Mnuchin told FOX Business’ Lou Dobbs in an interview on Wednesday that the package would include a second round of economic impact payments “similar” to the ones distributed under the CARES Act.
That means, if you qualified for a check the first time, you would likely be up for a second payment.
The first round of payments were valued at $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples was $150,000 – they were eligible for $2,400 and $500 per dependent.
The benefit phased out entirely for those earning more than $99,000, or $146,500 for heads of household with one child and $198,000 for joint filers without children.
Democratic leadership in the House postponed a vote on a $2.2 trillion relief package on Wednesday. Mnuchin said Republicans were not prepared to approve a package with a price tag that high.
He noted that President Trump instructed Republicans to come up from their original negotiating point of $1 trillion– and suggested that the number being discussed is somewhere in the “neighborhood” of $1.5 trillion.
Democrats had originally proposed a $3 trillion bill.
Mnuchin was expected to have discussions with House Speaker Nancy Pelosi, D-Calif, on Wednesday night, but said he did not expect any meaningful progress to be made until Thursday.
Stimulus Talks Keep Going
As for the developments on stimulus talks, in a late-morning news conference, Speaker of the House Nancy Pelosi said she was hopeful Congress would be able to reach a stimulus agreement with the White House, however, both sides are far apart as it pertains to state and local aid.
Treasury Steven Mnuchin, who is handling negotiations for the Trump administration, told FOX Business late Wednesday, the administration would not agree to the $2.2 trillion stimulus deal put forth by congressional Democrats. Instead, President Trump instructed his negotiators to go above and beyond the Republican’s initial $1 trillion offer, which Mnuchin described as “in the neighborhood” of $1.5 trillion. The plan may also include another round of payments to Americans of $1,200.
Also included in the proposal would be an additional $20 billion in aid for the battered airline industry. On Wednesday, both American Airlines and United Airlines said they would furlough 19,000 and 13,000 employees respectively while Delta is moving to avoid furloughs.
Late Wednesday, Goldman Sachs Group and Allstate announced they would resume layoffs. Goldman will cut approximately 1% of its workforce, or 400 people, according to Bloomberg, which first reported the news.
Allstate Inc. will cut 3,800 jobs, taking a $290 million restructuring charge, as it grapples with record low-interest rates and tries to lower costs.
“Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value,” said Tom Wilson, Chair, President and CEO of Allstate, in a release. “We have expanded transition support for impacted employees including prioritized internal hiring, extended medical coverage, expanded retraining support and help in employment searches.”
This comes as Disney announced plans to cut 28,000 employees.
Childcare, food stamp benefits
The legislation includes spending on other programs designed to help families, such as a proposal to spend $225 billion for education, including $182 billion for schools spanning kindergarten through 12th grade and $57 billion on childcare.
The updated HEROES bill would boost the maximum food-stamp benefit by 15%, a measure supported by anti-hunger advocates.
New data from the Census shows that “23 million adults reported their household sometimes or often didn’t get enough to eat, a marked increase from a similar survey in 2019,” said Robert Greenstein, president of the liberal-leaning Center on Budget and Policy Priorities, in a statement. “Children are being hit especially hard. Households with children are likelier to report difficulty affording food and rent, which subjects children to serious hardships that research shows can have long-lasting, adverse impacts.”