Special Briefing on Working with the Cares Act and What May Come Next

As Congress debates the details of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), panelists reflect on the lessons states and localities have learned from the spending of CARES Act funding and look ahead to what may be in store in the fight against COVID-19 and its fiscal fallout in 2021.

 This special briefing features a panel of experts, including US Representative Carolyn Bourdeaux (D-GA); Julie Demuth, budget manager, Pierce County, Washington; Mark Funkhouser, former mayor, Kansas City, Missouri, and president, Funkhouser & Associates; Fitzroy Lee, chief economist and deputy chief financial officer, District of Columbia; Brandon McComas, research associate, Peter G. Peterson Foundation; Richard A. Ravitch, former NY State Lieutenant Governor.

 Notable Quotes: 

“On the fundamental question of aid to cities and states, I would respectfully suggest that the compromise that has no ideological objection should be this: the revenue loss suffered by each city or state should be the amount of Federal money that is received in the subsequent 12-month period.” - Dick Ravitch

“Politics has become, in many ways, more about culture and identity, than the actual needs of the people on the ground.” - Representative Carolyn Bourdeaux

 “So far, about 80-90% of that $2.3 Trillion has already been disbursed, meaning the Federal Government has sent the money out.” - Brandon McComas 

“We also expected in our forecast that the unemployment rate would come in at almost 18%, and it came in at just under 12%.” - Fitzroy Lee 

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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.