WASHINGTON (AP) — President Donald Trump wants the government to send checks to Americans in the next two weeks in an effort to curb the economic cost of the coronavirus pandemic, Treasury Secretary Steven Mnuchin said Tuesday.
“The president has instructed me we have to do this now.” he said at the White House briefing. He didn’t give details except to say the amount should be significant and millionaires would not get it. The proposal requires approval from Congress.
“We want to make sure Americans get money in their pockets quickly,” Mnuchin said. The stock market rose during the briefing after a savage drop Monday.
The White House on Tuesday was asking Congress to approve a massive emergency rescue package to help businesses as well as taxpayers cope with the economic crisis that is paired with the pandemic.
The White House is proposing a roughly $850 billion emergency stimulus to address the economic cost of the new coronavirus.
The request will be outlined to Senate Republicans on Tuesday.
It will aim to provide relief for small businesses and the airline industry and propose a massive tax cut for wage-earners.
The White House hopes the measure will pass this week, as the administration scrambles to contain the economic fallout of the severe disruptions to American life from the outbreak.
Senate Majority Leader Mitch McConnell opened the Senate on Tuesday with a promise for swift action.. He says the Senate won’t adjourn until it acts.