I'm pretty sure the money is from the original CARES act but I might be wrong. A lot of it was still unused and that was what made no sense about the Dem hold up.
If it is from the original CARES Act then the money would come from the Federal Reserve / Treasury. Without going into too much detail - it's not your tax dollars that pay for it in the traditional sense. When the Fed chooses to increase the money supply they work with the treasury to 'print' new money. The money is entered into the economy through various open market operations, traditionally with other banks, which the Fed then uses to control the money supply. When you hear about the national debt it's because of this process. The securities that are created in this process are typically issued as Treasury Bills.
I skipped a lot but the point is the money isn't paid for by taxes like welfare. It's instead 'paid' by the resulting effects on inflation and the interest rates. Your biggest worry with something like this is Hyper Inflation. But we're no where close to the level of money creation that we saw in '08 and we do retain "King Dollar" status so it's not like countries are hot and bothered to dump the dollar anytime soon.
This is all assuming that the enhanced unemployment insurance was using funds from the $2.3 trillion the Fed created for the China Flu. So if I'm wrong on that then whoops. But the money used in the stimulus checks for example came from the Fed.
I'm pretty sure the money is from the original CARES act but I might be wrong. A lot of it was still unused and that was what made no sense about the Dem hold up.
If it is from the original CARES Act then the money would come from the Federal Reserve / Treasury. Without going into too much detail - it's not your tax dollars that pay for it in the traditional sense. When the Fed chooses to increase the money supply they work with the treasury to 'print' new money. The money is entered into the economy through various open market operations, traditionally with other banks, which the Fed then uses to control the money supply. When you hear about the national debt it's because of this process. The securities that are created in this process are typically issued as Treasury Bills.
I skipped a lot but the point is the money isn't paid for by taxes like welfare. It's instead 'paid' by the resulting effects on inflation and the interest rates. Your biggest worry with something like this is Hyper Inflation. But we're no where close to the level of money creation that we saw in '08 and we do retain "King Dollar" status so it's not like countries are hot and bothered to dump the dollar anytime soon.
This is all assuming that the enhanced unemployment insurance was using funds from the $2.3 trillion the Fed created for the China Flu. So if I'm wrong on that then whoops. But the money used in the stimulus checks for example came from the Fed.