Investing.com – The U.S. federal government is looking to get cash into the pockets of Americans as fast as possible to cushion an economy hit by Covid-19, Treasury Secretary Steven Mnuchin said Tuesday.
“(W)e’re looking to send Americans checks now,” Mnuchin said, adding that that would preferably be within two weeks. He said details would come later after discussions with Congressional Republicans.
President Donald Trump likes the idea of a reduction of a payroll tax, but he and Mnuchin said that wouldn’t have an impact soon enough as damage of the virus continues.
“We’re going big,” Trump said.
“We don’t want people losing their jobs or not having money to live when they were doing very well just four weeks ago,” he added.
Investors cheered the remarks as the S&P 500 continued to climb, gaining 6% to an intraday high.
Breaking: Mnuchin Says Government Wants to Send Stimulus Checks
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