Trump seeks stimulus package potentially worth more than $1 trillion, including direct payments to Americans
The White House is seeking a stimulus package worth anywhere from $850 billion to over $1 trillion as the Trump administration looks to battle the economic impact from the coronavirus pandemic, according to a source familiar with the matter.
An administration official said the package could include:
- $500 billion to $550 billion in direct payments or tax cuts
- $200 billion to $300 billion in small business assistance
- $50 billion to $100 billion in airline and industry relief
Potentially $250 billion of the package could go toward making direct payments to Americans, a White House official told The Wall Street Journal on Tuesday. Treasury Secretary Steven Mnuchin said millionaires are unlikely to be among those who receive relief in the form of direct payment.
“Americans need cash now,” Mnuchin said during a White House press briefing on the administration’s latest efforts to combat the disease. “I mean now in the next two …continued .
[Source: CNBC News]