Trump Pushes $1.2 Trillion Stimulus, $1,000 Checks in Two Weeks
The Trump administration is discussing a plan that could amount to as much as $1.2 trillion in spending – including direct payments of $1,000 or more to Americans within two weeks – to blunt some of the economic impact of the widening coronavirus outbreak.
Treasury Secretary Steven Mnuchin pitched $250 billion in checks to be sent at the end of April with a second set of checks to bring the total up to $500 billion four weeks later if there’s still a national emergency, according to a person familiar with the matter.
“Americans need cash now, and the president wants to give cash now. And I mean now, in the next two weeks,” Mnuchin said Tuesday at a White House briefing alongside President Donald Trump.
“It is a big number,” Mnuchin told reporters later on Capitol Hill. “This is a very big situation in this economy, we put a proposal on the table that would inject $1 trillion into the economy.”
The administration had been discussing a total aid package of $850 billion, but discussions later included spending as much as $1.2 trillion, according to people familiar with the matter.
The cash payments would be part of a stimulus plan Mnuchin is negotiating with Congress. The administration hasn’t decided on how much to send Americans, but wants the checks to exceed $1,000, according to two people familiar with the matter.
Mnuchin’s proposal included $300 billion for small business loans, $200 billion in stabilization funds, $250 billion in cash payments and a possible second round of checks, people familiar with the matter said. Including tax deferrals, that would bring the cost of the plan to around $1.2 trillion.Post too long. Click here to view the full text.