WASHINGTON, D.C.–The economic stimulus package that’s being talked about to boost the economy, which has been suffering from the reaction to the coronavirus, may be too much too soon, said Sen. Mike Braun (R-Ind.). He told Fox Business that he’s worried the government will spend money on the stimulus they can’t get back.
“My prediction is that if it does level off, and it could, I’ve always said be vigilant, I think we’ll get a lot of the market loss back, as well, and then we will have done something to where we really didn’t need to and I doubt that money gets returned to the treasury,” he said.
Braun, a fiscal conservative, said he believes the government should watch for another week to ten days.
“I never did think we should dismiss this thing as not being a big deal. I just hate to step in with help. I don’t think this is like 2008, what underpinned the crisis then.”
Last week Braun said that he believed the Trump administration would handle the financial aid of tax money coming from Congress responsibly. He said he suggested legislation that if any money was left over or not used for fighting coronavirus, it be returned.
Braun said the coronavirus reaction may actually be good for some economic sectors.
“The oil industry, which sure it took a tumble.That maybe isn’t all that bad if it’s a short-run thing for all the industries that use oil as an input, the ability to hedge in lower costs,” he said.
Braun said the economic component should be given time to play out.