The White House wants Congress to pass another stimulus package by the first week in August, before lawmakers head home for their annual summer recess, and to keep the cost at $1 trillion or less, according to Vice President
“I think we want to make sure that people that are still unemployed or hurting are protected but at the same time, we want to take into consideration the fact the economy is bouncing back and want to try to contain the amount of spending,”
“There’s obviously been a lot of stimulus put in the system over the last couple bills, and so the price tag for us would be that.”
The White House and lawmakers are set to intensify talks on a new package of virus-related stimulus this month, after they return to Washington from their Independence Day holiday break. Trump administration officials have eyed a $1 trillion spending cap since at least early June, Bloomberg News
The House is scheduled to begin its recess by Aug. 3, with the Senate following a week later. Senate Majority Leader
“By that time table, we want to have a bill on the president’s desk,” Short said.
Short said the White House views liability protections as “essential” for companies to bring workers back and fully re-open the economy.
The administration wants to be sure it’s “striking the right balance between income replacement on the one hand, and ensuring that we don’t have excessively high implicit tax rates on the return to work, on the other hand,” Tyler Goodspeed, acting chairman of the president’s Council of Economic Advisers, said in a separate interview with Bloomberg Radio.
Implicit tax rates can’t exceed 100%, he said, meaning it can’t be more lucrative for workers to stay at home. But any plan will require “not allowing a big blow to household income,” which is core to the economy, Goodspeed added.
“We have a shortage of day care providers,” he said in another Bloomberg Radio interview. “I am going to look for incentives for those type of programs.”
Congress in March passed a $2.2 trillion pandemic relief program, with carve-outs for small businesses and the airline industry as well as multiple lending programs for corporations and Main Street businesses through the Federal Reserve. Treasury Secretary
Still, much of that money remains unused. The Treasury Department has yet to disburse any loans from a $25 billion pool for airlines, and most of a $17 billion carve-out for firms deemed critical to national security remains untapped.
(Updates with additional remarks from administration official, lawmaker beginning in seventh paragraph)
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