Jerome Powell on the CARES Act

We won't run out of money.

~ Jerome Powell, "Powell urges Congress to unleash 'great fiscal power' to defeat coronavirus, repair economy," The Hill, April 29, 2020

WSJ: airline subsidies in the $900 billion Covid-19 relief bill

Tens of thousands of airline employees would get their jobs back, at least for a few months, under the new bill, which includes $15 billion to cover airline salaries and benefits through the end of March. The bill also includes $1 billion for airline contractor payrolls. 

Airlines received $25 billion under the Cares Act in the spring to cover workers’ pay and benefits, and in exchange agreed not to lay off or furlough employees until Oct. 1. As that date neared without much improvement in their outlook, carriers and labor unions warned that job cuts would be coming and pleaded for another round of aid. When it didn’t arrive in time, they furloughed tens of thousands of workers, including 19,000 at American Airlines Group Inc. and over 13,000 at United Airlines Holdings Inc. The bill also includes $2 billion for airports and airport-based businesses.

~ The Wall Street Journal, "What’s in the $900 Billion Covid-19 Relief Bill," December 27, 2020

Mitch McConnell on the need for CARES Act, round 2

The Senate goes back in session next Monday.  Hopefully the partisan passions that prevented us from doing another rescue package will subside with the election.  I think we need to do it and we need to do it before the end of the year.

~ Mitch McConnell, Republican Senate Majority Leader, "Fiscal stimulus chances may be rising despite dashed Democrat hopes for U.S. Senate control," MarketWatch.com, November 4, 2020

(McConnell expressed some openness about including aid for struggling state and local governments in a new package, calling it “a possibility.” Senate Republicans had previously balked at more aid on top of $150 billion in March’s CARES Act, while House Democrats wanted more than $400 billion in new money.)