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Trump, Mnuchin 'Like' the Idea of Sending Cash Payments to Most Americans

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Treasury Secretary Steven Mnuchin said Tuesday the federal government is looking to “immediately” send cash payments to most Americans to help address the economic impacts of the coronavirus outbreak.

During a news briefing from the White House, President Donald Trump said his administration is working with Congress to pass a “big, bold package.”

“We could keep going back [to Congress] every day or every week,” the president explained, but what Senate Majority Leader Mitch McConnell and other lawmakers told him is it would be better to “go big.”

Mnuchin described the stimulus plan that the administration is currently working on as “very significant.”

“You can think of this as something like business interruption payments for the American workers,” the treasury secretary said.

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“We’re looking at sending checks to Americans immediately,” Mnuchin said. “Americans need cash now, and the president wants to get cash now, and I mean now in the next two weeks.”

The Trump official did not specify how much the payments would be, but said the administration is looking to do more than the figure that has been talked about in the media, which has widely been reported to be $1,000.



Asked if there will be income restrictions regarding who gets the checks, Mnuchin responded, “I think it’s clear, we don’t need to send people who make a million dollars a year checks.”

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But overall, the concept of sending Americans an immediate cash payment is “one of the ideas that we like,” Mnuchin said, though it’s possible that a payroll tax holiday may follow in the future.

“I think we’re going to do something that gets money to them as quickly as possible,” Trump said.

“That may not be an accurate way of doing it because obviously some people shouldn’t be getting checks for a thousand dollars,” he conceded. “We’ll have a pretty good idea by the end of the day what we’re going to be doing.”

Mnuchin also announced other measures, including direct financial aid to the nation’s airlines.

“This is worse than 9/11 … for the airline industry,” Mnuchin said. “They are almost ground to a halt.”

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“The airline industry will be in good shape,” Trump interjected.

The administration is also planning to allow Americans to defer tax payments with no interest or penalties for 90 days.

Mnuchin said Americans should file by the April 15 deadline, but those individuals owing up to $1 million, and corporations up to $10 million, can delay their payments for the three-month period.

The move will allow more cash to stay in the economy and delay the expense of paying taxes on businesses.

Trump further stated there are no plans to shut down the financial markets in New York as a result of the coronavirus outbreak, so people will continue to be able to buy and sell stocks, as well as access their 401(k) retirement accounts.

Trump believes the economy will “pop” when the coronavirus outbreaks ends.

“One day we’ll be standing possibly up here, we’ll say, ‘Well, we won,'” the president said. “As sure as you’re sitting there, we’re going to say that. … I think we’re going to win faster than people think, I hope.”

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Randy DeSoto has written more than 1,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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