A few things to know about the COVID relief and omnibus package we passed in the House and Senate yesterday and the risks / causes of Trump's shenanigans over the last 24 hours:
1/ I am not a mind-reader and with this much in flux am not inclined to offer "hot takes". This is just about the stakes so you all can understand what's at stake.
2/ The bill we passed was $900B of COVID-specific relief AND a long-overdue omnibus funding package to fund government for the next year. If he doesn't sign this bill it risks not only COVID relief, but also a government shutdown.
3/ The House passed COVID relief bills in June. The House also passed appropriations bills this summer that the Senate didn't budge on. We are at this late juncture because McConnell chose not to act sooner.
4/ Any claims that there was another deal we could have closed sooner presumes that such a deal existed. At best, we had bullet points from Mnuchin, but nothing that had passed the Senate.
5/ The bill we passed yesterday was passed with overwhelming bipartisan majorities in both chambers. It was not everything anyone wanted but was the result of compromise with the House, Senate and WH.
6/ It was no one's understanding, on either side of the aisle that Trump was ignorant of what his negotiators were doing.
$2000 payments weren't passed because his negotiators refused to go above $600.
7/ Trump is acting now as a free-agent, working under the assumption that no one in the @GOP will ever stand up to him or hold him accountable for proving, on a consistent basis that he is completely untrustworthy and unfit to hold the highest office in the land.
8/ Trump is incompetent. But this doesn't happen without the utter failure of leadership within the elected @GOP. /fin
• • •
Missing some Tweet in this thread? You can try to
force a refresh
So as we wait for the vote on our year end spending package, an #energytwitter nerd thread, prompted by yesterday's poll. What agency is responsible for US energy policy?
1/ First an apology to my wife and her colleagues in the market research industry. This was a poorly constructed poll and results should be taken with a grain of salt.
2/ My own view (which @ronen_schatsky correctly sussed out) is "none". This was a trick question. I will stipulate that the lack of consensus among the Nerds of EnergyTwitter is directionally consistent with that view.
The COVID relief bill we are passing on the floor today will be the 2nd biggest appropriations bill ever passed by Congress (after CARES, bigger than ARRA). It is enormously impactful and yet will only buy us a couple months to bridge to Biden.
So be wary of anyone who tells you that (a) injecting $900B into the economy isn't a big deal OR (b) that our work here is done and we must now shift to fiscal austerity.
We pushed for much more money, way back in June in the House, but McConnell ignored it. He has acted now on this smaller, later bill because he's nervous losing his majority. What we got isn't nothing. But getting what we need in a few months depends on Georgia.
This article is tragic. The Trump administration's politicization of science kept Americans from having accurate information and when the dust settles will be shown to have caused massive death and suffering.
(Sadly, we will as long as the @GOP remains completely hostile to the idea of objective truth. See: climate change or the winner of the 2020 election, or allowing witness testimony at trials... or too, too many other examples.)
That in turn means that any full reckoning for this moment cannot happen on a bipartisan basis until the @GOP reforms itself, which is not likely any time soon.
I'm glad to see this, but wish that discussions of fiscal matters in Washington didn't always confuse the terms "accretive capital investment" and "deficit spending". eenews.net/stories/106372…
This is a real problem: when we "score" bills to evaluate their fiscal impact, we consider impacts on short-term cash flow, but ignore any offsetting increase in asset values.
For anyone who says "we should run government like a business", show me a business that doesn't have a balance sheet.
We have serious challenges facing us as a nation, from COVID to climate change to the economy. And yet only 27 out of 249 @GOP members of the House and Senate will acknowledge that 306 is greater than 232.
This isn't intended as snark. It is deadly serious. An entire party, from the leadership to the bottom has no anchor of facts on which to base action beyond short term politics (or, if they believe this, outright stupidity).
We would do well not to treat them as serious thinkers on policy, science or arithmetic until they demonstrate by their actions they have earned that respect.
It's been a while, #energytwitter, but it's time for another nerd rant. This time on the difference between being pro-market and pro-business, and how that has distorted US energy policy. Thread:
1/ First, an observation that is too often over-looked. NO ONE comes to Washington to advocate for economic efficiency. That is a problem, and a massive opportunity.
2/ By economic efficiency, I mean the stuff you learned in the 1st chapter of freshman econ which was stipulated to be true for the math in the rest of the book to hold up. No barriers to entry / exit. Transparency of information. etc.