The Trump administration plans to give “many Americans” two checks of $1,000 each as part of a huge economic stimulus plan.
$500 Billion to Cash Payments
The emergency stimulus package that was announced earlier this week is being further developed by the Trump administration, who plans to send $2,000 to many Americans, along with $300 billion to go to small businesses to help them through the coronavirus pandemic. Around $500 billion would be set aside by the Trump administration “towards the cash payments to individual Americans, though some people wouldn’t qualify if their income is over a certain level,” according to the Washington Post.
The announcement clarifies comments from Treasury Secretary Steven Mnuchin on Tuesday, saying the Trump administration was looking at “sending checks” to many Americans immediately.
“Americans need cash now, the president wants to get cash now. I mean now – in the next few weeks,” Mnuchin said. “The president has instructed me we have to do this now.”
Mnuchin confirmed at the same day previous details of the stimulus package, that at the time was expect to cost$850 billion. Around $500 billion would be spent on a cut of payroll taxes, $250 billion would be dedicated to loans for small businesses, and $58 billion would be used to prop up the airline industry and other measures. However, the total amount now is far closer to over $1 trillion, with the extra stimulus plans announced today added.
Trump is Working Across the Aisle!
Negotiations are in place at the moment with congressional Democrats, but many of them have indicated that they would support sending money to Americans during the pandemic. Andrew Yang, the previous potential Democratic presidential candidate who had Universal Basic Income as his main policy platform, said that he had spoken directly with the White House about implementing the payments. What this shows to me is that President Trump is working across the aisle, and doing whatever he can, to help the country throughout the outbreak.