After opposing a stimulus plan when the markets crashed in 2007 and 2008, Republicans are now considering a stimulus plan of upwards of $1 trillion, CNN's Manu Raju reported Tuesday.
"White House, Mnuchin now discussing stimulus plan worth $1 trillion, per source familiar," he tweeted. "Initial estimates of $850B increased after budget crunchers looked at numbers. Would include about $250B worth of checks for Americans."
New - WH, Mnuchin now discussing stimulus plan worth $1 trillion, per source familiar. Initial estimates of $850B i… https://t.co/V52JOqdJaq— Manu Raju (@Manu Raju) 1584468760.0
It's an ironic number because it's exactly the number that Senate Majority Leader Mitch McConnell (R-KY) opposed in 2008.
"Surely the Democrat leadership in Congress doesn't plan to spend a trillion dollars of taxpayer money -- nearly $10,000 in new debt for everyone who pays federal income tax, charged to the credit card for our children to pay -- without safeguards, without appropriate hearings to scrutinize how tax dollars are being spent," he said in a statement.
"We should have a simple test: will the yet-unwritten, reportedly trillion-dollar spending bill really create jobs and grow the economy -- or will it simply create more government spending, more bureaucrats and deeper deficits?" he said.