Steven Mnuchin, Secretary of the Treasury of the United States, announced that the Government of Donald Trump plans to send “checks” with cash citizens to contain the economic impact of the COVID-19 coronavirus in that nation, as disclosed americadigital
By Miami Diario Newsroom
At a press conference in the Casa Blanca, Mnuchin explained that "we are studying sending checks to Americans immediately."
To justify the proposal, Mnuchin indicated that “Americans need cash now; and I mean in the next two weeks”, he pointed out when explaining some of the proposals of the multi-billion dollar fiscal stimulus package that will be presented to Congress.
One thing to consider is that the US media have anticipated that eThe fiscal package could exceed 850.000 million dollars between deferrals of tax payments, assistance to sectors especially affected such as airlines or hotels, and the delivery of cash to citizens.
It should be noted that Mnuchin emphasized the commitment of keep financial markets open; although he acknowledged that "at some point it may be necessary to reduce the hours" of operation.
The Treasury Department and the Federal Reserve had announced new exceptional measures to increase the liquidity of the financial markets for more than 500.000 million dollars; in the face of the tensions generated by the rapid expansion of the coronavirus.
“We are going to be ambitious and daring”; Trump himself remarked at the same press conference.
Last night, @US_FDA Announced groundbreaking new policies empowering states to expedite Coronavirus testing.
- The White House (@WhiteHouse) March 17, 2020
The truth is that the proposal must be discussed and approved by the US Congress, where the Democratic opposition controls the House of Representatives and the Republicans, the Senate.
The US president admitted on Monday that it is “possible” that the US economy is headed for a recession given the magnitude of the measures adopted to curb the spread of the epidemic; These include the restriction of international travel, the cancellation of massive events and the closure of bars and restaurants.
850.000 million dollars in fiscal package
In order for businesses and taxpayers to face the coronavirus crisis, the White House will propose this economic rescue package of 850.000 million dollars. This is a stimulus measure not seen since the global financial crisis.
It is noteworthy that Treasury Secretary Steven Mnuchin will present the package to Republican senators; with the intention of having it approved by Congress in the coming days.
The measure is expected to provide a bailout for small businesses and airlines and include a big tax cut for wage earners.
Due to this situation, the Donald Trump administration hopes that Congress will approve the measure this week; in their attempt to contain the economic fallout from the serious upheaval in American life caused by the epidemic.
White House officials presented a preliminary report to senators on Monday night and hinted that they would like to see it approved as soon as possible.
As is known, the coronavirus pandemic has infected more than 185.000 people and killed more than 7.300 worldwide.
With information of: americadigital
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