Categories: Coronavirus

Romney Calls For Cash Stimulus To Ease Financial Pressure From Coronavirus

To help reduce the financial pressure of the COVID-19 pandemic, U.S. Senator Mitt Romney is advocating for the idea of providing each adult in the U.S. with $1,000. The idea surfaced as Congress and the White House are working to reach a deal on stimulus actions to keep the emerging economic crisis under control, CNBC reported.

Service industry laborers are largely impacted as municipalities mandate that eateries restrict their volume or shutter, while air carriers call off travel. At the same time, the closing of educational institutions is forcing parents to remain in their residences with younger children.

When a journalist asked the National Economic Council Director Larry Kudlow on Monday (March 16) if the White House would support offering a cash subsidy to U.S. households, Kudlow hesitated and then said, “we might.” Then, he followed up with, “the answer: ‘could be.’”

The idea of stimulus checks is not entirely new. In an opinion piece in The Wall Street Journal earlier in March, Jason Furman, an economist at Harvard University, put forward the idea of providing each taxpaying citizen or resident with a $1,000 stimulus, plus $500 for each child.

“While expansions of paid leave, unemployment insurance and SNAP benefits are crucial, the check will help fill the gaps for Americans that may not quickly navigate different government options,” Romney said, per the report.

Markets continued to plummet on Monday (March 16), even with an announcement that the Fed would start a large $700 billion quantitative easing effort and reduce its benchmark rate to almost zero.

The Fed said in a statement on Sunday (March 15), “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected.”

The Fed reduced rates by half a percentage point in early March, which was said to be the first emergency rate reduction as of the financial crisis.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Recent Posts

PayPal, Mastercard Add 5 EU Countries To Debit Card Offering

PayPal and Mastercard are bringing the PayPal Business Debit Mastercard to more businesses in Europe.…

16 mins ago

Shopify: 2 Employees Took Consumer Data From Merchant Sites

Two Shopify employees stole data from over 100 merchants, possibly exposing data from consumers who…

5 hours ago

Data: 87 Pct Of NYC Restaurants Couldn't Pay Full Rent In August

Eighty-seven percent of New York City restaurants, bars and other such venues couldn't pay their…

5 hours ago

Today In Digital-First Banking: Paya To Buy The Payment Group; Purdue Federal Credit Union Taps Payrailz For Payment Services

In today’s top news in digital-first banking, digital payment processor Paya has come to an…

5 hours ago

SatoshiPay Launches DTransfer For Quick X-Border Payments

According to Blue Star Capital, its investee company SatoshiPay has launched a new B2B payments…

5 hours ago

Mnuchin, Powell Tell Congress US Economy Could Use More Stimulus

House Democrats are continuing to push for a second round of $1,200 individual stimulus checks,…

6 hours ago