There's $130B in Unused Cash in the Paycheck Protection Program, Will Congress Release It to America?
Congressional Democrats and Republicans are deadlocked on approving new stimulus spending, but it turns out there's already a huge chunk of cash that isn't being utilized.
Both sides want to help Americans and businesses that are facing financial hardship due to the pandemic-induced recession, they just can't agree on how much money to spend in a new round of aid.
House Democrats have released their plans without attempting a bipartisan agreement, and President Trump and Republicans have said those plans are way too expensive.
For now, the White House is urging lawmakers to give small businesses access to a second round of stimulus from the Paycheck Protection Program.
There's about $130 billion in unused funds the administration wants to make available to struggling companies.
White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin sent the proposal Sunday.
"Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to work toward a comprehensive package," Meadows and Mnuchin state. "The all-or-nothing approach is an unacceptable response to the American people."
Letter from Secretary @stevenmnuchin1 and @WhiteHouse Chief of Staff Mark Meadows to Members of Congress on the stimulus negotiations pic.twitter.com/KJp61eZNph
— Monica Crowley (@TreasurySpox) October 11, 2020
It's the latest maneuver in stalled negotiations over another round of stimulus spending.
Friday, the administration proposed a $1.8 trillion stimulus package, which met opposition from both sides.
Democrats said it doesn't do enough, while some Republicans are concerned about more deficit spending since the US national debt has already skyrocketed to $27 trillion.
