The White House is seeking a stimulus package worth anywhere from $850 billion to more than $1 trillion as the Trump administration looks to battle the economic impact from the coronavirus pandemic.
The developments came hours after Treasury Secretary Steven Mnuchin said that the Trump administration wants to get emergency funds in Americans pockets immediately.
Its going to be big, its going to be bold, President Trump said Tuesday morning of the potential stimulus package, without disclosing its size.
The White House is seeking a stimulus package worth anywhere from $850 billion to more than $1 trillion as the Trump administration looks to battle the economic impact from the coronavirus pandemic, according to a source familiar with the matter.
An administration official said the package could include:
$500 billion to $550 billion in direct payments or tax cuts $200 billion to $300 billion in small business assistance $50 billion to $100 billion in airline and industry relief
Potentially $250 billion of the package could go toward making direct payments to Americans, a White House official told The Wall Street Journal on Tuesday. Treasury Secretary Steven Mnuchin said earlier Tuesday that the administration wants to get emergency funds in Americans pockets immediately.
Americans need cash now, Mnuchin said during a White House press briefing on the administrations latest efforts to combat the disease. I mean now in the next two weeks.
Millionaires are unlikely to be among those who receive relief in the form of direct payments.
The White House will now have to negotiate a package with Congress. The measure will need to balance aiding individuals and workers in need, as well as industries it has already said it wants to support. The administration has made clear its view that the airline industry is essential. President Donald Trump and Mnuchin have also noted the cruise and hotel industries are facing particular challenges as travel has shut down.
Were going big, Trump said at the presser. We want to go big, go solid.
We dont want airlines going out of business. We dont people losing their jobs, the president said.
Democrats, though, have made clear that any support to industries must come with significant aid to workers. There has already been dispute in Congress about paid time off in a second coronavirus relief bill, which has yet to pass the Senate.
Any economic relief should be contingent on the benefits flowing to workers and their families, not CEOs and shareholders, Sen. Tom Udall, a New Mexico Democrat, told CNBC.
Sen. Elizabeth Warren on Tuesday outlined her own set of stipulations for any Big Business that receives federal bailout money. They include permanently giving up stock buy-backs and adding at least one seat to the board representing workers.
Senate Minority Leader Chuck Schumers office said Monday that he will put forth his own plan with at least $750 billion in spending to combat the coronavirus pandemic. It would include forbearance on federal loans, a moratorium on evictions and foreclosures, assistance for small businesses and emergency child care.
Mnuchin said that the administrations plan will come into focus by the end of the day Tuesday.
The latest daily briefing came as stocks struggled to recover from one of the worst trading sessions ever a day earlier. Trump said in Mondays briefing that the U.S. may be able to get the new coronavirus outbreak under control by July or August at the earliest. Equities tanked as Trump delivered those remarks.
Major indexes rose during the coronavirus task forces briefing Tuesday, when Trump and his officials signaled that the administration was mobilizing a major economic response that would go into effect soon.
Markets have shed trillions of dollars amid the coronavirus spread, which has crippled major industries and forced governments around the world to take drastic steps to try to slow transmission of the disease. States and cities have taken sweeping measures to reduce social interaction, including limiting restaurants to delivery and takeout services. Other businesses have had to lay off and furlough employees.
#1: BTP Holdings To: Horse (#0)
Show me the money. ;)
BTP Holdings posted on 2020-03-17 20:59:28 Reply Private Reply
#2: StraitGate To: Horse (#0)
"Costing" would be a better word than "worth" to describe the size of this latest wealth redistribution scheme.
I don't care if airlines go out of business. The planes will still be there, and someone will fly them. Just like the auto companies that fedgov has repeatedly bailed out with your money and mine: let them go out of business. Someone will buy the factories, and maybe the new owners will make vehicles that people want to buy and can afford to buy.
StraitGate posted on 2020-03-17 21:40:42 Reply Private Reply
#3: NeoconsNailed To: Horse (#0)
No, that'll never happen. DC is a sadistic vampire and cannibal operation.
NeoconsNailed posted on 2020-03-17 22:19:23 Reply Private Reply
#4: Lod To: NeoconsNailed (#3)
That would be wonderful!
So it'll never happen.
Lod posted on 2020-03-17 22:31:09 Reply Private Reply
#5: Horse To: Lod, StraitGate, NeoconsNailed (#4)
Horse posted on 2020-03-18 04:15:11 Reply Private Reply
#6: TommyTheMadArtist To: Horse (#0)
TommyTheMadArtist posted on 2020-03-18 07:37:40 Reply Private Reply
#7: StraitGate To: TommyTheMadArtist (#6)
Every college in the state promptly raised its annual tuition by $1000 more than they were already going to raise it anyway.
StraitGate posted on 2020-03-18 08:21:41 Reply Private Reply
#8: Horse To: StraitGate, TommyTheMadArtist (#7)
Horse posted on 2020-03-18 10:05:54 Reply Private Reply
#9: hondo68 To: Horse (#0)
hondo68 posted on 2020-03-18 11:43:59 Reply Private Reply
#10: NeoconsNailed To: Horse (#5)
The IRS isn't just a pain or excessively bureaucratic -- it's a profound evil that has zero right to exist, the essence of tyranny and govt sadism. A cancer! Ditto state DORs. Other countries don't do anything like this, even bad ones. But oh, govt-worshiping Amurricans, notably Christians -- they consider cooperating with it a special Amurrican privilege!
Churchgoers will notice that preachers sometimes mention the tax rats as a joke, which the pew-sitters dutifully chuckle at. By such means they kill any sense of moral reality in people.
It would normally be a good thing that the agencies give preachers tax breaks, but in today's jaded ameriKa it only screws things up further e.g. obviates any sermons on tax evils -- the kind of preaching that birthed this country.
As a church musician and tax resister I've dealt with all kinds. The supposedly conservative Presbies should have been the best but were the worst, including both ARP and PCA. Treasurers are arrogant and truth-proof on this. The ARP one RAN CRYING FROM THE ROOM when I made my case to the session and they started getting the point.
But in the end they too dutifully stood firm for the tax rats. They made a huge deal of it, even called Larry Burkett and he told them I was a pure independent contractor, but that wasn't good enuff for 'em! Their minister was a disgusting cuck formerly with the forest service and military. He spoke in a wistful, nutless sort of half- voice while on the premises.
NeoconsNailed posted on 2020-03-18 13:30:41 Reply Private Reply