Donald Trump’s $850 BILLION rescue plan: Treasury Secretary Steven Mnuchin to ask for massive spending to save the economy even before Senate considers initial paid leave plan
- Donald Trump wants $850 billion more in phase three of an economic stimulus package to combat uncertainty in the wake of the coronavirus outbreak
- Much of this could be Trump’s desired payroll tax cut, which is controversial among lawmakers on both sides of the aisle
- Treasury Secretary Steven Mnuchin is heading back to Capitol Hill Tuesday to request Congress consider the next steps for the economic stimulus package
- But phase two of the package hasn’t even made it through the Senate yet
- Senate Majority Leader Mitch McConnell isn’t rushing phase two and has not asked unanimous consent to bring the bill to the floor earlier this week
- Phase one included more than $8 billion and the paid leave provision in phase two will cost $100 billion
- Coronavirus symptoms: what are they and should you see a doctor?
Donald Trump is now asking for $850 billion or more from Congress in phase three of an economic stimulus package to combat the unstable economy during the coronavirus outbreak.
A large portion of that massive figure is likely to be Donald Trump’s desired payroll tax cut, which didn’t make it into phase one or two due to opposition toward the measure in Congress from both sides of the aisle.
Lawmakers are concerned if they leave Washington D.C., they may not be coming back any time soon, so some are already pondering what needs to be done for phase three of an economic stimulus package before phase two has even made it through the Senate.
‘I don’t think we can assume that we can keep reconvening the Senate every week like we did this week,’ Republican Senator Marco Rubio told Politico Monday. ‘I don’t think we can make that assumption.’
‘With what might happen to airlines or travel schedules, with individual members having to go into quarantine or being exposed – I don’t think we can operate as if we can just bring the Senate and House back whenever we want,’ he continued.
Donald Trump wants $850 billion more in phase three of an economic stimulus package to combat uncertainty in the wake of the coronavirus outbreak
Treasury Secretary Steven Mnuchin is heading back to Capitol Hill Tuesday to request Congress consider the next steps for the economic stimulus package before phase two has even made it through the Senate
Senate Majority Leader Mitch McConnell, however, isn’t rushing phase two and has not asked unanimous consent to bring the bill to the floor sooner this week
Some lawmakers already shut down their D.C. offices or self-quarantined themselves in their home states.
Treasury Secretary Steven Mnuchin is returning to Capitol Hill Tuesday asking for members of Congress to shift focus to another phase of the bill.
Mnuchin and House Speaker Nancy Pelosi engaged in several conversations this month to get phase two at a bipartisan point where Republicans and Democrats would be OK with passing the emergency legislation.
The House made the technical changes necessary to satisfy Republicans to pass phase two off to the Senate late Monday night, but it still isn’t clear when the Senate will get around to voting on the coronavirus relief package.
The hundreds of billions being requested by the Trump administration would help bolster the economy as it faces uncertainty in the wake of the coronavirus crisis.
The markets saw their worst week since the 1980s last week, dropping a few thousand points, with a few moments of reprieve as Trump and lawmakers promised bipartisan action to stimulate the economy.
Phase one of the economic stimulus package was passed quickly and in a bipartisan manner earlier this month and provided $8 billion in emergency funds – and the Joint Committee on Taxation said the paid leave provision in phase two cost $100 billion.
In asking for a new amount that nears $1 trillion, the Trump administration, according to Politico, isn’t concerned with the price tag as long as there is swift action.
The number, Trump hopes, will also help calm the markets.
The markets experienced their worst week since the 1980s last week as investors faced uncertainty in the stagnating economy as people may face weeks without a paycheck as they take sick leave or their businesses shut down
The House began recess this week and will remain on leave until the Senate move to clear the package – which is expected to happen later this week.
Senate Majority Leader Mitch McConnell has made it clear the upper chamber is first focusing on renewing Foreign Intelligence Surveillance Act laws before moving onto the stimulus package.
Some have urged Republicans to reconsider, and ask unanimous consent to move the package to the Senate floor for a vote before FISA.
Thousands of businesses have been forced to close across the nation as coronavirus threats heighten.
The U.S. death toll from the virus surpassed 85 on Tuesday and there are now more than 4,500 confirmed cases.
Investors are concerned as business face struggles from a less active economy and individuals who work hourly or have to take off from work after contracting the virus are worried they won’t receive paychecks during this time.
This is the main measure Congress is considering in the phase two bill – and language in the package attempts to address this struggle.
The paid sick leave measure only applies to government workers or those working for businesses with 500 or fewer employees.
It also gives only two weeks of paid sick leave – or one paycheck – and up to three months of paid family and medical leave, equal to two-thirds of their normal pay.
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