Toomey: $1.8T economic rescue likely going forward

WASHINGTON — Sen. Pat Toomey, R-Pa., said on Sunday that the economic stimulus to prop up the U.S. economy amid the COVID-19 pandemic is likely to move forward, saying “it would be very hard, I think, to vote against” the rescue package likely totaling nearly $1.8 trillion.

In an interview with Chuck Todd on NBC News’ “Meet the Press,” Mr. Toomey, a staunch conservative, outlined the government’s efforts: aid to unemployed workers and families; assistance to hospitals and the health care sector faced with a crush of new cases; and emergency loans to businesses.

The package includes a one-time cash payment — at least $1,000 — to Americans, which Mr. Toomey said he supported despite its cost and inefficiencies.

“It’s not the most efficient way to do this,” he said, acknowledging that much of the money will go to people who are salaried and are unaffected financially by the downturn.

But “it was seen as the fastest way to get money into people’s hands,” he said. In the coming weeks, the Senate would reassess to see if a second cash payment is needed, he added.

“We hope this is a relatively brief period,” he said, noting that Congress had expanded unemployment benefits and eligibility requirements and created paid leave programs to encourage companies to keep their employees through the sharp downturn.

The government credit lines to business, Mr. Toomey said, would take two forms. For critical businesses facing dire circumstances, the U.S. Treasury Department would have the authority to grant emergency loans. The “vast majority” of the dollars will go to businesses across industries and sectors to get through through a tough period.

“None of this is free money” and has to be repaid, Mr. Toomey said. It is “liquidity that is provided to fundamentally solvent companies to get them through this time.”

His comments came ahead of a scheduled meeting between top congressional leaders and the Trump administration to finalize the bill.

Senate Majority Leader Mitch McConnell, R-Ky., has pushed the Republican-controlled chamber to come up with a consensus package and to move at “warp speed” in recent days. Negotiators have worked through the weekend on Capitol Hill to get a bill done as soon as possible.

The vote on Sunday “will really tell us if we’re going to be able to go forward,” Mr. Toomey said before the bill later failed by a significant margin. “I think we will.”