WASHINGTON – President Donald Trump wants the government to send checks to Americans in the next two weeks in an effort to curb the economic cost of the coronavirus outbreak, Treasury Secretary Steven Mnuchin said Tuesday.
“The president has instructed me we have to do this now,” he said at the White House briefing. He didn’t give details except to say the amount should be significant and millionaires would not get it.
“We want to make sure Americans get money in their pockets quickly,” Mnuchin said. The stock market rose during the briefing after a savage drop Monday.
The White House on Tuesday was asking Congress to approve a massive emergency rescue package to help businesses as well as taxpayers cope with the economic crisis that is paired with the pandemic.
Statement from Secretary Steven T. Mnuchin on the establishment of a Commercial Paper Funding Facility to support the flow of credit to households and businesses https://t.co/Zv2tDwLBbd
— Treasury Department (@USTreasury) March 17, 2020
Mnuchin planned to outline that roughly $850 billion package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week. Senate Majority Leader Mitch McConnell, opening the Senate on Tuesday morning, promised swift action.
“The Senate will not adjourn until we have passed significant and bold new steps above and beyond what the House has passed to help our strong nation and our strong underlying economy weather this storm,” McConnell said.
Bigger than the 2008 bank bailout or the 2009 recovery act, the White House proposal aims to provide a massive tax cut for wage-earners, $50 billion for the airline industry and relief for small businesses.
Two people familiar with the request described it to The Associated Press on the condition of anonymity because they weren’t authorized to speak publicly.