White House says it could get on board with second round of stimulus checks


  • White House chief of staff Mark Meadows said Monday the White House could support another round of stimulus checks for Americans.
  • He also introduced other measures that President Donald Trump supported, such as a payroll tax cut.
  • Republicans in Congress and the White House are divided on whether to endorse a second round of direct payments.
  • Democrats have said they support sending more $ 1,200 stimulus checks.
  • Visit the Business Insider home page for more stories.

Mark Meadows, the White House chief of staff, said Monday morning that the White House could join another round of direct payments to Americans, given President Donald Trump’s support for the measure.

Speaking to reporters, Meadows also opened the door to other proposals that the president has supported, such as reducing payroll taxes, to be included in another financial aid package to be discussed later this month.

“I think the president has been very clear that he supports another stimulus check,” Meadows said. “And yet, at the same time, we want to make sure that we’re addressing things in a real, systemic way, whether it’s to make sure that the net check for every American is higher with a payroll tax deduction, whether it’s makes sure we provide incentives for American manufacturing to be brought in from abroad. “

The comments reflected the debate between Republicans and the White House about another round of stimulus controls for Americans. Trump reportedly told attendees that he supports that plan, but Republicans in Congress are divided over it.

Read more: JPMORGAN: The coronavirus crisis has decimated one of the safest defenses long-term investors have against falling stock markets. Here are 4 ways to swing your portfolio now.

In a Fox Business interview on Wednesday, the president appeared to approve additional direct payments to Americans.

“Yes. I support it. But it has to be done correctly,” Trump said when asked about his position. “And I actually support larger numbers than the Democrats. But it must be done correctly.”

He then discussed the Republican Party’s concerns about unemployment benefits that discourage work, making it clear exactly what kind of federal aid Trump would support for people.

Senior White House officials have split over the measure. Treasury Secretary Steven Mnuchin expressed support for sending a second round of direct payments, while Larry Kudlow, director of the National Economic Council, said stimulus checks could go to people who have lost their jobs.

Read more: GOLDMAN SACHS: Buy these 13 stocks that are poised to crush the market in the next 2 weeks as the earnings season begins

The first round of payments under the Care Act, enacted in March, went to 150 million American households.

Meadows said Mnuchin would lead the negotiations on behalf of the Republicans, a similar dynamic that led to deals with Democrats on four bipartisan aid bills at the start of the coronavirus pandemic.

The largest of them, the $ 2 billion Care Act, sent $ 1,200 stimulus checks to many Americans, created a $ 600 federal supplement for unemployment benefits, and sent emergency funds to health systems and state governments . It also created the Paycheck Protection Program to help small businesses.

Since March, many Republicans have urged a wait-and-see approach before passing another major economic relief bill to inject more cash into the economy. Lawmakers on both sides have so far authorized more than $ 3 trillion in federal spending.

Read more: Bank of America identifies 3 indicators that could make or break the stock market this summer, and warns that they are all deteriorating rapidly

Economists have said the unemployment rate will remain high for many months and that lawmakers should not withdraw federal aid before the economy is healthier. Democrats have expressed their support for sending a second round of stimulus checks and keeping more unemployment aid early next year.

The latest jobs report, released Thursday, said the economy added 4.8 million jobs in June and the unemployment rate fell to 11.1% from 13.3%. However, the loss of permanent jobs increased by 588,000, bringing the total to 2.9 million.

The economy has about 15 million fewer jobs than in February. Republicans have said they are determining what measures to push based on the latest data, although it has been mixed.

“If it turns out that the economy is recovering, that’s a good thing, and direct stimulus checks may not be necessary,” Louisiana Senator Bill Cassidy told the Wall Street Journal last week. “And so I think we are still compiling, understanding the data as it comes out.”

Read more: ‘I am buying property with 100% other people’s money’ – here is the creative real estate investment strategy that Josiah Smelser used to complete nearly $ 4 million in business in the last 12 months