“
“When I see a coalition of Josh Hawley, Bernie Sanders and Donald Trump behind an idea, I think it’s time to run for cover.”
“
This is Larry Summers, the former secretary of the Treasury who is said to have advised President-elect Joe Biden, explaining to Bloomberg News why he thinks the $ 2,000 stimulus checks would be a “pretty serious mistake” that would could overheat the US economy. “When you see the two extremes agree, you can almost be sure there’s something crazy in the air,” Summers added.
Updated: President Donald Trump signed the stimulus bill Sunday night after a four-day delay. In a statement, Trump said Congress will vote on increasing individual payments from the current $ 600 to $ 2,000, although many questions have not yet been answered.
Do not miss: A secret video from the White House caught Trump’s aides by surprise and intensified the chaos
The House of Commons last week tried to increase the size of the exemption payments from $ 600 to $ 2,000, but they were blocked by Republicans, who broke up with Trump on the package. House Speaker Nancy Pelosi said she would hold another vote on Monday.
Summers told Bloomberg that it would be better to have a stimulus than not, but that promoting consumer spending with cash is not the answer. He said he was “not even sure I’m so excited about the $ 600 checks.” Watch the full interview: