ICYMI: Rep. McCaul Talks Support for Texas Small Biz, Oil Industry on Fox Business
Washington, D.C. – Today, Congressman Michael McCaul (TX-10), Lead Republican of the House Foreign Affairs Committee, appeared live on Fox Business’ “Making Money with Charles Payne” to discuss Congress replenishing the Paycheck Protection Program to support small businesses as well as plans to support Texas oil and energy producers.
On funding for states: Yeah, I agree with that concept. I think the next tranche will probably include more state and local funding, but to your point, Charles, it should be condition based. I don't think it should be used to bail out states to backfill their debt from previous errors and mistakes. You know, my home state of Texas has been very fiscally responsible, and so I think the idea of strings attached, like any federal spending, makes sense in this case.
On support for small business: That's the best part about the bill. I think the small business relief package was very successful. 1.7 million loans, 350 billion that got depleted really within two weeks and then delayed by Pelosi for a week, where people were hurting out there. Now, we replenished it, but Charles, you are absolutely correct. this thing's going to be depleted in a matter of weeks and then Congress will have to return to replenish that. That is keeping small business afloat to get through this crisis.
On the need to increase test capacity: The other thing I liked was the children’s hospitals were left out of the previous bill. They are now in there, also 25 billion dollars for testing. We're not going to be able to fully go back to work because everybody wants to, and I’m back at work here in Washington, really until we get everybody tested. So, the 25 billion in testing is critical to get us to that phase where we can all go back to work.
On the oil industry: [The oil industry] is the backbone of our economy in Texas. It is the backbone of our economy in the United States. We became the largest exporter of energy in the world, and I don't want to lose that standing, But if we don't do something, particularly the small oil and gas producers who are really taking a hard hit, not only through COVID-19 Charles, but the war between Russia and Saudi, flooding the market, dumping energy, oil and gas into the market has dropped the price so much that the demand. The supply is there, but not the demand. And it's a supply and demand issue. I know that Secretary Mnuchin announced just recently that he's going to look at the idea of Federal Reserve loans to the industry to keep them afloat, just like small businesses, through this time of crisis. I would urge the Administration, while we like low gas prices, we also have to recognize the energy sector is a backbone of our economy, and we can't let it bust here in the United States, certainly not in my state.