Good afternoon. Today's PM — edited by Shane Savitsky — is 482 words, a 2-minute read.
Illustration: Sarah Grillo/Axios
Despite what you've heard from congressional Republicans over the last decade, there's no limit to how much the government can spend — and that'll become evident as the federal government prepares its "phase three" coronavirus stimulus package, write Axios' Felix Salmon and Alayna Treene.
How it works: When Congress passes a spending bill, Treasury borrows all of the necessary funds by issuing Treasury bonds.
The big picture: The stimulus' impact on the national debt isn't a big worry on Capitol Hill, several Democratic and Republican aides tell Axios.
Worth noting: The nonpartisan Congressional Budget Office hasn't scored either the "phase two" plan or "phase three" proposal, so their ultimate cost to the government is still unknown.
Screenshot via NBC News
NBC's Peter Alexander asked President Trump at today's White House coronavirus briefing: "What do you say to Americans who are watching you right now who are scared?"
Photo: Getty Images
Animal Crossing: New Horizons, one of the year's most anticipated video games, was officially released today — and it might be the relaxing balm many need in these uncertain times, writes the Washington Post's Elise Favis.
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