HuffPost reporter: Coronavirus rescue package designed for 'super rich'

HuffPost reporter Zach Carter said Thursday the coronavirus emergency relief package passed by the Senate is a bailout designed for the “super rich.”

Democrats’ thinking was “sort of strange,” Carter said in an interview with Hill.TV’s “Rising.”

“Democrats insisted they wanted this $1,200 check targeted so the rich wouldn't benefit too much from the legislation. Meanwhile, this multi-trillion dollar fund is going to shareholders of corporations who are wealthy people,” he said.

Carter criticized the $2.2 trillion legislation for having a fund controlled by Treasury Secretary Steve Mnuchin that has “cursory sort of strings attached that he can essentially wave when he needs,” with $500 billion dollars.

The bill also would designate an inspector general and accountability committee to oversee how the money is spent.

Carter criticized the measure, saying it’s essentially taking the model of the 2008 bank bailouts “and putting it on steroids.”

“The bill is designed first and foremost to save the super rich,” Carter said. “The thought, I think, for a lot of Democrats was, 'Well, we’ll put in a little money in for the poor.' They need it really badly right now, it’s true. 'And that will make this a fair compromise.’”

“I think after years of governing this way we can see what the long-term consequences of this kind of arrangement will be -- they will lead to more corporate concentration, bigger corporations with more control over our politics, and I don’t think the Democratic Party should be governing that way,” he added.

The emergency legislation passed unanimously in the Senate. It now heads to the House for a vote that's expected Friday.

Carter said he thinks Democrats, and progressive leaders such as Sens. Bernie SandersBernie SandersButtigieg stands in as Pence for Harris's debate practice Bernie Sanders warns of 'nightmare scenario' if Trump refuses election results Harris joins women's voter mobilization event also featuring Pelosi, Gloria Steinem, Jane Fonda MORE (I-Vt.) and Elizabeth WarrenElizabeth WarrenHarris joins women's voter mobilization event also featuring Pelosi, Gloria Steinem, Jane Fonda Judd Gregg: The Kamala threat — the Californiaization of America GOP set to release controversial Biden report MORE (D-Mass.), voted for the bill due to “cold feet.”

“I think ultimately there wasn't a whole lot of interest in holding up money going out the door in a crisis,” Carter said. “There is a very serious economic crisis happening right now. It's going to be something unprecedented in our lifetimes, and I think Democrats just got cold feet. I think progressive leaders got cold feet and didn't want to have to take responsibility for being somebody who put roadblocks in the way of going out the door.”