17/03/2020
Mnuchin pitches GOP on $1 trillion response package that involves paying Americans directly
Treasury Secretary Steven Mnuchin on Tuesday pitched Republican senators on a massive economic response package amid the coronavirus crisis with a price tag that is now at a staggeringly high $1 trillion, which would include a first wave of checks to Americans that would cost $250 billion, a source familiar tells CNN.
The eye-popping number underscores the growing fears in the White House and on Capitol Hill that the coronavirus outbreak could send the economy into a damaging recession — and that aggressive intervention by Washington is needed immediately to reverse course.
LIVE UPDATES: Coronavirus pandemic puts countries on lockdown
The proposal comes on the heels of two major pieces of legislation that lawmakers have pushed to address the growing crisis — and all told, amounts to the most far-reaching economic rescue packages since the financial crisis in 2008.
Some Republican senators are cautiously expressing support for a push by the Trump administration for a massive, multi-billion dollar economic stimulus in response to the coronavirus outbreak, including the possibility of sending money directly to Americans.
“I understand that Secretary Mnuchin and the President said that their preference now is toward giving direct assistance to families. I think that’s exactly the right thing to do,” Republican Sen. Josh Hawley of Missouri told reporters on Tuesday.
The remarks came after Mnuchin said at a briefing at the White House on Tuesday that the administration is “looking at sending checks to Americans immediately.”
Indiana Republican Sen. Todd Young told reporters that he is “open” to the idea of direct payments to families of around $1,000. Republican Senator Mitt Romney of Utah has proposed giving that amount of money to every American adult in response to the coronavirus crisis.
Watch to get SUBSCRIBE from us Fellow here Like this video? Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg?sub_... Treasury Secretary St...