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Mnuchin pitches GOP on $1 trillion response package that involves paying Americans directly
By Manu Raju, Clare Foran and Ted Barrett, CNN
Updated 2123 GMT (0523 HKT) March 17, 2020
Washington (CNN)Treasury Secretary Steven Mnuchin on Tuesday pitched Republican senators on a massive economic response package amid the coronavirus crisis with a price tag that is now at a staggeringly high $1 trillion, which would include a first wave of checks to Americans that would cost $250 billion, a source familiar tells CNN.
The eye-popping number underscores the growing fears in the White House and on Capitol Hill that the coronavirus outbreak could send the economy into a damaging recession -- and that aggressive intervention by Washington is needed immediately to reverse course.
LIVE UPDATES: Coronavirus pandemic puts countries on lockdown
The proposal comes on the heels of two major pieces of legislation that lawmakers have pushed to address the growing crisis -- and all told amounts to the most far-reaching economic rescue packages since the financial crisis in 2008.
Treasury Secretary Steve Mnuchin confirmed the figure, saying that at the President's request they've put a proposal on the table that would "inject a trillion dollars into the economy," following the GOP weekly policy lunch on Tuesday.
"It is a big number," he said. "This is a very unique situation in this economy." He said it would be a combination of loans, direct checks to individuals and creating liquidity for small businesses.
Senate Majority Leader Mitch McConnell on Tuesday vowed to keep the Senate in session to approve an earlier relief measure passed by the House and then tackle the next economic stimulus measure, which he described as "phase three."
Asked about concern among Republican members over the House bill, the Kentucky Republican said, "A number of my members think there are considerable shortcomings in the House bill. My counsel to them is to gag and vote for it anyway," he said.
After that, "the Senate will not leave until we have passed yet another bill," he said.
Echoing what the administration is now pushing for, McConnell said "we are examining policy tools to put money directly and quickly into the hands of American families."
By Manu Raju, Clare Foran and Ted Barrett, CNN
Updated 2123 GMT (0523 HKT) March 17, 2020
Washington (CNN)Treasury Secretary Steven Mnuchin on Tuesday pitched Republican senators on a massive economic response package amid the coronavirus crisis with a price tag that is now at a staggeringly high $1 trillion, which would include a first wave of checks to Americans that would cost $250 billion, a source familiar tells CNN.
The eye-popping number underscores the growing fears in the White House and on Capitol Hill that the coronavirus outbreak could send the economy into a damaging recession -- and that aggressive intervention by Washington is needed immediately to reverse course.
LIVE UPDATES: Coronavirus pandemic puts countries on lockdown
The proposal comes on the heels of two major pieces of legislation that lawmakers have pushed to address the growing crisis -- and all told amounts to the most far-reaching economic rescue packages since the financial crisis in 2008.
Treasury Secretary Steve Mnuchin confirmed the figure, saying that at the President's request they've put a proposal on the table that would "inject a trillion dollars into the economy," following the GOP weekly policy lunch on Tuesday.
"It is a big number," he said. "This is a very unique situation in this economy." He said it would be a combination of loans, direct checks to individuals and creating liquidity for small businesses.
Senate Majority Leader Mitch McConnell on Tuesday vowed to keep the Senate in session to approve an earlier relief measure passed by the House and then tackle the next economic stimulus measure, which he described as "phase three."
Asked about concern among Republican members over the House bill, the Kentucky Republican said, "A number of my members think there are considerable shortcomings in the House bill. My counsel to them is to gag and vote for it anyway," he said.
After that, "the Senate will not leave until we have passed yet another bill," he said.
Echoing what the administration is now pushing for, McConnell said "we are examining policy tools to put money directly and quickly into the hands of American families."
