The administration’s goal this week includes pushing through Congress another economic stimulus package that is likely to top $1.3 trillion, the centerpiece of which will be checks sent directly to thousands of Americans.
In recent days, President Donald Trump has latched onto the idea of the checks as a way to quickly give Americans money to cover housing payments, food and expenses as much of America’s social and business life shuts down as the coronavirus spreads across the U.S.
Behind the scenes, the Treasury Department is working on the mechanics of giving Americans direct checks, with the amount depending on one’s income and family size. The administration has considered sending anywhere from $500 to $1,000 per check and has proposed Congress spend a total of $500 billion on the measure, with the IRS issuing the first of two rounds of payments starting April 6, according to the Treasury proposal obtained by POLITICO.
“We are looking at different numbers. We are looking at timing that would be different,” Trump told reporters Wednesday. “Splitting the time, splitting the payments. We are looking at a lot of different things. It hasn’t been determined yet, but it will shortly be determined. But people want to go big. Everybody seems to want to go big.”
The direct payments have received a much better reception on Capitol Hill than the president’s earlier proposal to cut or suspend the payroll tax, a move that would have helped both employees and employers.
One senior administration official said top economic aides presented the president with a list of possible options this week to help Americans financially, and he liked the check idea because it’s an easily understood concept and the money goes out quickly, a second senior administration official said.
Sen. Josh Hawley (R-Mo.) also outlined the check proposal earlier this week and then spoke with Trump about it on Wednesday, a person familiar with the conversation said.
Other Republican lawmakers seem equally amenable to it. “It’s a novel idea, and if it will help a lot of people help the economy because we’re in challenging times right now,” said Sen. Richard Shelby (R-Ala.), one of the lawmakers involved in brainstorming ways to financially help out airlines as part of the broad rescue package. “It’s a lot of money, but the idea is to put cash in people’s hands [to] mitigate the economic effects.”
I want to see who is going to receive the money. Is it everyone? Is it someone who is laid off? Is it someone who is quarantined? I just need to see the final details,” Sen. John Kennedy (R-La.) said. “That’s more of a demand-side remedy. I think to solve this problem we’re going to need both demand and supply.“
Source: politico.com
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