Business
Trump: Next Stimulus Package Will Be ‘Very Generous’
The Trump administration is moving closer to provide additional financial assistance in the form of another stimulus package to Americans still reeling from the economic downturn caused by the coronavirus.
Speaking with Scripps reported Joe St. George, President Trump said he was in favor of a second stimulus check. However, he declined to answer when asked about the amount of the check.
“We will be doing another stimulus package. It'll be very good, it'll be very generous. I think it's going to be bipartisan,” said Trump before adding, “I think it's going to be over the next couple of weeks probably.”
Another Round of Stimulus Assistance
Larry Kudlow, an economic adviser to the White House, appeared on Fox Business yesterday. He didn’t come right out and say that President Trump will approve another round of checks. However, he did say that the option was on the table.
“I think the tax rebates or the direct mail checks are on the table,” said Kudlow, “This is all pre-decisional, that’s a lot of discussions going on. Probably we would want to target those to those folks who lost their jobs and are most in need. That’s a speculation on my part, but that’s where I think this is going.”
Other ideas being considered by the administration include a payroll tax cut and. lowering the capital gains tax rate. These ideas also include protections for businesses from coronavirus-related liabilities. They do so as they bring back workers and a return of the full deduction for business meals and entertainment.
Treasury Secretary Steve Mnuchin, speaking during a GOP event yesterday, said that the administration is looking for ways to specifically create more jobs and help get people working again.
“We’re talking about a bunch of different ideas that we may need to do in another bill, and we want to take our time and make sure we’re thoughtful,” Mnuchin told those in attendance. “So whatever we do it’ll be much more targeted, much more focused on jobs, bringing back jobs and making sure we take care of our kids.”
Rewarding People Who Come Back to Work
Many Republican lawmakers are hoping to move away from an additional stimulus package that rewards unemployment. They also don’t want to renew the $600 weekly unemployment bonus when it expires at the end of July.
“We've got to reward individuals for coming back to work,” Kudlow said recently. “There will be some kind of re-employment bonus. We're not going to go to the $600, that's a disincentive to work.”
Kevin Brady, the highest-ranking Republican on the House Ways and Means Committee, has proposed a one-time lump payment of $1,200. He also proposed the alternative two weekly payments of $600 to current recipients of unemployment benefits that find work.
Another idea is to provide weekly checks above and beyond their regular wages to workers to get back in the workforce. Ohio Senator Rob Portman wants to provide $450 weekly through July 31 to encourage laid-off workers to return to work.
The earliest any new legislation would be early July according to the White House. This will come with the Senate on a two-week summer recess until July 20.
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