Trump administration warms up to sending out more coronavirus relief money

President Donald Trump and his advisors showed more support for a new round of coronavirus relief spending this week as economic damage from the pandemic mounts. 

The president on Thursday said, “I think we’re going to be helping people out” and “getting some money for them” as tens of millions of Americans lose paychecks and businesses struggle to survive with public health restrictions still in place in much of the country. He added that the U.S. could take “one more nice shot” at stimulus. 

Trump’s advisors have echoed his sentiment. On Friday morning, economic advisor Kevin Hassett told CNN that another round of aid is “pretty likely,” saying he believes “it’s coming sooner rather than later.” 

Treasury Secretary Steven Mnuchin said Thursday that he sees a “strong likelihood” the U.S. will need more stimulus.

Support has mounted in the White House as Congress fails to strike a consensus on how to lift a U.S. economy collapsing under the weight of the pandemic. More than 38 million people have filed jobless claims since the crisis started, and second-quarter GDP is expected to plunge. 

Democrats have pushed for an immediate, sweeping plan to push more spending money to individuals, expand the social safety net during the crisis and make voting safer by expanding mail-in ballot access. The House passed a $3 trillion relief package last week. 

After downplaying the need for more federal spending, the GOP-held Senate has started to open the door to a more narrow aid proposal. Senate Majority Leader Mitch McConnell told Trump this week that the next bill should not cost more than $1 trillion, according to Axios. The president has generally showed more comfort with free spending than his Republican allies in Congress. 

Policymakers will, of course, have to pin down a lot of details. Democrats have pushed for a second stimulus check to individuals of up to $1,200, and Trump appears to have embraced the idea. Congressional Republicans already backed direct payments once in March. 

Article source: https://www.cnbc.com/2020/05/22/coronavirus-stimulus-trump-wants-to-send-out-more-relief-money.html