Unemployed Americans will lose a federal safety net long before the economy fully recovers — potentially creating a messy Election Day for the GOP
that he was leery of adding much more to the deficit, joining other conservatives who are growing concerned about the GOP record of racking up a mountain of debt after railing against it for a decade before Trump.
And risks remain high that quick reopenings could lead to fresh virus breakouts, shutting down the economy again. There are complex political calculations in play over a potential successor to the $2.3 trillion CARES Act. Some close McConnell observers say despite recent remarks urging states to consider bankruptcy and warning of any more big spending, the Kentucky Republican knows another significant injection of federal funds will be required to boost the economy heading toward Election Day. Blocking one could wreck the prospects for numerous GOP candidates in November.
But others warn that McConnell’s stance and general Republican pressure not to add much more to federal deficits could wind up delaying or even killing another big stimulus package, an outcome that could curtail any chance for a fast recovery and slam marginal Trump voters in critical swing states. The first read on economic growth in the first quarter of the year, due out Wednesday morning, is expected to show an annualized decline of around 4 percent. The second quarter, which covers most of the Covid-19 shock thus far, will be far worse with estimates ranging up to an annualized decline of 30 to 40 percent.
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