Senator Tim Scott Discusses Cost of COVID-19 Relief, Restarting US Economy

Josh Shepherd : Apr 15, 2020
The Stream

"The fastest way for us to wrestle with that debt has been to grow our economy. What we saw as a result of the 2017 tax cuts was more revenue, not less revenue coming into our Treasury. We saw our economy catch on fire, where we had the lowest unemployment rates ever, basically. And then we saw the lowest unemployment rates for every sector of the economy and every demographic in our nation." -Sen. Tim Scott

[Stream.org] Only weeks ago, Senator Tim Scott, R-SC, weighed whether to support the most expensive legislation ever brought before Congress. (Image: Screengrab-CSPAN /via The Stream)

When faced with whether to vote yea or nay on the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, on March 25—price tag of $2.2 trillion dollars—he said he discussed one question with his conservative colleagues.

"Is there a better and more effective path to stabilizing this nation from falling off of a financial cliff?" recounted Scott in a phone interview on Thursday. "The answer was simply no."

The bill passed the US Senate by a vote of 96-0. President Donald Trump signed the bill into law on March 27.

Three economic stimulus bills designed to provide relief related to negative COVID-19 economic impacts have currently been enacted. A "phase four" relief bill is now being proposed—with party leaders diverging on where further funding should be directed.

Speaking from his office in Charleston, SC, Scott shared his views on how the relief bills will help restart the economy. He also addressed the current COVID-19 situation and the innovative strategy he has worked on with President Trump to jump-start job growth.

High Cost of Tackling a Pandemic

Things have been moving fast in Congress on these coronavirus-related bills. Could you describe the three relief bills that have already been enacted as law?

Senator Tim Scott: Phase one and phase two really sought to provide temporary and targeted relief to folks who have been impacted negatively by the virus. Phase two established new guidelines as it relates to paid leave as well as family medical leave being expanded. It also increased or enhanced benefits to assist folks who are on Medicaid and provide food stability.

Phase three was much larger—a $2.2 trillion dollar mammoth. It passed unanimously in both houses. The goal was three basic tranches. One was for large or mid-sized businesses. We put about $500 billion dollars into something called a commercial paper facility, which basically means mid-sized businesses and larger can receive access to financial assistance—loans, not grants, so they have to be paid back... Subscribe for free to Breaking Christian News here

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