With the approval of the Phase 3 CARES Act there are two areas of focus in the political world: implementation of the massive bill and talk of a next step, Phase 4. There was an implementation hiccup last week when the Treasury Department announced that social security recipients who don't file tax returns because they have so little income, will have to file to get their $1,200 check. After sharp bipartisan pushback Treasury reversed the decision in 24 hours. While not a huge deal, it does demonstrate the perils the Administration faces getting the money out the door.

Speaker of the House Nancy Pelosi announced this week that she has created a bipartisan House Committee to conduct oversight of the array of programs created in the Phase 3 legislation. As I have written before the bill has big risk and reward for the President.

Good execution with money going out to small businesses, large corporations, the unemployed and the $1200 checks will incur positive views of the President by the recipients. But botched delivery of funds for these programs and charges of corruption will reverberate against the Administration and could have consequences in the election November.

While the Phase 3 money is not yet disbursed, talk has already begun on Phase 4. Both Republican l...

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