Republicans are beginning to suggest Congress should hit a temporary pause button on spending as economists urge them to ignore the deficit
As economists urge Congress to infuse the economy with more funds to shield the nation from the coronavirus pandemic, Republican lawmakers have begun to waver, citing a familiar but long-neglected concern: the federal budget deficit.
Meanwhile, because so much normal economic activity has evaporated because of safety fears and stay-at-home orders, the threat of a crippling drop in prices is perhaps more of a concern than inflation, many economists say. Democrats have pounced on the GOP’s growing unease over the deficit, which they say has surfaced only after Republicans secured hundreds of billions for businesses — including some with massive cash flows and savings accounts.
The Republican Study Committee’s Budget and Spending Task Force also put out a blueprint this week to flatten the “debt curve.” The proposal calls for Congress to offset the effect of future coronavirus packages on the debt by cutting and capping spending.
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