Trump and McConnell are the biggest big-government Republicans ever via YahooFinance's rickjnewman
Just as there are no atheists in foxholes, there are no small-government Republicans in an economic crisis.
In March, before Trump declared a national emergency and most states enacted stay-at-home orders, CBO forecast federal spending to be 21.3% of GDP. That was modestly higher than prior years and the highest level since 2012. But four rounds of stimulus spending and a rapidly shrinking economy have put fiscal math on a completely different trajectory than at any time during the last 60 years.
The coronavirus pandemic has shattered that approach. The four stimulus bills passed since mid-March entail $3.6 trillion of aid that will add around $2.4 trillion to the national debt this year and next. CBO has now raised its estimate of the 2020 deficit from $1.1 trillion to $3.7 trillion. While Republicans control the Senate, Democrats control the House, where Speaker Nancy Pelosi and most members of her party are more comfortable spending on social programs and other forms of aid. Trump’s point man on bailouts, Treasury Secretary Steven Mnuchin, is a relative moderate who has donated to Democrats in the past, including Hillary Clinton when she was a New York senator.
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