More on Economy
The COVID-19 pandemic cast the United States into uncharted territory. Americans were asked to take unprecedented steps in order to slow down the spread of the virus. I have supported bipartisan efforts Congress and President Trump have enacted to fight this virus and provide economic relief. However, I continue to have serious concerns about the costs associated with these bills. We have long had a spending problem, and we must refocus on addressing troubling spending patterns even while fighting COVID-19.
Across our nation, 2020 has been a year of upheaval. Since March, our lives have been drastically different as we have stayed home, worked remotely, and avoided gathering in large groups to help protect the health and safety of our most vulnerable populations. We have taken extraordinary steps in our personal, professional, and social lives in order to slow the spread of COVID-19.
Washington, D.C. – Congressman Adrian Smith released the following statement after opposing two bills today, H.R. 6800 and H.Res. 965. Both bills passed the House of Representatives on party-line votes.
H.R. 6800, Speaker Pelosi’s so-called COVID-19 response bill spends would spend $3 trillion and will not be considered by the Senate. H.Res. 965 would allow proxy voting in the House of Representatives for the first time, breaking more than 225 years of precedent.
Washington, D.C. – Congressman Adrian Smith and Senator Deb Fischer released the following statement after the U.S. Department of Treasury and Small Business Administration (SBA) released a document making hospitals receiving less than 50 percent of their funding from state and local governments eligible for the Paycheck Protection Program (PPP). This new rule effectively allows all small hospitals in Nebraska’s Third District eligible for the program.
While the COVID-19 pandemic continues its destructive pace, the devastating effects on the economy have come into clearer view. No business, small or large, is immune from the effects of the virus and the measures we are taking to counter it. Fortunately, Congress and President Trump have been hard at work to come up with solutions for keeping businesses and their employees afloat during this pandemic.
Washington, D.C. – Congressman Adrian Smith released the following statement after voting to pass the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266) today. H.R. 266 replenishes funding for the Paycheck Protection Program (PPP), provides additional monetary assistance for health care providers and hospitals, and expands testing for COVID-19. PPP was created by the CARES Act to keep workers on payroll at businesses and nonprofits with fewer than 500 employees which have been impacted by social distancing guidelines.
In order to address COVID-19, Congress and President Trump have enacted three major pieces of legislation to fight this disease and help as many Americans as possible stay employed, with the goal of resuming our strong economy as soon as possible when this pandemic subsides. While agencies such as Treasury and the Small Business Administration (SBA) are working to roll out these programs as quickly as possible, I hope the information below will be helpful to you in this challenging time.
Just a few weeks ago, we were in the midst of the strongest economy in years. We now find ourselves with questions about what will happen to our economy due to the COVID-19 outbreak. In contrast with other times of economic uncertainty, this interruption in our economy was not caused by bad decisions or nefarious actors, nor were we nearing the end of a business cycle. It was caused by a viral pandemic: a natural disaster. Though it may be painful, American resolve will bring us through this crisis.
When we enacted tax reform in 2017, through the Tax Cuts and Jobs Act, we had two goals – simplify compliance and reduce the tax burden on as many Americans as possible. Despite – or I would argue because of – these rate reductions, a strong economy means U.S. federal tax revenue continues to come in at record levels. The federal government does not have a revenue problem. It has a spending problem.
Washington, D.C. – Congressman Adrian Smith (R-NE) will host an educational Infrastructure Seminar at Hastings Central Community College on October 3, 2019.