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Mnuchin Sabotages Americans By Eliminating $455,000,000,000 of CARES Act Funds
Sabotage, pure and simple.
$455,000,000,000 that could be spent easily to help the US, which is clearly suffering greatly from COVID, might not be, as Republicans rediscover their love of deficit reduction in or around January 20th.
Treasury Secretary Steven Mnuchin will put $455 billion in unspent CARES Act funding into an account that.... Janet Yellen, will need authorization from Congress to use.
The money will be placed in the agency’s General Fund... Mnuchin’s clawback would make it impossible for Yellen as Treasury secretary to restore for that purpose without lawmakers’ blessing.
Mnuchin sent a letter to Powell last week asking for the return of money provided to the Fed as a backstop that allowed the central bank to lend to certain markets in times of stress. The Fed publicly objected to the move, but agreed to return the funds to the Treasury.
Mnuchin spent his failed tenure throwing money at billionaires, doing favors for his crooked pals, abusing his power to smear trump's rivals and hide his tax returns, & leaves deliberately trying to hurt millions in a pandemic.
The move leaves just under $80 billion available in the Treasury’s Exchange Stabilization Fund, a pot of money that can be used with some discretion by the Treasury chief. By contrast, the Cares Act funds had specific uses, and weren’t available for general government spending purposes.
The money in question includes $429 billion that Mnuchin is clawing back from the Fed -- which backed some of the central bank’s emergency lending facilities -- and $26 billion that Treasury received for direct loans to companies. Both initiatives were created under the Cares Act that was passed in March as the coronavirus pandemic inflicted economic pain on the U.S.
The Executive Branch, like McConnell, is trying to sabotage a Biden administration's attempts to save the American people before it starts.