Trump seeking $850B in emergency stimulus ($500B in payroll tax cut, $250B for small business loans, $58B for airlines) UP: Possibly sending checks

GK86 · Mar 17, 2020

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Zeke Miller on Twitter

“WASHINGTON (AP) — Mnuchin says Trump wants to send checks to Americans 'in next two weeks' in effort to curb economic cost of outbreak.”

twitter.com

John Roberts on Twitter

“.@FoxNews has learned that @realDonaldTrump will ask Congress for more than $800 billion in economic stimulus: $500 bil in payroll tax cut, $250 bil in Small Business Association loans, $58 billion for the airlines, and a smattering of other items.”

twitter.com

Link.

The Trump administration is asking Congress to approve a massive economic stimulus package of around $850 billion to stanch the economic free fall caused by the coronavirus, four officials familiar with the planning said Tuesday.

Treasury Secretary Steven Mnuchin will present details to Senate Republicans later Tuesday. The package would be mostly devoted to flooding the economy with cash, through a payroll tax cut or other mechanism, two of the officials said, with some $50 billion directed specifically to helping the airline industry.

White House officials also want to include more assistance for small businesses and their employees in the legislation, the officials said. The officials spoke on condition of anonymity to discuss internal deliberations. The talks have taken on more urgency as the economy has shown signs of careening into recession. The Dow Jones industrial average fell almost 3,000 points on Monday and showed signs of a slight rebound on Tuesday.

The $850 billion package would come in addition to another roughly $100 billion package that aims to provide paid sick leave for impacted workers, though the details of that legislation remain very fluid as it moves through Congress.

It's unclear how warmly the design of the White House's proposal will be received. Senate Republicans are meeting with Mnuchin on Tuesday. Senate Democrats, meanwhile, are gathering on a conference call to discuss their strategy. Senate Minority Leader Charles E. Schumer (D., N.Y.) is expected to outline his $750 billion proposal and contrast it with the White House's approach. Schumer's offering would expand unemployment insurance, provide money for schools, public transportation, expand Medicaid funding, expand more investments in health care, provide loan assistance, and halt evictions and foreclosures, among other things.

"We need big, bold immediate federal action to deal with the crisis," Schumer said Monday.

Democrats have complained that the White House's push so far has relied on seeking tax cuts and industry bailouts.

Doober · Mar 17, 2020

How we gonna pay for it?

Firewithin · Mar 17, 2020

very cool for those people not getting paychecks anymore

TheAbsolution · Mar 17, 2020

Fuck off with that payroll tax cut bullshit.

Rendering... · Mar 17, 2020

We can't afford to pay for any progressive policies, but wait! The economy is making Donald look bad? Patch it up immediately!

CopyOfACopy · Mar 17, 2020

alr1ght · Mar 17, 2020

It's comical how bad they are at this.

People who really need the money won't be paying any payroll tax in the first place, since they won't have an income.

CHC · Mar 17, 2020

Good, if it actually reaches small businesses in any way. I'm especially worried about restaurants, delis, and other small places that operate on relatively small profits and make daily life immeasurably better for local people. The airlines and movie studios will survive, but the Italian restaurant I go to like twice a week might not be in good shape after two months of drastically reduced business.

YamchasRevenge · Mar 17, 2020

darkwing · Mar 17, 2020

Doober said:
How we gonna pay for it?

someone said just print the money

Xando · Mar 17, 2020

Those tax cuts gonna do wonder for people laid off

ruggiex · Mar 17, 2020

What's the point of payroll tax cut when millions are out of job, smh

gcubed · Mar 17, 2020

no.

Fuck the tax cut.

Turn the loans into grants because YOU fucked them over to begin with.

Ithil · Mar 17, 2020

CHC said:
Good, if it actually reaches small businesses in any way. I'm especially worried about restaurants, delis, and other small places that operate on relatively small profits and make daily life immeasurably better for local people. The airlines and movie studios will survive, but the Italian restaurant I go to like twice a week might not be in good shape after two months of drastically reduced business.

The "stimulus" is useless. Payroll taxes for pay checks that don't exist? It's just about handouts to corporations again.

Deleted member 1086 · Mar 17, 2020

where's my thousand bucks yo

Alucrid · Mar 17, 2020

my tax cut monies will do wonders under my mattress

captmcblack · Mar 17, 2020

Why can't they just do stimulus checks instead of a payroll tax so that we don't defund other social services and affect people's tax returns when inevitably the payroll tax is rebalanced in people's yearly tax returns?

RailWays · Mar 17, 2020

Bunch of money down the drain that could have been used for real structural change. The average person isn't going to get that money

Durden · Mar 17, 2020

Not gonna do shit for people out of work, which should be the primary concern here. God America is such a fucked place right now.

Metroidvania · Mar 17, 2020

Yes, let's bail out the airlanes, who spent 96% of their free cash flow on buying back their own stock to increase executive benefits.....

(eventually we may need to, but not at this point)

And let's do it via a taxroll paycut that goes towards social security and medicare.....that the unemployed won't see much, if any, benefit from.

I'd take the flat 1k over this that will go towards tangible benefits.

If you really wanna help, try freezing student loans, and/or other means of assistance.

BringBackSonics · Mar 17, 2020

bleh. Payroll tax cut.

Small business loans good. but the rest. urgh

Eeyore · Mar 17, 2020

How does a payroll tax help people that are losing their jobs because of this? All of the hourly workers in restaurants, bars, etc?!

ThatMeanScene · Mar 17, 2020

Payroll tax cut is useless and the airlines should fend for themselves.

Slayven · Mar 17, 2020

First, the people that need it most aren't getting a paycheck right now

second this a backstab to Social Sercuity and Medicare

jon bones · Mar 17, 2020

literally every idea from this admin is bad

shadowsdarknes · Mar 17, 2020

500 Billion Directly to people.

shnurgleton · Mar 17, 2020

fuck the payroll tax cut
fuck the airline stimulus

HomerSimpson-Man · Mar 17, 2020

Payroll tax cut...

...the hell?

Pineapple Pizza · Mar 17, 2020

0 for the poor and unemployed. Give that 500 billion directly to the people, you assholes.

Aztechnology · Mar 17, 2020

Airlines, I actually kind of understand. As much as it sucks we'll have to pay for it one way or another. They are a necessary enterprise/utility. Payroll taxcuts though, fuck off.

Thatonedice1 · Mar 17, 2020

Metroidvania said:
Yes, let's bail out the airlanes, who spent 96% of their free cash flow on buying back their own stock to increase executive benefits.....

(eventually we may need to, but not at this point)

Fucking right? Like can someone legit explain to me why stock buybacks aren't illegal?

Alucrid · Mar 17, 2020

also pretty much all of the payroll tax cuts benefits would go to the employers not the employees anyways

kmfdmpig · Mar 17, 2020

This all seems reasonable but individuals need help as well. Lots of individual people are not working, not getting paid and they need help now.

Greg NYC3 · Mar 17, 2020

Of course Trump's plan is another big business cash grab.

Xyer · Mar 17, 2020

So this doesn't help me at all.

Epic.

Doogdogg · Mar 17, 2020

I'm freelance, this does jack shit.

Barzul · Mar 17, 2020

Alucrid said:
also pretty much all of the payroll tax cuts savings would go to the employers not the employees anyways

Yup defeats the purpose entirely.

Friskykillface · Mar 17, 2020

how much will trump hotels and resorts get?

CobaltBlu · Mar 17, 2020

A payroll tax cut isn't sufficient support for the people hardest hit in a crisis like this. Basically Republicans will use anything as an excuse to divert money to the wealthy.

Min · Mar 17, 2020

So remember when the fed pumped in 1.5T and everyone was like "They're not actually giving away money. You're all idiots who don't understand HS economics."????

Wag · Mar 17, 2020

That's cool.

Fuck all those people who can't afford to pay their medical billS.

RoKKeR · Mar 17, 2020

Payroll tax cut doesn't address the people who are losing work. Try again

Plinko · Mar 17, 2020

Payroll tax cut?

Yeah, no. Worthless. Average American would get like $50-$100 a month extra, and you need to get paid.

Angelus Errare · Mar 17, 2020

Meals for the rich, crumbs for the rest

CelestialAtom · Mar 17, 2020

It's 2008 all over again with giving the rich our tax dollars while average citizens suffer. They need to take this money and do far more than what is planned.

Alucrid · Mar 17, 2020

Plinko said:
Payroll tax cut?

Yeah, no. Worthless. Average American would get like $50-$100 a month extra, and you need to get paid.

but with all the money your employer saves they're not going to pay you a penny more

wait

skeptem · Mar 17, 2020

You want people to spend money and stay inside. Eliminate online sales tax. Give people a flat amount of money. Cut postage.

Boom, people inside with money to spend!

Raxus · Mar 17, 2020

Congress is going to laugh this out of the room so fast.

Tax the rich maybe. That will pay for it. Trickle down does SHIT for this situation.

Quality Garbage · Mar 17, 2020

Garbage package from a shit administration.

The more you make, the more you get from this bill.

I'm surprised there isn't a couple billion for his properties....

Aztechnology · Mar 17, 2020

Metroidvania said:
Yes, let's bail out the airlanes, who spent 96% of their free cash flow on buying back their own stock to increase executive benefits.....

(eventually we may need to, but not at this point)

And let's do it via a taxroll paycut that goes towards social security and medicare.....that the unemployed won't see much, if any, benefit from.

I'd take the flat 1k over this that will go towards tangible benefits.

If you really wanna help, try freezing student loans, and/or other means of assistance.

Oh... oh. Yea airlines can burn.

Trump seeking $850B in emergency stimulus ($500B in payroll tax cut, $250B for small business loans, $58B for airlines) UP: Possibly sending checks

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