Trump Administration Seeks $850B Stimulus Bill to Fight Virus Fallout
Treasury Secretary Mnuchin is said to be seeking aid for airlines and small businesses as well as a possible payroll tax cut.
Treasury Secretary Steven Mnuchin is seeking a coronavirus-related economic stimulus package worth more than $850 billion and plans to take the measure to Senate Republicans on Tuesday, according to news reports.
Mnuchin told House Republicans on a conference call Monday that the market needs more liquidity, according to Bloomberg. After the call, Mnuchin met with Senate Majority Leader Mitch McConnell, Bloomberg reported.
Mnuchin is also weighing ideas to help small businesses, including postponing the due date for quarterly tax payments, and options for fast cash loans, Bloomberg reported.
The Trump administration’s stimulus plan will include roughly $50 billion for the airline industry, The Wall Street Journal reported, as well as billions of dollars in general stimulus that could include a payroll tax cut.
“The proposal is still in its early stages and is awaiting final signoff from President Trump,” an administration official told the Journal.
The House on Monday passed technical corrections to its coronavirus bill, H.R. 6201, the Families First Coronavirus Response Act.
Reports indicate that Mnuchin has reached agreement with senators to vote on the Families First Coronavirus Response Act later this week, Raymond James policy analyst Ed Mills said in his Tuesday morning briefing.
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