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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.”
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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.”
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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.
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