PRESIDENT Trump could “soon” approve another $1 trillion in stimulus as the US faces a severe economic downturn amid the coronavirus pandemic.
“We are working on another stimulus package, and that will take place … very soon,” Trump said in a Tuesday interview with Nexstar DC.
Also on Tuesday, Marc Short, Vice-President Mike Pence’s chief of staff, all but confirmed the $1 trillion figure.
“There’s obviously been a lot of stimulus put in the system over the last couple bills and so the price tag for us would be that [$1 trillion],” he said in an interview with Bloomberg Radio.
The stimulus package would include funds for unemployment benefits, a back-to-work tax credit for workers returning to their jobs, a payroll tax cut, liability protections and tax decisions for companies for workers’ restaurant and entertainment expenses, Bloomberg reported.
A decision is expected by the end of July.
White House Chief of Staff Mark Meadows on Monday said President Trump was “supportive” of sending out another around of stimulus checks, but said the POTUS was still undecided.
“I think the president’s been very clear that he’s supportive of another stimulus check,” Meadows said. “And yet at the same time, we want to make sure that we’re addressing things in a real, systemic way, whether that is making sure that the take-home check for every American is greater with a payroll-tax deduction, whether it’s making sure that we provide incentives for American manufacturing to be brought back from abroad.”
Talks of another stimulus package has been ongoing between Republicans and Democrats in Congress and the White House.
Business Insider reported that the president has told aides he supports an additional stimulus plan, however, Republicans in Congress are split.
Trump told Fox Business that he supports larger numbers than the Democrats, but said “it’s got to be done properly.”
Treasury Secretary Steven Mnuchin has also expressed support for another round of federal aid.
According to Business Insider, Democrats have supported sending more stimulus checks at $1,200.
In May, the Democratic-led House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide $875 to bolster states, cities, and towns however the Senate, controlled by Republicans, has not approved it.
The second round of federal aid follows up the first round of payments distributed under the Cares Act, which passed in March.
Under the plan, many Americans received up to $1,200 depending on their income, and additional support to healthcare systems, small businesses and state governments.
Both parties have approved more than $3trillion in federal spending so far