The Trump administration wants to ease the economic drag from the fast-spreading...
WASHINGTON - The Trump administration wants to ease the economic drag from the fast-spreading coronavirus with aid to workers and businesses that will pump hundreds of billions of dollars into the U.S. economy, Treasury Secretary Steven Mnuchin told lawmakers on Wednesday.
The Democratic-led House of Representatives plans to vote on the first phase of aid on Thursday, a bill that includes expanding unemployment benefits for those who have lost work because of the virus-driven slowdown. “This is a little bit like a hurricane,” Mnuchin said, adding the Trump administration was looking at using direct bank deposits or debit cards to give workers money, or reimbursing companies that keep paying employees forced to stay home.
While the tax filing deadline would aid cash flow for squeezed businesses and workers, Democrats have been less receptive to the administration’s idea to halt payroll tax contributions from both individuals and businesses, arguing that it was too broad and would not be effective. Airlines, hotels and cruise lines are the sectors most affected, Mnuchin said. He said Trump felt strongly that U.S. companies needed to be protected, but not bailed out.
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