- In March, when the coronavirus cases first started picking up in the US, the US Senate passed the historic $2 trillion relief package.
- Congress so far, has passed four stimulus packages totalling at $3 trillion including the $2.2 trillion CARES Act which sent one-time payments of up to 1,200 to Americans.
As of today, over two million cases of coronavirus and 112,472 deaths have been reported in the US. The lockdowns in the country resulted in the unemployment hitting 14.7% with the loss of 20 million jobs in April.
However, in May, the employment rate dipped to 13.3% which President Donald Trump celebrated with “This is better than a V. This is a rocket ship.”
“The recovery has begun!” tweeted Treasury Secretary Steven Mnuchin.
However, the economy is expected to take time to recover and according to Senior White House economic advisor Larry Kudlow, the next coronavirus relief package should have long-term relief measures that allow Americans to “work, invest and take risk.”
Some options under consideration include a payroll tax cut, tax deductions, and liability protections for businesses.
The negotiations on the fourth round of stimulus are expected by Kudlow to begin after the Fourth of July. According to Bloomberg, another round of fiscal stimulus from Congress could be just under $1 trillion.
Meanwhile, one proposal on Capital Hill could give American families as much as $10,000 per month to weather the coronavirus pandemic.
The Monthly Economic Crisis Support Act bill was introduced in May by Sens. Kamala Harris, Bernie Sanders, and Ed Markey.
The proposal calls for $2,000 per month to individuals and $4,000 to couples with $2,000 per child for up to three children for those earning under $120,000.
“Brrrrrrrrr times infinity!!! 1 BTC a month per household. Please do this Donald Trump,” tweeted analyst Mati Greenspan.
But some critics say it is too expensive. As such, Democratic lawyers would have a hard time passing it, as there isn’t “a lot of enthusiasm from their colleagues on the right,” said Elaine Maag, a senior research associate at the Urban Institute.