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FOX Business’ Stuart Varney, in his latest “My Take,” argues that the U.S. is seeing a bipartisan push to spend its way out of the coronavirus crisis after the $2.2 trillion stimulus plan was passed last week — and there’s already talk of a fourth stimulus.
“We are all big spenders now,” he said.“[The stimulus plan] has momentum. You can see another spending wave coming right at us.”
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President Trump said he wants to build this new plan around an infrastructure deal. Speaker Nancy Pelosi also said she wants big infrastructure spending, as well as a reversal of the SALT deduction cap.
Varney said this would put money into the pockets of wealthy people in New York, New Jersey, Connecticut, Illinois and California.
“Interesting that the Speaker wants to reward the wealthy," Varney said.
Varney pointed out that Treasury Secretary Steven Mnuchin also agrees that now is a great time to invest in infrastructure.
Varney said it seems like "everyone is on board," although Sen. Mitch McConnell believes we should "hold off for now."
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President Donald Trump signs the coronavirus stimulus relief package in the Oval Office on March 27, 2020, in Washington. (AP Photo/Evan Vucci)
"Clearly the desire to spend money now crosses ideological lines," he said. "Both sides of the aisle are in favor. The theory is that the virus is such a disaster, that anything is justified. Just do it!"
Upon the upcoming election which is now months away, Varney wondered which politician will stand up to the criticism of not doing enough to combat the virus.
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Varney reminded that presidents, governors and leading politicians will be held accountable for their actions during the coronavirus disaster and said "damage, debt and deficits" will be sorted out later.
“The urge to spend our way out of this mess is obvious,” Varney said.