President Donald Trump is asking Congress to approve an $850 billion emergency stimulus package to help Americans cope with the economic fallout of the coronavirus pandemic.
Treasury Secretary, Steve Mnuchin will outline the package with Senate Republicans Tuesday, hoping to have it approved this week. The administration wants the stimulus checks delivered to citizens “immediately.”
“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.”
This proposed emergency stimulus package is larger than the 2008 bank bailout under the Obama administration, which totalled $787 billion. Contrastingly to the bank bailout, Mnuchin said that millionaires would not receive the stimulus package, though did not say exactly how much citizens would receive – only that the amount would be “significant.” Upon hearing the news, the Dow jumped nearly 1,000 points after historic losses on Monday.