Democratic senator on stimulus spending: ‘Worry about the deficit later’

Connecticut Democratic Sen. Richard Blumenthal, a member of the Senate Commerce, Science and Transportation Committee, tells Just the News that he supports spending at least $2 trillion on a fourth coronavirus spending package, saying America can “worry about the deficit later."

Blumenthal spoke four days after Congress passed its third such spending measure, projected to cost $2 trillion. 

He also said Tuesday that he agrees with House Democrats plans to include infrastructure upgrades and payments for Americans’ utility bills in a fourth measure.

“It has to be comprehensive, and I would never rule out another $2 trillion or maybe more package that includes infrastructure and the other kinds of aid that have been mentioned,” he said on a conference call about coronavirus, also known as COVID-19.

“I hope we can reach consensus, bipartisan consensus, as we did on the last relief package,” he also said.

President Trump said Tuesday that he would support a fourth, $2 trillion coronavirus stimulus package focused on infrastructure.

A January 28 Congressional Budget Office report projected that federal debt held by the public is projected to grow from 81 percent of GDP in 2020 to 98 percent in 2030, which would be the "highest percentage since 1946," during World War II.

The debt held by the public is now at $17.5 trillion, and the total debt, including intra-governmental holdings, is $23.5 trillion.

As of March 6, the CBO estimated that the budget deficit was $1.1 trillion, not including the impact of the $2 trillion stimulus package that Congress passed last week.

The package, known as the CARES Act, was the largest economic recovery package in U.S. history. Morgan Stanley has reportedly projected that the deficit will hit $3.7 trillion by the end of this year.

An expert from the Committee for a Responsible Federal Budget has warned that the debt could exceed the size of the entire U.S. economy within two years.

Blumenthal was asked if there is a limit to the spending he would support in the next stimulus package Congress is discussing.

“We should go forward and recognize that the needs of the nation are now so urgent, we need to put them first and worry about the deficit later, we will replenish the money that we spend now,” he said. “And if we fail to invest, we will simply have greater costs going forward, particularly in the medical area.”