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President Donald Trump said he would support a larger stimulus package beyond the amounts that both parties have put forward so far.
“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” he said in an interview on conservative radio host Rush Limbaugh’s program. “I’m going the exact opposite now.”
“I’d like to see a bigger package,” he said. “I’d like to see money going to people.”
Trump’s remarks come as the White House prepares a $1.8 trillion stimulus package to Democrats, The Washington Post reported. It’s the administration’s biggest offer yet and an increase from a $1.6 trillion package they put forward last week in negotiations between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.
But it’s not yet clear what details vary between their newest plan and the last one. Larry Kudlow, a top Trump economic advisor, told reporters on Friday the new plan would contain another round of direct payments, federal unemployment benefits, small business aid, and an airline rescue.
Trump abruptly ended the talks with a series of tweets on Tuesday, three days after he urged Congress to pass a stimulus bill. It set off several days of headspinning developments with the White House cutting off talks, only to restart them shortly after and aggressively push for a new federal rescue pacakge.
The Democratic economic aid bill includes another round of $1,200 stimulus checks to taxpayers and a revival of the $600 in weekly federal unemployment benefits through the end of January. It also provides aid to cash-strapped state and local governments, as well as small businesses.
But Trump’s demands for a larger package collide with the economic inclinations of many Republicans. Many GOP senators opposed a $1 trillion spending plan earlier this summer, citing their concern over the swelling deficit. It’s not clear how much support a deal struck between Pelosi and Mnuchin would draw from Republicans on Capitol Hill.
Many experts are urging lawmakers to approve more federal spending as the economy shows signs of slowing down. The US still hasn’t recovered half the jobs it lost in March and April, and permanent layoffs are rising. The unemployment rate stands at 7.9%.
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Source:: Business Insider