Coronavirus: Trump to ask US Congress for $850bn economic stimulus after recession warning
Source: Final size of package not yet final, but $850bn is in 'range' being discussed
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Trump administration will ask Congress for an economic stimulus package as large as $850bn to battle the coronavirus amid a national shutdown, one day after Donald Trump warned a recession could be imminent.
A source with knowledge of the administration's thinking confirmed Tuesday morning the White House will ask for a massive economic aid package, but said the final size has yet to be determined. "That is the rage though," the source said of the $850bn figure.
Among other items, the package is expected to include a payroll tax cut and assistance for the US airline industry. The crux of the proposal is to inject cash into the American economy as consumer spending and other key facets of economic life grind to a halt.
A senior Senate Republican source declined to discuss the coming proposal in depth, but did not signal opposition. At least 13 GOP votes would be needed in that chamber to get such a package over its 60-vote threshold to move to a final vote.
Treasury Secretary Steven Mnuchin, Mr Trump's point person on negotiations with Congress on the virus response, is expected to lay out the proposal to Senate Republicans later on Tuesday.
The US House is out of session this week, and leaders would be required to give members 24 hours notice before the chamber would convene for votes on the stimulus bill. The Senate cancelled its planned recess this week and could tee up the measure quickly.
Contrary to popular belief, both chambers can move very quickly to move emergency legislation. That could be on the horizon amid health fears on Capitol Hill, where thousands of staffers work each day amid Mr Trump's Monday warning to limit gathers to 10 people or less.
One hurdle could be Mr Trump's desired payroll tax cut, which relieves employers of some tax burdens that the White House contends would then be passed on to out-of-work hourly employees. Democrats have expressed reservations about the idea, but with the Dow Jones Industrial Average losing around 3,000 points on Monday alone, there is mounting pressure for Washington to build a backstop for the economy.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments