Economic Stimulus Balloons to More than $1 Trillion

“The government’s economic stimulus is set to quickly balloon into trillion-dollar territory in the coming days, the largest rescue in modern American history, as major industries flood the Trump administration and Capitol Hill for aid while huge swaths of the economy stall from the coronavirus crisis,” Politico reports.

“Treasury Secretary Steven Mnuchin will meet with Senate Republicans behind closed doors on Tuesday to present lawmakers with options for aid to airlines, hotels, casinos and small-to-medium-sized businesses.”

Playbook: “This is a recognition of a few realities: Number one, the administration’s initial cure for the melting economy — a payroll tax cut — would not take hold quickly enough, and faced uncertain prospects on Capitol Hill. Number two: Republican senators like Mitt Romney of Utah and Tom Cotton of Arkansas support direct payments to taxpayers, suggesting the GOP will go along. And number three: This is, theoretically, a way to bring Republicans and Democrats together quite quickly. Mnuchin suggested the checks would be means-tested — he said people making $1 million a year would not get a check.”