But the special loan program for small businesses has already been exhausted. State and city governments are reporting drastic losses in revenue and soaring expenses. And the Postal Service is on the edge of bankruptcy.

So we need another large relief package, targeted at these gaps. Where would the money come from? Just borrow it. Right now, the economy is awash in excess savings with nowhere to go. The interest rate on inflation-protected federal bonds is minus 0.56 percent; in effect, investors are willing to pay our government to make use of their money. Financing economic relief just isn’t a problem.

Yet at the moment further relief legislation is stalled. And let’s be clear: Republicans are responsible for the impasse.

It’s true that Senate Republicans are trying to push through an extra $250 billion in small-business lending — and Democrats are willing to go along. But the Democrats also insist that the package include substantial aid for hospitals and for state and local governments. And Mitch McConnell, the Senate majority leader, is refusing to include this aid.

McConnell claims that he would be willing to consider additional measures in later legislation. But let’s get real. There is absolutely no reason not to include the money now.

Everyone, and I mean everyone, knows what is really happening: McConnell is trying to get more money for businesses while continuing to shortchange state and local governments. After all, “starve the beast” — forcing governments to cut services by depriving them of resources — has been Republican strategy for decades. This is just more of the same.

This reality leaves Democrats with no choice except to stand firm while they still have leverage. Bear in mind that McConnell could have the money he wants tomorrow if he were willing to meet them halfway. So far, however, he isn’t. Oh, and Trump personally has ruled out aid for the Postal Service.