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Coronavirus: US Releases $1tn Support Package To Citizens

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US Treasury Secretary says he supports sending money directly to Americans as part of a $1tn (£830bn) stimulus aimed at averting an economic crisis caused by the .

Steven Mnuchin
Steven Mnuchin

“We’re looking at sending cheques to Americans immediately,” he said.

The $250bn (£207bn) in cheques are part of a huge aid package which the White House is discussing with Congress.

It follows widespread school and shop closures as the number of coronavirus cases in the US passes 5,200 people.

The US has been debating how to provide relief as activity grinds to a halt in response to curfews and other measures intended to slow the spread of the virus.

A $1tn aid package – roughly the size of the entire UK budget – would be larger than the US response to the 2008 financial crisis, amounting to nearly a quarter of what the US federal government spent last year.

In addition to the $250bn in cheques for families, the plan includes a bailout for airlines and hotels, among other measures. The proposal must be approved by Congress to move forward.

Separate from the $1tn package, Mr Mnuchin said the government would also allow companies and individuals to delay their tax payments for 90 days.

“We look forward to having bipartisan support to pass this legislation very quickly,” he said.

Samuel Nelson
OduNews on Google News

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