Senate republicans have pushed aside President Trump’s plan for a payroll tax cut in the upcoming coronavirus relief bill, rejecting one of the key talking points the president has pushed to get the economy humming after months of stagnation, the Washington Post reports.
Here are the provisions of the Republican coronavirus relief plan, according to Treasury Sec. Mnuchin: https://t.co/90eSWBkbTj
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Although Trump has signed he might not sign a new relief bill if the payroll tax isn’t included, Treasury Secretary Steven Mnuchin said on CNBC this morning that the cut will not be in this upcoming bill but may be included in future packages. Mnuchin did suggest there would be another direct payment to families in the bill.
“Let me be clear: We think the payroll tax cut is a very good pro-growth policy, but the president’s focus is he wants to get money into people’s pockets now,” Mnuchin said, adding “the president’s preference is to make sure we send out direct payments quickly so that in August people get more money.”
Senate republicans, however, are expected to approve a cut in increased unemployment benefits, even though first time unemployment claims kicked up by 100,000 to 1.4 million last week, signalling another dip in reopening the economy.