By BRENT MARTIN
St. Joseph Post
United States Senator Roy Blunt says he knew the $2.2 trillion emergency economic stability package approved by Congress wasn’t close to a perfect bill.
But Blunt says it appears it is achieving its goal.
“I think it’s working and people are beginning to get their direct payment checks and their direct payment deposits. Most Missourians are going to get that direct assistance money that will help them and also probably help our economy,” Blunt tells St. Joseph Post.
Blunt says a portion of the package which set aside $350 billion for small businesses to retain their employees has already exhausted its funding. He hopes Congress can agree to add another $250 billion to the program, but partisan disagreements blocked the initial attempt to add it.
It does appear an attempt to reach a compromise has been struck.
The Trump Administration and Congressional leaders say they are close to agreement on an additional $450 billion package which would boost the small business forgivable loan program and provide money for hospitals and COVID-19 testing.
Blunt says the small business loan program is important, because it allows businesses with fewer than 500 employees to meet payroll and retain their employees until the economy re-opens from COVID-19 restrictions.
“I think the principle goal here is to be sure that those businesses continue to function during this challenging time when so many people have either been required to or chosen to remove themselves from the active daily economy of the country,” Blunt says.
Some have expressed concerns about how the huge economic stimulus package will impact the federal debt.
Blunt says the package must be put in perspective.
“The debt concern is real, but a struggling economy has a whole lot harder time dealing with debt than a vibrant economy does,” Blunt says. “I believe we really didn’t have a choice here.”
Blunt says he doesn’t like pushing the debt off to future generations.
“Our kids and grandkids dealing with this with a stronger economy will be much better off than if we went into a multi-year or even maybe multi-decade slow down.”
The United States ended last year with a federal debt at just below $23 trillion. It has already passed $24 trillion this year.