WHEN: Today, Thursday, August 6th
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a CNBC interview with Senator Mitch McConnell on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Thursday, August 6th. Following are links to video from CNBC.com: https://www.cnbc.com/video/2020/08/06/mcconnell-senate-did-not-wait-too-long-to-put-forward-new-stimulus-plan.html and https://www.cnbc.com/video/2020/08/06/senator-mitch-mcconnell-says-a-deal-will-come-together-in-the-near-future.html.
All references must be sourced to CNBC.
MCCONNELL ON A PLAN
THE DEMOCRATIC HOUSE PUT TOGETHER A $3 TRILLION – BASICALLY LIBERAL WISH LIST THAT WE THINK GOES FAR BEYOND WHAT IS APPROPRIATE FOR THIS SITUATION. WHAT I LAID OUT IS A STARTING PLACE, WHICH, AS YOU KNOW, SOME OF MY MEMBERS THINK IS TOO MUCH. IT'S ABOUT 1/3 OF THAT TARGETED IN THE FOLLOWING WAYS. KIDS IN SCHOOL, JOBS, THE POPULAR PPP PROGRAM, HEALTH CARE, HOSPITALS. AND MOST IMPORTANTLY, TO HELP THE ECONOMY GET BACK ON ITS FEET, LIABILITY PROTECTION.
MCCONNELL ON AN ADDITIONAL DEAL
I THINK WE NEED AN ADDITIONAL AGREEMENT – AN ADDITIONAL DEAL. I AGREE WITH THE CHAIRMAN OF THE FED, I AGREE WITH SECRETARY OF TREASURY. I'M ADVOCATING AN ADDITIONAL DEAL. I'VE GOT MEMBERS, SOME OF WHOM HAVE BEEN ON YOUR NETWORK THIS MORNING, WHO THINK WE'VE DONE ENOUGH. THAT'S NOT MY VIEW.
MCCONNELL ON HOW MUCH IS APPROPRIATE
THE ARGUMENT IS OVER HOW MUCH IS APPROPRIATE AT THIS PARTICULAR JUNCTURE AS WE STRUGGLE TO GET THE ECONOMY BACK ON ITS FEET AND GET THE COUNTRY IN A PLACE WHERE IT CAN SUSTAIN ITSELF UNTIL WE GET A VACCINE, WHICH AT THE EARLIEST, WOULD BE SOME TIME LATER THIS YEAR OR EARLIER NEXT YEAR.
MCCONNELL ON HAVING AN ACCURATE PICTURE
WE'VE GOT AN ACCURATE PICTURE OF WHAT WE'VE DONE SO FAR, WHAT WORKED, WHAT DIDN'T, AND THE CONDITION OF THE COUNTRY. AND NOW, WE CAN MORE ACCURATELY CRAFT A PROPOSAL TO DEAL WITH THAT. BECAUSE BEAR IN MIND, WE HAVE ALREADY ADDED $3 TRILLION TO THE NATIONAL DEBT BACK IN MARCH AND APRIL. WE ALREADY HAVE A DEBT THE SIZE OF OUR ECONOMY FOR THE FIRST TIME SINCE WORLD WAR II. I THINK THAT'S NO SMALL MATTER. THAT'S A BIG DEAL. AND SO WE NEED TO BE CAREFUL ABOUT WHAT WE DO NEXT.
MCCONNELL ON NEEDING ANOTHER BOOST
I SHARE THE VIEW OF THE CHAIRMAN OF THE FED AND THE SECRETARY OF THE TREASURY THAT WE DO NEED ANOTHER BOOST. AND SOMEHOW, WE'LL RESOLVE OUR DIFFERENCES IN THIS POLITICAL TUG OF WAR AND GET SOMETHING DONE FOR THE AMERICAN PEOPLE.
MCCONNELL ON KENTUCKY
WE'RE NOT GOING TO HELP KENTUCKY OR ANY OTHER STATE WITH THEIR PENSION PROBLEM. UNFORTUNATELY, KENTUCKY HAS ONLY USED 6%. 6% OF THE MONEY WE'VE ALREADY SENT DOWN TO THEM AND THEIR BUDGET FOR THE CURRENT YEAR ENDING JUNE 30 WAS BALANCED. SO THEY'RE NOT IN AN IMMEDIATE DIRE SITUATION AND THEY'RE GOING TO BENEFIT FROM THE FLEXIBILITY WE'RE GOING TO GIVE THEM TO SPEND THE MONEY THEY HAVEN'T SPENT SO FAR. 94% OF THE MONEY THEY GOT, THEY HAVEN'T SPENT.
MCCONNELL ON UNEMPLOYMENT
I THINK WE SHOULD NOT CONTINUE THE PROCESS OF PAYING SOME PEOPLE MORE NOT TO WORK THAN TO WORK. I DO THINK WE NEED TO ADJUST WHATEVER UNEMPLOYMENT COMPENSATION BONUS THERE IS TO REFLECT THAT IT'S NOT FAIR FOR YOUR NEIGHBOR TO STAY HOME AND MAKE MORE AND YOU GO BACK TO WORK AND MAKE LESS. IT IS A DRAG ON THE ECONOMY. BASIC UNEMPLOYMENT IS EXTREMELY IMPORTANT. WE NEED TO HELP THE STATES BE ABLE TO MAINTAIN THAT BUT WE NEED TO DISCONTINUE PAYING PEOPLE, IN EFFECT, A BONUS NOT TO WORK.
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