Graham: Coronavirus stimulus will take ‘a hell of a lot more’ than $1 trillion

Sen. Lindsey Graham (R-S.C.) warned on Friday that the federal government would need to spend significantly more than $1 trillion as it tries to keep businesses afloat during the economic and social upheaval sparked by the coronavirus. 

Graham, speakers with reporters, indicated that he had discussed the issue with Treasury Secretary Steven Mnuchin.

“We gotta tell the public the truth, we’re going to be floating probably 70 percent of the nation’s payroll … if the containment policies continue to be this aggressive. Nobody’s ever thought of that before. Nobody’s ever done that before. It’s gonna be a hell of a lot more than $1 trillion,” Graham said. 

The administration and Republicans have aligned behind a nearly 250-page stimulus package that would cost approximately $1 trillion, though a hard top-line figure has not yet been released. 

But experts have suggested the amount is too small to combat the fallout from the coronavirus, which has sent shockwaves through major industries and caused several businesses to curb their hours or close altogether as people are being told to practice “social distancing” to try to curb the spread of the disease. 

Tony Fratto, a former staffer in the George W. Bush’s administration, told NBC News that the package “probably needs to be $2 trillion.”

GOP senators aren’t ruling out providing more spending as they try to negotiate a final deal with Democrats. A proposal from Senate Minority Leader Charles Schumer (D-N.Y.) would have provided at least $750 billion. 

“I think it’s whatever it takes,” said Senate Appropriations Committee Chairman Richard Shelby (R-Ala.) when asked if he was willing to increase the amount of spending in the stimulus package. 

Sen. John Thune (S.D.), the No. 2 Senate Republican, indicated that the final top line of the package would likely be worked out with Democrats. 

“We’ll see where the number ends up,” he said.