That’s what Democrats are calling a $500 billion “Exchange Stabilization Fund” included in the massive Senate GOP proposal to rescue the U.S. economy from the coronavirus crisis. The fund, which would come under the control of Treasury Secretary Steven Mnuchin, is designed to aid distressed industries. It includes $58 billion for U.S. airline and air cargo companies, a source of significant controversy during the last three days of closed-door talks between senators of both parties and the White House.
But the language drafted by Senate Republicans also allows Mnuchin to withhold the names of the companies that receive federal money and how much they get for up to six months if he so decides. (...)
“We’re gonna give $500 billion in basically a slush fund to help industries controlled by Mnuchin with very little transparency? Is that what we ought to be doing?” asked Sen. Mazie Hirono (D-Hawaii.).
“We're not here to create a slush fund for Donald Trump and his family, or a slush fund for the Treasury Department to be able to hand out to their friends,” railed Sen. Elizabeth Warren (D-Mass.), who made corporate accountability a big part of her White House campaign. “We're here to help workers, we're here to help hospitals. And right now, what the Republicans proposed does neither of those. “ (...)
Senate Democrats had other high-profile issues that also led to their Sunday vote to block the stimulus bill. They sought four months of increased unemployment insurance support, but only got three months; they sought hundreds of billions of dollars in emergency funds for hospitals and other health-care providers to combat the coronavirus, yet Republicans budgeted just $75 billion; and they asked for hundreds of billions for a “State Stabilization Fund” to help state and local governments hurt by the looming economic slowdown, while Republicans offered far less.
But the key to the unanimous set of Democratic ‘no’ votes — and what made it easy for Senate Minority Leader Chuck Schumer (D-N.Y.) to line them up — was the “slush fund” accusation.
Image: Jake Sherman (Politico) via Twitter
[ed. See also: Demands for Workers-First Stimulus Grow as Senate GOP Fails to Ram Through $500 Billion Corporate 'Slush Fund'; and To Counter 'Corporate Handout' Pushed by McConnell, Progressives Intensify Demand for #AJustStimulus; and Sanders Calls for 'Unprecedented Legislative Response' to Coronavirus Crisis—Not Corporate Bailouts (Common Dreams). Finally, we must ask again: Where Is Joe? (Current Affairs).]
[ed. See also: Demands for Workers-First Stimulus Grow as Senate GOP Fails to Ram Through $500 Billion Corporate 'Slush Fund'; and To Counter 'Corporate Handout' Pushed by McConnell, Progressives Intensify Demand for #AJustStimulus; and Sanders Calls for 'Unprecedented Legislative Response' to Coronavirus Crisis—Not Corporate Bailouts (Common Dreams). Finally, we must ask again: Where Is Joe? (Current Affairs).]
Here's what progressives are saying should be priorities:
- Paid sick and family leave for households hit by the virus, regardless of employer size, immigrant status and including independent contractors;
- Emergency cash assistance on an ongoing basis, starting with $2,000 immediately to every adult, monthly for the length of the crisis;
- A Homes Guarantee including zero rent and a moratorium on evictions and foreclosures;
- A ban on essential utility shut-offs like heat, water, and electricity;
- and Student debt forgiveness to save people from financial ruin, as well as refunding students on room and board, tuition, and healthcare for this semester.
