(Tea Party PAC) – Talks for a second COVID relief bill by Congress stalled months ago and with the Democrats insisting on including trillions of dollars of unnecessary and unrelated legislation, an agreement has not been able to be reached.
Now that it looks as though Joe Biden has a shot of getting into the White House, Treasury Secretary Steven Mnuchin is taking precautions to protect the $455 billion in unspent stimulus money from Biden and his cohorts.
Mnuchin is expected to move the money into a fund that Joe Biden’s administration would not have access to without Congressional approval, as reported by Bloomberg.
The remaining CARES Act funds will be placed into the Treasury Department’s General Fund, according to a department spokesperson. With the money in the General Fund, Mnuchin’s successor will be required to get permission from Congress in order to access it.
Last week, Mnuchin caught heat from the US central bank for saying he will not extend numerous emergency loan programs set up with the Federal Reserve. The lending facilities have not been utilized much thus far but they are nonetheless viewed as a “vital backstop for the pandemic-ravaged economy,” according to Fox Business.
The money going into the General Fund is part of the $500 billion Treasury Dept. fund created by the CARES Act in March. Fox Business reports that of the $500 billion $46 billion was set aside for loans and loan guarantees to the airline industry. The remainder was designated to support federal lending programs.
Naturally, Democrats were quick to condemn the move that would leave just under $80 billion available in the Treasury’s Exchange Stabilization Fund.
Former Elizabeth Warren adviser Bharat Ramamurti, who now serves as a member of the congressional commission, called the move “illegal.” Democrats love to say things are “illegal” just because they don’t like how it will work out for them.
Before claiming that it is “illegal and can be reversed” he said it’s the “Treasury’s latest ham-handed effort to undermine the Biden administration.” Of course, Democrats aren’t at all concerned about Joe Biden and his administration undermining America and our Republic.
Ramamurti continued his whining and lamented that “the Fed should not go along with this attempted sabotage.”
Heaven forbid Biden and those in his administration should have to seek Congressional approval to access $455 billion. How dare anyone suggest that Joe Biden’s power and control be checked by another branch of the government.
A Treasury spokesperson spoke out against Ramamurti’s absurd accusations saying that Mnuchin’s decision is absolutely legal under the CARES Act, which is where the funding originally came from.
Republicans on the Senate Banking Committee praised Mnuchin and said that his decision was both lawful and in line with Congress’ intent as outlined in the CARES Act which was to return leftover funds to the Treasury.
Congress has said that it would be possible to “revive” the funds if needed but negotiations have been deadlocked for months.
Provisions from the CARES Act are set to expire at the year’s end.
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