The President held a press conference Tuesday that sent the stock market in the right direction and offered targeted help for Americans.
“We’re looking at sending checks to Americans immediately,” Mnuchin said during a press briefing from the White House. “Americans need cash now, the president wants to get cash now. I mean now—in the next few weeks,” the AP reports.
As the White House held its press conference Tuesday — with President Trump, Vice President Pence, Mnuchin and the coronavirus task force present. The Dow rallied 1,000 points, after sustaining historic losses on Monday. The Dow went down almost 3,000 points yesterday.
“The president has instructed me we have to this now,” Mnuchin added, though did not give specifics, except to say that the amount would be significant and that millionaires would not receive it.
We don’t know the amount but $1,000 a month has been bandied about.
If it’s Cotton’s plan of targeted relief, that it could be a good idea, but if it’s Romney’s willy-nilly plan, it isn’t.
The President is currently in negotiations with lawmakers to approve a new $850 billion rescue package over the China virus and oil war fallout.
Mnuchin, however, won’t extend the tax filing deadline, but payments can be deferred. The government does need the money and many get refunds. He told Americans they can defer payments to the IRS of up to $1 million for 90 days.
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President Trump also wants a payroll tax cut and an airline bailout.
It will be the third bailout in a month, and there will likely be a lot of pork once again. We were $3.5 trillion in debt and will quickly jump to about $25 trillion with no one talking cuts.
The China virus could last until August, the President says.
NEW: Treasury Sec. Steve Mnuchin: "We're looking at sending checks to Americans immediately…and I mean now, in the next two weeks."
Mnuchin declined to name an amount. https://t.co/fGuwrsbtfV pic.twitter.com/n8vtFOlZv9
— ABC News (@ABC) March 17, 2020
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