The White House is already talking about bailing out oil companies
The Washington Post reports that White House officials are alarmed at the prospect of deeply-indebted shale companies going out of business. They are considering a bailout that includes low-interest government loans with lines of credit to major financial institutions.
I joked about this early today and it's already happening.
Banks and oil companies are already getting a bailout. The grand total on this is going to be insane.
Take the over:
The US was running a $1 trillion deficit before the virus hit and earlier today Trump was already talking about bailing out the cruise ship industry. The record deficit in the financial crisis was $1.413 trillion.
The cost of the payroll tax holiday that's being floated is $300 billion.
