Congressional leaders and the White House are working on different proposals to try to blunt the impact of COVID-19 on the U.S. economy and it’s expected a package could be voted on next week.
Treasury Secretary Steven Mnuchin said today that the White House wants to send most Americans $1,000 within three weeks and an additional $500 per child to counter the rapidly declining economy. A J.P. Morgan Chase analyst forecast that the U.S. economy could shrink by 14 percent between April and June, which would be the worst quarterly decline since World War II.
The cash payments to many Americans would total $500 billion and is part of a $1 trillion economic stimulus plan that the White House and Senate Republicans are working on. The administration is also proposing measures to help small businesses, including nonprofit groups, obtain loans and creating an emergency lending program for airlines.
House Democrats are countering with their own fiscal stimulus plan which is expected to include additional unemployment insurance payments, expanded Medicaid coverage, an airline bailout proposal and assistance for small businesses, according to sources that spoke to POLITICO. House members are working from their home districts this week but Pelosi is working with top deputies to put together a plan that could be negotiated with the Senate and President Trump.
“This bill will be crafted in consultation with the public health, labor, nonprofit and business communities, so that we can deliver the most effective, evidence-based response,” Speaker Nancy Pelosi (D-CA) said yesterday. “Time is of the essence, and the House will move swiftly to protect public health and provide relief for the American people.”