U.S. Treasury Secretary Steven Mnuchin announced that a $1 trillion Republican program to mitigate the economic impact of the CCP (Communist Party of China) virus on Americans would be revealed today, July 27.
The Republican plan calls for a round of $1,200 checks, funding for elementary and secondary schools, and an extension of current unemployment benefits, according to Time Magazine on July 26.
“We are prepared to act quickly,” Mnuchin said after working with Mark Meadows, the White House chief of staff, and other GOP officials on Capitol Hill to rejig the proposal that had been previously opposed.
Mnuchin is counting on U.S. President Donald Trump to “absolutely” support the revised package on July 26. Meadows said the president is committed to releasing the aid.
“The president has been very clear. He wants to make sure that the American people have what they need during this unprecedented time,” Meadows said, adding, “to make sure there is not only money but programs.” He also said his team would continue to work on the other stages of a larger aid project.
The Trump administration seeks to provide up to 70 percent of Americans’ wages who need it, instead of the $600 a week that was being provided, since that amount could discourage them from seeking work.
For their part, Democrats insist on continuing the $600 aid, arguing that it is much easier to calculate.
“The reason we had $600 was its simplicity,” said House Speaker Nancy Pelosi (D-Calif.), adding: “And to calculate 70 percent of someone’s salary. Not everyone among the people earns a salary … They make a salary and sometimes they make a different salary. So why don’t we keep it simple?”
On the other hand, Republican lawmakers are considering tax cuts, even though Democrats are opposed.
“It was very clear that the Democrats were not going to give us a payroll tax cut, so that’s something the president will be looking at again later this year,” Mnuchin said, according to USA Today.
Mnuchin’s announced economic stimulus will be released in stages, depending on the priorities that have been identified.
“Within the trillion-dollar package, there are certain things that have time frames that are a higher priority, so we could look at making a full deal, we could also look at making parts,” Mnuchin added.