As the United States continues to grapple with a growing number of coronavirus cases, President Donald Trump is calling on yet another trillion-dollar spending plan to help bolster the economy.
On Tuesday morning, U.S. President Donald Trump tweeted that Congress should pass a $2 trillion spending plan to revitalize the country's roads, bridges and other critical infrastructure, calling for it to be included in "Phase 4" of the country's measures to combat the impact of the COVID-19 crisis.
With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. 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
— Donald J. Trump (@realDonaldTrump) March 31, 2020
President Trump has been pushing for a major infrastructure bill since taking office four years ago. The President's tweet comes as lawmakers in both Congress and the Senate are weighing different plans to provide relief for Americans, though some have voiced concern about simply throwing money at the problem.
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Democrat Nancy Pelosi, and two other house committee chairmen informed reporters that they would like the new plan to include measures to boost broadband accessibility, water infrastructure, and bolster health care options to better protect essential workers in the field. They also called for an extension of direct payments to Americans in this time of crisis.
A Trillion Here, A Trillion There...
Trump recently signed the $2.2 trillion economic relief package into legislation, targeting local businesses and employees impacted by the economic fallout of the COVID-19 crisis.
The 880-page, $2.2 trillion coronavirus stimulus package, which was passed and signed into law by President Trump last Friday, was one of the largest financial interventions the United States has ever seen, with significant amounts of money allocated to individuals, large corporations and local business-- and its approval in the Senate came despite issues on both sides of the aisle.
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By Michael Kern for Oilprice.com
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If only our public folks could put together a rainy day fund in good times that does not leak like a sieve. Unfortunately, it's human nature to grab and spend, leaving someone else holding the bag.
Naturally, the question of fossil fuel infrastructure will come up. Politics being what they are today, coal and oil will be deemed essential infrastructure and receive government funding. I ask how long will we continue to burn planet Earth to get our energy? And, isn't it a problem that the resource that we burn is the same stuff we fight over, internationally?
Time to do energy differently. Produce energy locally and sustainably.