Iran Press/America: The US President Donald Trump is promoting costly ideas such as infrastructure investment and a payroll tax cut as his top economic official plays down the impact of additional virus spending on the national debt. But at the same time, senior Senate Republicans are increasingly warning about the effect on the nation's liabilities, even as some of their own members lobby for expensive proposals to rescue an economy still in a free fall.
US Senate Majority Whip John Thune of South Dakota, the chamber's No. 2 Republican, said in an interview "as we start thinking down the road in future iterations, my hope would be that it's more fine-tuning what we've already done rather than taking on big, aggressive new initiatives that are paid for by additional debt." As reported by the Washington Post.
In rapid fashion, US Congress approved nearly $3 trillion in fresh federal spending to combat the public health and economic damage from the coronavirus since its dangers came into sharper focus earlier this year. Yet a new analysis from the Congressional Budget Office this week depicted a painful economic outlook with soaring jobless rates and widening federal deficits - triggering a fierce debate in Congress about what should come in the next tranche of virus-related legislation.
Yet economists from the right and left - as well as a not-insignificant number of Republican senators - are warning of the dangers of pulling back on federal spending too quickly, alarmed that doing so will create long-lasting problems for the economy and the American worker.
In this regard, the US Democrat Senator Bernie Sanders in his tweet has said: "We are the only wealthy nation on Earth where our people are losing jobs and healthcare at precisely the moment that they need them the most. Congress must fully restore the wages and benefits of every rank-and-file worker in America during this pandemic."
Undoubtedly, the occurrence of this abnormal situation is rooted in the years of mismanagement of various governments in the United States and the flawed economic and social structures in this country.
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