Trump views the $1,200 “economic impact payment” checks that featured his name prominently as a political and economic winner. Many GOP senators, on the other hand, think a second round would be a huge waste of money.
Sen. Pat Toomey (Pa.) was one of several Republican senators who warned Mnuchin about the rising red ink at a Tuesday lunch. The deficit is projected to hit $3.7 trillion in 2020, according to the Congressional Budget Office.
“I expressed a lot of skepticism about the wisdom about doing another big spending bill,” Toomey, a member of the Senate Finance Committee, said after the meeting.
He said another round of $1,200 checks doesn’t make sense as the economy starts to reopen after the lockdowns in March and April.
“I’m a skeptic about the idea of doing that. That was an emergency measure taken when we were in a full-blown crisis and, frankly, knew it was wildly inefficient because all kinds of people were getting checks whose work was not jeopardized,” he said.
Toomey said many recipients of the checks “didn’t have any lost income” or were government employees or retirees.
Sen. Marco Rubio (R-Fla.) said several of his colleagues spoke up at the meeting and “urged caution moving forward.”
“We want to make sure the next round of assistance is targeted at those who need it the most,” he said.
Senate Budget Committee Chairman Mike Enzi (R-Wyo.) said Senate GOP concerns about the ballooning deficit were “well covered” at the meeting.
Sen. John Cornyn (R-Texas), another member of the Finance panel, said the round of $1,200 checks “was necessary at the beginning” of the crisis when people might have had to wait for state and federal unemployment benefits to catch up with the massive spike in layoffs and furloughs in March and April.
“I don’t see the compelling need” for another round now, he said.
Sen. Rand Paul (R-Ky.) called another round of checks “a terrible idea.”
“We’re already setting records with how much money we’ve spent,” he said. “We’ve added like $4 trillion in debt in one year just with what they’ve done so far.”