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Trump administration supports 2nd round of stimulus checks: Mnuchin

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  • Mnuchin said the administration supported another round of stimulus payments and said they could be deposited into bank accounts rapidly.
  • “We can get that into hard-working Americans’ bank accounts very, very quickly. The level and the criteria, we’ll be discussing with the Senate,” Mnuchin said in a CNBC interview.
  • The federal government has sent 160 million direct payments, with the vast majority made between April and May.
  • Visit Business Insider’s homepage for more stories.

Treasury Secretary Steven Mnuchin said on Thursday that the Trump administration supports another round of stimulus payments.

“We do support another round of economic impact payments,” Mnuchin said during a CNBC interview, referring to another name for the stimulus checks. “We can get that into hard-working Americans’ bank accounts very, very quickly. The level and the criteria, we’ll be discussing with the Senate.”

The remarks from Mnuchin represent a shift in the administration’s position on a second round of direct payments. Last month, Mnuchin said the White House would “seriously look” at the prospect of additional government checks for Americans.

And earlier this week, White House chief of staff Mark Meadows signaled the White House could get on board with more stimulus checks.

The White House did not immediately respond to a request for comment.

In March, Congress authorized a wave of $1,200 direct payments for individuals earning up to $75,000 a year, and the size of the check gradually diminished until it phased out entirely for those making above $99,000 annually.

Read more: UBS has compiled an investing playbook for all the possible election outcomes. Here are the 6 trades it recommends to profit from a Trump triumph — and 10 for a Biden blue wave.

Within a month, around 128 million Economic Impact Payments were sent by May 11, the IRS said in a press release at the time. And nearly 160 million payments have been made so far.

President Donald Trump backs a second round of direct payments, along with Mnuchin. Congressional Republicans have been divided on the idea up to now, but there are signs that opposition is softening.

GOP lawmakers are weighing whether to narrowly target another round of direct payments to lower-income Americans, The Washington Post reported. Senate Majority Leader Mitch McConnell floated a $40,000 income cap on Monday to limit eligibility to people he said were among the hardest-hit in the economic fallout of the coronavirus pandemic.

“I think the people who have been hit the hardest are people who make about $40,000 a year or less,” McConnell said. “Many of them work in the hospitality industry.”

Other top administration officials have been skeptical of approving another government payout for Americans. At the end of June, White House National Economic Council Director Larry Kudlow said direct payments could go to “people who lost their jobs and are most in need.”

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