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According to White House trade advisor Peter Navarro, President Trump desires the next stimulus bill to be “at least $2 trillion.”
This is significant based on what we have heard from Republican leaders over the past few weeks.
For example, Senate Majority Leader Mitch McConnell said he was looking at a $1 trillion package versus the $3 trillion proposed by the HEROES Act.
So what would this $2 trillion package entail?
According to Navarro, the focus would be manufacturing jobs.
This is a little bit different from the focus that we have heard in the past regarding things like return to work bonuses and payroll tax cuts.
There may also be a real push to keep things “American.”
In other words, they may want to focus on encouraging people to buy American and hire American. The idea is to bolster manufacturing jobs and create a type of ripple effect that makes its way into service sector jobs.
In particular, certain sectors may get focused on such as pharmaceuticals and medical supplies which obviously are critical in a time like this.
Our country has purchased and relied upon a lot of medical supplies from other countries and it is one reason why we were so vulnerable in responding to this crisis.
It’s worth noting that in this recent interview Navarro did not discuss a second stimulus check as being a focus.
That’s still is on the table and it’s getting serious consideration in the White House but we just did not hear any more details regarding the next step.
But now that we know cost details we have a little bit more guidance on what to expect.
We do know that the Joint Committee on Taxation estimated that the HEROES Act stimulus check proposal would cost $413 billion. And that according to the the Institute On Taxation And Economic Policy (ITEP), this first round of checks cost $268 billion.
The total price of the CARES Act was about $2 trillion so the fact that the president is looking at an additional package “at least” the same amount could suggest that it contains some of the same benefits that the first one did which would include direct payments to Americans.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.