Trump reportedly supports sending another wave of $1,200 stimulus checks because he believes it will help him win re-election

News
Donald Trump Tulsa

Trump reportedly expressed support for another wave of direct payments to Americans, according to The Washington Post.
He believes that the measure could help him win re-election later this year.
The White House remains divided on whether another round of stimulus checks should be included in an economic relief package set to be debated in July.
Research indicates the money helped Americans make ends meet by being able to afford groceries and rent payments.
Visit Business Insider’s homepage for more stories.

President Donald Trump reportedly supports sending Americans another round of stimulus checks, as he believes it will strengthen his odds of winning re-election and boost the economy, The Washington Post reported on Tuesday.

The newspaper cited three sources familiar with the administration’s internal deliberations. Up to now, the Trump administration hasn’t adopted a clear stance on the measure, given emerging rifts within the White House over the prospect of sending additional federal cash straight to Americans.

Treasury Secretary Steven Mnuchin opened the door to more direct payments earlier this month, and he supports that initiative, The Post reported. But other administration officials such as National Economic Council Director Larry Kudlow have expressed skepticism about cutting government checks to people en masse again.

The White House did not immediately respond to a request for comment.

Back in March, Congress and the Trump administration authorized sending $1,200 stimulus checks to people earning under $75,000 a year, plus an extra $500 for dependent children, under the CARES Act. Over 159 million Americans received the direct payments through the beginning of June, per the Internal Revenue Service.

Economists say the federal money helped shore up people’s finances as unemployment surged to record levels. A study from the Kellogg School of Management at Northwestern University in early May found the payments had provided relief for people with fewer dollars in their bank accounts.

Much of the spending, researchers said, went toward groceries, rent, and other bill payments.

Read more: A 30-year market veteran explains why we’re in ‘one of the nutsiest bubbles in the history of bubbledom’ — and warns of an ‘underwater’ economy for the next several years

House Democrats included another wave of $1,200 direct payments in the spending package it passed last month, widening eligibility to undocumented immigrants as well as increasing the payment size for dependents. But Senate Republicans immediately shot down the bill, and haven’t proposed an alternative yet.

Congressional Republicans, though, have grown wary of ramping up federal spending to confront the economic fallout of the coronavirus pandemic. Lawmakers have approved over $3 trillion in emergency spending so far.

Last month, Senate Majority Leader Mitch McConnell blasted the provision to send federal cash to undocumented immigrants left out of the initial wave of federal payments. It remains unclear whether the GOP will support more payments, since it has long opposed Trump’s call for another payroll-tax cut.

In an interview with Scripps Network that aired Monday, Trump signaled he was onboard with the idea of more stimulus checks, but he did not give further …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *