White House to present $1.8T stimulus proposal
UPDATED 12:15 PM PT – Friday, October 9, 2020
The White House is preparing a $1.8 trillion coronavirus stimulus proposal. It will be the largest aid package offered by the administration so far, but falls short of the $2.2 trillion bill passed by the House earlier this month.
Treasury Secretary Steven Mnuchin is expected to present the bill to House Speaker Nancy Pelosi on Friday. Chief economic adviser Larry Kudlow spoke on some of the possible details in the President’s offer.
“I would reckon that some of our key asks (are) small business PPP extension, we need some back up on the unemployment assistance,” he explained. “I think the President approved it because it will include the economic assistance direct mail checks…and I think airlines are going to be in there.”
It’s unclear if Senate Republicans would support the larger proposal, as the last aid package floated in the Senate was about $500 billion.
“I don’t want to step in the middle of the negotiations here, but the developments are very positive,” added Kudlow. “This is breakthrough stuff, and it happened this morning.”