Idaho COVID-19 Federal
Funding
This past year has been challenging for all of
us. According to the Committee for a Responsible
Federal Budget,Congress has allocated nearly $4 trillion in
support, of which at least $2.7 trillion (over two-thirds) has been committed
or disbursed, and significant portions of
congressionally-appropriated money has yet to be spent or obligated. Because of the
robust federal response, and a relatively strong economic recovery, some
local governments are doing much better than expected. The Peter G. Peterson Foundation has compiled data on
how much federal funding Idaho and other states have received to date.
According to its data, Idaho has received $9.047 million in
COVID-19 federal funding, or about $5,062 per capita. Idaho has put
$772 million toward unemployment assistance and compensation; $2,942
million toward the Paycheck Protection Program (PPP); and $462 million
for educational support. Thanks to good governance and sound
fiscal policies, Idaho’s economy entered this crisis from a position
of strength, ending 2020 with a record budget surplus. However,
our fight against COVID-19 is not over. We have considerable
work ahead to fully recover from the coronavirus, and more targeted
relief may be needed yet. As we continue to work together on tough
issues, I am confident Americans will once again prevail over our
challenges.
Pandemic Relief Should Be
Bipartisan
Over the last year, Congress has come together
multiple times to pass massive, bipartisan bills totaling trillions of
dollars in relief measures to back the medical response and help
American families and businesses weather the pandemic. I have been
encouraged by this bipartisan approach, and recent
economic projections from the Congressional Budget Office,
which estimates that already-enacted pandemic-related provisions, built
upon the strong fiscal policy foundation we already have in place,
will provide a robust economic recovery, with growth of 3.7 percent over
the course of 2021. It is disappointing that the new Senate
Majority has decided to move forward with a budget resolution to pass
quickly proposals that have failed to garner broad bipartisan support in
the past, instead of focusing on policies that will boost vaccine
distribution and help get people back to work and our kids safely back to
school. The proposed budget directs the Finance Committee, which
has jurisdiction over major direct spending programs and all revenue
and debt limit legislation, to increase the deficit by a
staggering $1.3 trillion, without even determining or deliberating
what polices would have the biggest impact in growing our
economy.
I
voted against the Fiscal Year (FY 2021) Budget Resolution the Senate
passed by a vote of 51 to 50 on February 5, 2021, because it does not pave
the way for fiscally responsible, bipartisan budgeting enabling
targeted COVID relief and economic growth. As we have done in the
past, Congress should be working together on
targeted COVID relief for families affected by the pandemic, and pro-growth
policies that will allow employers to reopen and
rehire.
Working Hard for Idahoans as
Finance Committee Ranking Member
Serving on the Senate
Finance Committee has given me the opportunity to help make a positive
difference in shaping important policy affecting the lives of Idahoans and
all Americans. The Committee’s extensive jurisdiction
includes federal tax policy; federal social safety net and health care
programs; and implementation of reciprocal foreign trade
agreements. I always look for opportunities to simplify our tax code, create
jobs and help Idahoans save for retirement. The 2017 Tax Cuts and
Jobs Act lowered rates for American workers and businesses, and
spurred record growth and low unemployment. It is concerning that, at
the onset of this new Congress, our country may be heading in a
direction that will result in higher taxes, fewer jobs and a record
deficit. My latest column outlines, that as the
lead Republican on the Finance Committee, I will work to protect and
build off the successes of the 2017 tax reform law and promote other
economic recovery efforts.
Reflecting
on Banking Committee Chairmanship
In the 116th
Congress, I had the great honor of serving my second term as the Chairman of
the Senate Banking Committee, which has broad jurisdiction over the
financial system, from housing to sanctions to transit. Much of
the term was focused on the implementation and oversight of laws passed
in the previous congressional session and on several important
reauthorizations. However, as the pandemic spread rapidly across the
world, Congress was tasked with confronting an unexpected challenge
unlike many have experienced in this lifetime. As head of the
Banking Committee, I helped lead negotiations in crafting major legislation
to stabilize markets, facilitate credit flow and provide liquidity to
limit the economic shock caused by the COVID-19 pandemic. Read my column for a brief review of these and other
actions of the Committee over the past Congress.
Military Monday
This month, I honored
retired Navy Officer Zach Tudor. Mr. Tudor first enlisted in 1976
before commissioning as a submarine Limited Duty Officer. Before
retiring, Tudor traveled all over the world. On the USS
Boston’s sea trials, he got to meet Admiral Rickover. Mr. Tudor
received many awards during his time in the Navy. I have had the
opportunity to spend some time with Zach, who now serves as an
Associate Laboratory Director at the Idaho National Laboratory, and commend
him for his continued service to our nation. This month, Mr.
Tudor received another prestigious and well deserved recognition from the
INL--the Career Achievement in Government Award.
Thank you, Zach, for your service to our nation and your
continued service to Idaho. Read more about all of my past Military Monday honorees on my website.
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