{"id":142706,"date":"2020-03-17T23:30:50","date_gmt":"2020-03-17T23:30:50","guid":{"rendered":"https:\/\/www.bnreport.com\/white-house-seeks-big-and-bold-coronavirus-stimulus-package\/"},"modified":"2020-03-17T23:30:50","modified_gmt":"2020-03-17T23:30:50","slug":"white-house-seeks-big-and-bold-coronavirus-stimulus-package","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/white-house-seeks-big-and-bold-coronavirus-stimulus-package\/","title":{"rendered":"White House Seeks Big and Bold Coronavirus Stimulus Package"},"content":{"rendered":"

The White House is seeking what President Donald Trump called \u201ca big and bold\u201d coronavirus relief plan, said to be worth at least $850 billion.<\/p>\n

At a press briefing on Tuesday, March 17, Trump said that Treasury Secretary Steven Mnuchin was working with the Senate and the House on a \u201cbig and bold package\u201d to provide relief from the economic fallout of the pandemic. SARS-CoV-2, the virus, started in China last year before spreading around the world. It has caused major disruptions, leading businesses to shutter and sparking fears of an imminent recession.<\/p>\n

\u201cIts going to be big, its going to be bold, and the level of enthusiasm to get something done\u2014I dont think Ive ever seen anything quite like it,\u201d Trump said.<\/p>\n

\"Epoch
\"Epoch President Donald Trump listens to Secretary of the Treasury Steven Mnuchin speak during a briefing about the coronavirus in the press briefing room at the White House in Washington on March 17, 2020. (Drew Angerer\/Getty Images)<\/figcaption><\/figure>\n

Asked about whether the White House stimulus package would stress spending over tax relief, Mnuchin said that while the administration favors tax relief in principle, the urgency of the situation demands quick action that will put cash into the hands of individuals and businesses amid virus-related shutdowns.<\/p>\n

Mnuchin said, \u201ca payroll tax holiday would get people money over the next six to eight months, and were looking to send checks to Americans immediately.\u201d<\/p>\n

\u201cAnd what weve heard from hard-working Americans, many companies have now shut down, whether its bars or restaurants, Americans need cash now, and the president wants to get cash now\u2014and I mean now, in the next two weeks,\u201d Mnuchin added.<\/p>\n

\u201cWere looking at getting people money as quickly as possible,\u201d Trump added. \u201cWell have a pretty good idea by the end of the day what were going to be doing.\u201d<\/p>\n

\"Epoch
\"Epoch President Donald Trump speaks as administration officials listen in the press briefing room at the White House in Washington on March 17, 2020. (Drew Angerer\/Getty Images)<\/figcaption><\/figure>\n

Mnuchin planned to outline the roughly $850 billion package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week,\u201d The Associated Press reported<\/a>. Senate Majority Leader Mitch McConnell, opening the Senate on Tuesday morning, promised swift action.<\/p>\n

\u201cThe Senate will not adjourn until we have passed significant and bold new steps above and beyond what the House has passed to help our strong nation and our strong underlying economy weather this storm,\u201d McConnell said.<\/p>\n

The package Mnuchin is pitching to Senate Republicans on Tuesday includes payments to small businesses, loan guarantees for airlines and hotels, and business interruption payments for workers.<\/p>\n

\u201cWell be looking for support for small- and medium-sized businesses. Well be looking for support for certain industries that weve talked about that are particularly hard hit. Ive talked about airlines, hotels, others. And we will be looking at a general stimulus,\u201d Mnuchin told reporters Monday evening, The Hill reported<\/a>.<\/p>\n

Mnuchin was asked by a reporter at the March 17 briefing to specify how much the stimulus package was worth.<\/p>\n

He declined to provide specifics, saying only that \u201cI will be previewing that with the Republicans, there are some numbers out there, they may be a bit bigger than whats in the press.\u201d<\/p>\n

Multiple reports earlier in the day cited anonymous officials familiar with the matter, who claimed that figure was $850 billion.<\/p>\n

The <\/a><\/p>\n

The Epoch Times<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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