First of all, when did $12 trillion did allocated? You can either choose to count spending or liquidity injection. Otherwise, you are double counting. If the g

First of all, when did $12 trillion did allocated? You can either choose to count spending or liquidity injection. Otherwise, you are double counting. If the government spends $3 trillion in stimulus financed entirely by debt, that dries up the liquidity for businesses, which creates a liquidity trap that sends us into another Great Depression. To think of it another way, the treasury could have just printed $3 trillion to pay for the stimulus without issuing bonds, which would have a similar effect.