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.
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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I heard Rand Paul on an interview w/Sean Hannity on radio today say that this has NOT be decided upon and it may be for a certain segment. Don’t spend it before you get it. This country is in huge debt.
This is a masterful stroke of sound finance and political skill. This puts money in the pockets of working-class Americans at a time they really need it. If it costs 2-3 Trillion then it will a far better investment than blowing up stone-age savages with million-dollar bombs. Numbskull Bush could have ended the mortgage crisis by simply offering to refinance every damn mortgage for 3%. The Great Recession would have ended in 6 months. The only downside would be the fool McCain would have won the 2008 election, but as critical as I am of McCain he would have been an improvement over Ovomit.
Let’s hope it’s only for working “Americans” that need help the most.
UUHHH i’am confused, who would qualify for this handout??? people that have lost jobs because of shutdowns? homeless? snowflakes living in mom and dads basement??
If you are 18 and breathing and swear under perjury you have been hurt by the ChiCom WuHan Virus attack you’ll get the money. Keep it simple and dispense with the bullshit bureaucrats. If it were me I’d hand it out in cash in envelope with Trump’s picture on it.
Why is it after Every press event the people in that room have to “heckle out questions”.
The problem with some industries at times like these is during very profitable times they load up on debt, rather than keeping the business on sound financial grounds. Apple is unique among many companies and able to weather times like these. Many Americans have the same problem with similar financial situations. Whether it’s the business or public, few will plan longer term strategies. It’s times like this when ‘easy come – easy go’ doesn’t work very well.