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Mnuchin Sees GOP Bill as Too Small, Wants Broader Cash Payments

Published 03/20/2020, 12:32 PM
Updated 03/20/2020, 12:51 PM
© Reuters.  Mnuchin Sees GOP Bill as Too Small, Wants Broader Cash Payments

© Reuters. Mnuchin Sees GOP Bill as Too Small, Wants Broader Cash Payments

(Bloomberg) -- Treasury Secretary Steven Mnuchin sees the proposed Senate Republican stimulus measure as too small in some areas and wants it to include direct payments to more individuals to mitigate the economic consequences of the coronavirus outbreak, according to people familiar with his thinking.

Mnuchin views parts of Senate Majority Leader Mitch McConnell’s proposal, released Thursday, as not doing enough for the economy, the people said. The Treasury chief wants Congress to spend more on sending cash directly to Americans, the people said, speaking on the condition of anonymity.

The centerpiece of McConnell’s bill is a plan to give tax rebates to individuals of $1,200 and $2,400 for married couples, plus $500 for children. Rebates would be completely phased out for taxpayers with incomes exceeding $99,000 for individuals or $198,000 for a couple.

Mnuchin proposed two rounds of direct payments of $1,000 per adult and $500 per child to Americans, with the first checks going out within three weeks of Congress passing the legislation. The plan would amount to $500 billion in total spending, according to the Treasury Department.

Under Mnuchin’s proposal, the second round of payments would only be sent if the national emergency persists. Mnuchin estimated that each round of the direct payments would cost about $250 billion.

A Treasury spokesman declined to comment when asked about Mnuchin’s evaluation of the Senate bill.

“We’re really focused on providing liquidity to American businesses and American workers,” Mnuchin said Thursday. “This is an unprecedented situation where for good reason the government has instructed parts of the” country to shut down.

Latest comments

shouldnt China be paying for this?
You're clearly not smart enough but to listen to much but swamp media. They heard their reports continued to base over there, didn't tell anyone, tried to immediately patent the Gilead drug in several ways. Yes, they knew about it. I get a feeling they started a war.
Yes and when Typhus REALLY sprouts up there, and tent city over there near Hollywood Boulevard, they'll blame Trump like I suppose you will?
So much stupidity in this post 😂
2 acres and some chickens will keep the people fed, disperse the population and balance wealth. Teach a man a garden....
create a 50 trillion dollar coin toss in the ocean debt jubilee
create a 50 trillion dollar coin and throw it in the ocean and end all this debt time for a jubilee
free money only for those unemployed
agreed
all other companies needing money taxpayer becomes shareholder
nationalize Boeing
So hold on, slow down... You socialist? You were doin' okay.
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