President Trump WILL sign off on a new round of coronavirus stimulus checks, White House sources say – The Sun
PRESIDENT Donald Trump will sign off on a new round of coronavirus stimulus checks, according to White House sources.
Two senior administrative officials told CNBC on Thursday about how the president will allegedly sign off on the new payments to help support the coronavirus-stricken US economy.
The White House released the following statement: “As President Trump has said, we are going to ensure that we take care of all Americans so that we emerge from this challenge healthy, stronger, and with economic prosperity, which is why the White House is focused on pro-growth, middle class tax and regulatory relief.”
A $3trillion stimulus bill, which includes a second round of $1200 coronavirus relief checks, is set to be voted on by The House on Friday.
The vote is set to come as the number of confirmed coronavirus cases across the United States surpassed 1.4million.
It also comes after the US lost 20.5 million jobs in April, surging the unemployment rate to 14.7 percent – its highest level since the Great Depression, according to the Labor Department.
Labor Department data revealed on Thursday that nearly 3million people filed unemployment claims last week.
A Goldman Sachs expert also said the US should expert another coronavirus stimulus check this year.
“Our forecast assumes one more round of payments similar to what the bill proposes,” Goldman Sachs strategist Jan Hatzius said Wednesday.
He was referring to the HEROES Act, which House Democrats pushed in the beginning of this week.
Democrats and Republicans are in a dispute over the bill after it was revealed there was extra funding for abortions and restrictions on deportations buried in the bill, at odds with Republican legislation.
However, critics on both sides say the bill, described as "political messaging only" is unlikely to make it through – resulting in a delay of the second round of relief checks.
Unveiled by Speaker Nancy Pelosi earlier this week, it also includes close to $1 trillion in funding for state and local governments, and an extension to a $600 per week boost in unemployment pay.
Back in March, Senate leaders and the White House reached an agreement over a historic $2trillion stimulus bill to assist the economy.
Eligibility for stimulus payments were determined by past tax returns for either 2018 or 2019.
The agreement called for those eligible to directly receive a one-time payment of $1,200 per adult or $2,400 for married couples who filed taxes together – and $500 per child or qualifying dependents.
Single workers who earn less than $75,000 and married couples earning less than $150,000 were able to get the payments.
The bi-partisan $2 trillion Coronavirus Aid, Relief and Economic Security – or CARES – Act gave financial assistance to millions who have been impacted by the pandemic.
Income limits of the second-round stimulus check match those of the first one when it comes to single filers earning $75,000, joint filers who make $150,000, and Head of Household filers who make $112,500.
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