The Coronavirus Bailout Stalled. And It's Mitch McConnell's Fault.
Senator Mitch McConnell of Kentucky failed to do his job this weekend. As the economy spiraled downward, Mr. McConnell, the Senate majority leader, said he would produce a bipartisan bailout bill authorizing an infusion of desperately needed aid.
Instead, Mr. McConnell emerged on Sunday evening with a bill that would provide a lot of help for corporate executives and shareholders, and not nearly enough for American workers. It would let the Treasury Department hand out hundreds of billions of dollars to corporations — potentially including businesses owned by President Trump — without requiring a binding commitment to preserve jobs and wages. And the bailouts could remain secret for six months.
Senate Democrats, refusing to play along, blocked the bill in a procedural vote on Sunday night and again on Monday afternoon. But responsibility for the deadlock rests squarely on Mr. McConnell’s shoulders.
The Federal Reserve unveiled a new set of needed programs to support the economy on Monday morning, expanding its “whatever it takes” crisis response. The operational independence of the central bank is once again proving its value, but Congress must resist the inclination to treat the Fed’s actions as an alternative to fiscal policy. Instead, senators must emulate the Fed’s urgency and authorize a set of supersize economic rescue programs.
https://www.nytimes.com/2020/03/23/opinion/coronavirus-bailout-mcconnell-congress.html
