Treasury Secretary Steven Mnuchin Tuesday held what was described as a listening session with Senate Republicans about a new round of economic stimulus, and it was clear there is little GOP support for another fast round of massive spending.
“From my standpoint, it’s obvious anything we do in the future has to be better targeted,” Sen. Ron Johnson, a Wisconsin Republican, told the Washington Examiner as he left the meeting.
Mnuchin agreed as he left a closed-door Senate GOP lunch, where he listened for an hour to Republicans talk about what their states need to help further recover from the economic impact of the coronavirus outbreak.
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“Whatever we do, it will be much more targeted, much more focused on jobs, bringing back jobs,” Mnuchin said as he left. He told reporters that lawmakers and the administration were discussing “different ideas,” but he did not provide details.
Republicans are in no rush to take up new spending legislation and instead appear to agree to wait until later in the summer to allow economies to bounce back after months of closed stores, restaurants, and other businesses.
“Let’s wait until the end of July, see how it looks, see how the economy is reopening, and see what is going on,” Sen. Bill Cassidy, a Louisiana Republican, told the Washington Examiner.
Sen. Lisa Murkowski, an Alaska Republican, said Mnuchin “was in listening mode,” as Republicans made requests for fixes in the existing federal aid packages that have already been signed into law to help small businesses.
“We’ve had an issue with our fishermen, who have not been able to fully access it,” Murkowski said of the small-business aid program signed into law in March.
Murkowski said Mnuchin “heard requests for a lot of oversight of what we already pushed out the door and that it has gone out to its intended purposes.”
Republicans appear less likely to consider a massive new round of economic aid House Democrats passed on May 15. The $3 trillion measure includes hazard pay for healthcare and other workers, a financial bailout of the post office, and a new round of direct payments to families and individuals.
Johnson is among the lawmakers who believe the government should not spend more money and should consider reviewing the spending already approved by Congress. Congress has already passed four measures worth $2.3 trillion in response to the coronavirus.
“Let’s take a look at what’s not been spent and see if there is a better way of directing it,” Johnson said. “If the economy comes back fast enough, even repeal some of that spending. I certainly think we are not in a position today to have to authorize even a dollar more.”
The Senate is set to leave town at the end of next week for a two-week recess.
Cassidy said Republicans are not ignoring potential needs of businesses that are not recovering quickly, such as restaurants and hotels.
“There are some industries that are still terribly affected,” Cassidy said.
Mnuchin told Republicans the small-business spending program helped calm the market and ease lending restrictions, potentially eliminating the need for additional spending.
But Republicans are not ruling out more help and will pass new spending, “if need be.”
