March 16, 2020

Cash Handouts Are Gaining Support in Congress as Best Virus Fix
(Bloomberg) -- Cash handouts to all American households are gaining support in Congress as the best way to shore up an economy brought to a near-standstill by the coronavirus.Republican Senator Mitt Romney gave his backing to the idea on Monday, proposing to immediately send $1,000 checks to every adult American, and Republican Senator Tom Cotton also said he is working on legislation that would provide cash stipends. Several House Democrats also back sending checks as the best way to help households.Among economists, the idea of across-the-board cash handouts as a response to the epidemic has been rapidly gaining support. That’s mainly because the scale of the shock has become much clearer, as swaths of the economy -- from air travel to bars and restaurants -- essentially shut down.As a result, analysts worry that some of the virus-relief proposals already in the pipeline will be too narrow.A bill to expand paid sick leave, for example, is now awaiting a vote in the Senate, but many service-industry employees will be stuck at home because their workplace is closed, not because they’re ill. And people in temporary work may be excluded.Sending checks to all Americans would also help households keep current with bills, from rent to payments due on various kinds of loans, while the economy powers down. It’s a way of ensuring that people don’t lose their homes or see their credit scores tumble because of a severe but temporary downturn caused by an epidemic.The checks could also help prevent loan defaults, which can ripple through the financial system and cause further losses as happened during the 2008 crisis.The White House is interested in the idea. Treasury Secretary Steven Mnuchin, who brokered the most recent coronavirus bill with House Speaker Nancy Pelosi, has said the administration might be open to such payments in the form of a refundable tax credit, noting on Fox News Sunday,: “That has certain advantages of we can inject money really quickly.”Democratic Representatives Tim Ryan of Ohio and Ro Khanna of California are proposing to send checks to Americans who earn less than $65,000, which would mean approximately two-thirds of households would qualify. Those checks would range from $1,000 to $6,000 depending on income.Senate Democratic leader Chuck Schumer said Monday he will propose a $750 billion package that would would “mainline money into economy and directly into the hands of families that need it most.”The proposals are an alternative to a payroll tax cut, which President Donald Trump has advocated for in recent weeks. Proponents say it is more effective because it gets the money into taxpayers hands more quickly and doesn’t require someone to be employed to get the benefit.High-profile economists backing stimulus checks as a response include Gregory Mankiw, an economic adviser to President George W. Bush, and his Harvard colleague Jason Furman, who played the same role for the Obama administration.Mankiw wrote in a blog post last week that many Americans don’t have any savings, and it’s hard to identify “the truly needy,” so blanket handouts make sense in the current crisis. “Sending every American a $1000 check asap would be a good start,” he wrote.Read more: Why Central Banks Can’t Fight a Virus Slowdown Alone: QuickTakeFurman made a similar proposal in a March 5 article in the Wall Street Journal, calling for payments of $1,000 per adult and $500 for each child. He said sending out checks is a better fix than payroll-tax cuts, which Furman said would be “too slow and dispersed.”However, taxpayers may not see cash in their bank accounts immediately, said Mattie Duppler, a senior fellow at the National Taxpayers Union, said. Stimulus checks sent out in 2009 as a response to the financial crisis took more than two months to reach taxpayers -- President Barack Obama signed it into law in February and checks hit the mail in May.”Seventy days is a long time right now,” Duppler said.To contact the reporters on this story: Ben Holland in Washington at bholland1@bloomberg.net;Laura Davison in Washington at ldavison4@bloomberg.netTo contact the editors responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net;Margaret Collins at mcollins45@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Politic
Mary Trump 'energized' as uncle 'Donald's campaign spirals into chaos'
Mar 29, 2024
Donald Trump's campaign is in chaos, and his niece says she's energized.Mary Trump, the niece of the former president and a psychologist by trade, has previously been critical of her uncle.On Thursday, she said her uncle's failures are adding up.ALSO READ: A neuroscientist reveals how Trump and Biden's cognitive impairments are different"As the RNC’s fundraising falters and Donald’s campaign spirals into chaos, I am energized!" she said in a Substack post.She then continued:"When Donald dominates the news cycle, it’s hard not to feel overwhelmed. Every bad headline has a negative impact. But then I remember something crucial: There’s usually more to the story than meets the eye. I’m determined to cut through the media noise and share with you all the good that happened this week. These are the headlines we need to remain energized and hopeful that the media largely ignored."Mary Trump goes on to highlight President Joe Biden's recent fundraising hauls."President Biden’s $155 million+ war chest has just received another turbo boost, bringing the total of cash on hand to at least $180 million. (By comparison, between his campaign and the RNC, Donald barely has over $50 million — and continues to drain the accounts to cover his absolutely staggering legal expenses)," she wrote. "This is a development that could significantly increase Biden’s ability to influence the narrative in crucial swing states."This, she says, also tells us a lot about voter excitement for Biden."While critics have expressed doubts about the degree to which the Democratic base is fired up as compared to 2020, today’s $25 million fundraiser, raised with donations ranging from $250 to $500,000, should put any doubts to rest — yes, we are absolutely behind President Biden and Vice President Harris and we’re in this fight until the end," she wrote.Read the full post here.
READ MORE
Celebrity News

> Latest News in Media

Watch It
Ruby Franke’s Husband REVEALS Alleged Rules He Had to Follow at Home | E! News
March 28, 2024
_mU-3lE2QwI
#KenanThompson speaks out following the #QuietonSet documentary. (🎥: Tamron Hall Show) #shorts
March 28, 2024
8AGP-Gfw_Ek
King Charles Shares "Great Sadness" at Missing Royal Appearance | E! News
March 28, 2024
lyizFqf1kQY
Martha Reeves Walk of Fame Ceremony
March 27, 2024
QzyezumEPtQ
Eminem, 50 Cent & Snoop Dogg Present Dr. Dre with a Star on the Walk of Fame
March 19, 2024
4bNLs1hxVp8
Opening Remarks for the Variety Summit October 20th, 2023 Jay Penske
March 18, 2024
c6Z707iLq8E
Montell Jordan Dishes On Young MC Wedding, 'This Is How Date Night' Plans | TMZ
March 28, 2024
G3SMExj-qio
Davina Potratz Says TV Not Helping 'Selling Sunset' Relationship Woes | TMZ
March 28, 2024
D4piy4GNm4k
Logan Paul Rips Graham Bensinger Over Documentary, You Promised Apple TV+ | TMZ Live
March 28, 2024
NiSDpZhZklQ
Prince William pinned royal medal to Spice Girl Mel B’s boobs #shorts
March 28, 2024
O1cQ0UW9pco
Jennifer Garner shares ‘hard’ part of raising her and Ben Affleck’s kids
March 28, 2024
3Q7mZaVUdgc
50 Cent's ex Daphne Joy named as an alleged sex worker in Sean ‘Diddy’ Combs lawsuit #shorts
March 28, 2024
yhLFI8DG9rM
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
28
Mar
CHAMPIONS LEAGUE: Playoffs - Women
PSG W - Hacken W
28
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Barcelona W - SK Brann W
27
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Chelsea W - Ajax W
27
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Lyon W - SL Benfica W
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.