President Trump is reportedly pursuing a massive $850 billion economic stimulus package and the president announced Tuesday in response to the crippling impact the coronavirus is having on the U.S. economy that “we’re going big.”
“If we do this right our country — and the world frankly — but our country can be rolling again pretty quickly,” Trump said at a White House briefing. “We have to fight that invisible enemy that I guess is unknown but we’re getting to know it a lot better.”
“At my direction, [Treasury] Secretary Mnuchin is meeting today with senators on additional stimulus packages,” the president said.
The president was joined by Treasury Secretary Steve Mnuchin and members of the White House coronavirus task force at the press briefing, and Mnuchin assured the American people that checks will be coming in a matter of days.
“We are looking at sending checks to Americans immediately,” Mnuchin said. “What we heard from hardworking Americans, many companies are now shut down whether bars or restaurants, Americans need cash now and the president wants to get them cash now. I mean now in the next two weeks.
“We want to make sure Americans get money in their pockets quickly,” he added.
— CNBC (@CNBC) March 17, 2020
“I think we’ll do something to get money to them as quickly as possible,” Trump said.
Details on the effort will be forthcoming, Mnuchin said.
The president said that Senate Majority Leader Mitch McConnell is in agreement with going big.
“I think we want to get it done and have a big infusion,”Trump said.
“We want to go big, go solid,” the president added. “We don’t want airlines going out of business or people losing their jobs and not having money to live.”
Speaking from the floor of the Senate on Tuesday, McConnell said they will not rest until a deal has been achieved.
“It’s my intention that 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.
Mnuchin noted that the economic impact for the airline industry “is worse than 9/11.”
With the April 15 tax deadline fast approaching, Mnuchin announced that Trump has authorized the deferral of $300 billion in payments to the IRS for 90 days. Individuals can defer up to $1 million in taxes owed, and corporations may defer $10 million.
The secretary also said they’re working “on a very significant economic stimulus plan.”
“I will be presenting that to the Republicans in the Senate this morning, and also discussing that with the House,” Mnuchin said. “We look forward to having bipartisan support. We are now working with the Senate to pass this legislation very quickly and these will be payments to small businesses.
“We have talked about loan guarantees to critical industries such as airlines and hotels, and we have also talked about a stimulus package to the American worker,” he added. “You can think of this as something like business interruption payments for the American workers.”
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