Trump Wants to Pump $1 trillion into US Economy: Pay Cash

As the stock markets reel from the after-effects of coronavirus hitting the US and European continents, Pres. Trump urged Congress to consider a plan that would pay cash to Americans in order to pay bills.

Treasury Secretary Steve Mnuchin said US could pour $1 trillion into the US economy to fight the economic effects of social distancing, which has led to school closures and shutdown of businesses. As economic forecasts look grim, recession seems unavoidable.

Initially, Trump proposed a payroll tax holiday, yet lawmakers including GOP members, expressed concern, as it would only help those who continued to have jobs.

Therefore, Trump is now seeking to come up with cash to give Americans directly. Trump also wants to make sure airlines stay in business, stating he would not want people to lose jobs or not having money to live.

Even the conservative republicans are choosing to consider the importance of taking the hit on the deficit, stating that although it is not their normal prerogative, the situation is so dire, that it was not the time to be fiscally cheap.

Senate Minority Leader, democrat Chuck Schumer of New York, has unveiled a proposal to send $750 billion to various sectors to include emergency health care workers and first responders, medicine, and food delivery systems for seniors, and for public transportation assistance.

In response, stock markets responded positively, showing a rise in the Dow Jones and Standard & Poor’s 500 after such news.


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