in both houses for a variety of reasons. I could, of course, be wrong, but I doubt it. Why would we not agree to allow the states to use the $150 billion that we have already appropriated to them to address shortfalls in their revenue base as a result of the coronavirus?...
There are a lot more members of the House than the Senate. And I'm not being critical, I'm just telling you, we--that's the way it works around here and we all know it. Why would you not be supportive? We've already sent $150 billion in the CARES Act. The states have it.
We know they're going to have shortfalls. We may not be able to pass another bill. I think it's less than 50% chance of passing another bill. Why would we not allow states without appropriating any new money to use that money to--to address revenue shortfalls that you and the chairman of the Fed both agree are going to exist and be substantial, and why would we not do that today?