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face mask malaysia, The Democratic House and Senate passed the plan in the first month of President Obama’s presidency. It consumed months to develop such a plan – and a new President. No Republicans in the House supported the bill. Only three GOP senators voted yea: Sens. Susan Collins (R-ME), Olympia Snowe (R-ME) and Arlen Specter (R-PA). Granted, Congress responded with a $700 billion relief measure to salvage the economy in the fall of 2008 to cover losses in the financial sector. After an epic, initial failure in the House of Representatives (costing the market what was then it’s biggest point drop in a single day, in synchronicity with the bill blowing up on the House floor), Congress finally approved Troubled Asset Relief Program (TARP) in October, 2008. That was an immediate response because the economy teetered on the brink of collapse that autumn. But, it took a new Congress, a new President and time to assemble a full-blown stimulus package.
face mask malaysia - Also, Congress and President Obama assembled a number of measures after the fiscal meltdown. There was the controversial “Dodd-Frank” financial re-regulation plan. There was also a federal rescue of the American auto industry. A contemporary package to respond to coronavirus would likely be an amalgam of tax credits for small businesses and travel, loans or even “bailouts” for damaged sectors of the economy (airlines?) and health assistance. There could also be a reduction of the “payroll tax.”
face mask malaysia, If you go to the dictionary and look up the word “donnybrook,” you’ll see a picture of the internal fight waged between Congressional Republicans, over extending the payroll tax holiday in late 2011. This was a pitched, Christmastime battle royale. GOP fiscal hawks duked it out with fellow Republicans who wanted to trim taxes. And, it unfolded around the holidays because, as you know, only the zaniest worst-case scenarios unfold on Capitol Hill at Christmas. In other words, it’s hard to have it both ways: keep taxes low yet reduce deficit spending.
face mask malaysia - So what are the politics with a possible stimulus measure for coronavirus? Some Republicans are close to pushing for action – but up to a point. Those same Republicans who balked at President Obama’s stimulus plan will likely excoriate Democrats who championed the one in 2009 – and vice versa. Still, some Congressional Republicans may be tentative to call for major action, worried it would send a message of desperation and undercut President Trump. The optics of this are going to be complicated. Congressional maneuvering sends a message that lawmakers are on the case. But it can also sound alarm.
face mask malaysia - At his briefing this week, House Majority Leader Steny Hoyer (D-MD) seemed cool to cutting taxes. “I don’t know that talking about additional tax cuts now, other than for political purposes, is what we ought to be focused on,” said Hoyer. “What we ought to be focused on is what is our medical response to this.” When pressed further, Hoyer introduced an additional factor which could complicate a stimulus: Obamacare. The Maryland Democrat argued that the Trump Administration and Congressional Republicans are still trying to undo Obamacare. The Supreme Court will soon hear yet another case to overturn Obamacare.