|Unleash Prosperity Hotline|
|1) Dems Still Haven’t Spent $1 Trillion from Previous “Stimulus” Bills|
We keep hearing from Nancy Pelosi and the White House that it is “urgent” and an “emergency,” that Congress pass another $1.9 trillion spending bill. Right now, there isn’t a moment to lose. Do not pass go. Schools, police departments, hospitals, orphanages are running out of money.
But how urgent can this new package be when the House Budget Committee Republicans have discovered that the feds still haven’t spent at least $1 trillion of the money from the five previous COVID relief bills last year with a price tag of $3.7 trillion.
Unspent Previously Enacted Stimulus Funding
As scored by the Congressional Budget Office, the total cost of stimulus laws enacted over the last year amounts to $3.7 trillion. More than $1 trillion of available budgetary resources remain to be spent. Notable examples of remaining funds include:
– SBA’s Paycheck Protection Program: $280 billion
– Health Spending: $239 billion
– Economic Injury Disaster Loans: $172 billion
– Unemployment Insurance Expansion: $172 billion
– Education Funding: $59 billion
– State and Local Aid: $58 billion
– Stimulus Checks: $52 billion
– Food Stamps: $33 billion
– Child Care and Development Block Grant: $10 billion
– Agriculture: $29 billion
Source: House Budget Committee, 2021.
The federal government apparently can’t spend coronavirus relief dollars fast enough to keep up with the pace that Congress is passing ever-larger multi-trillion-dollar budget busters.
We guess the $3.7 trillion of COVID money from Phase 1, 2, 3, 3.5, and 4 isn’t any more “shovel ready” than the Obama fake stimulus bill.
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