NEW YORK (1010 WINS) -- The White House proposed a new $916 billion COVID-19 stimulus plan on Tuesday to House Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin announced late Tuesday afternoon.
Mnuchin made no reference to new stimulus checks or federal unemployment insurance in his statement, but less than two hours later, House Minority Leader Kevin McCarthy told Bloomberg the package includes $600 direct payments, plus an additional $600 per child.
"It's a much better product," McCarthy said, comparing it to the $908 billion proposal that does not include another round of stimulus checks. "I don’t see a reason why Pelosi should be opposed."
Earlier in the day, The Washington Post reported that the White House was pushing Senate Republicans to include $600 stimulus checks. "While the amount is yet to be determined, direct payments to American workers continue to be a high priority of the President's," White House spokesman Ben Williamson said in a statement.
The proposal could be the beginning of the end of a months-long standoff between Republicans and Democrats.
Mnuchin announced the proposal, saying, "Speaker Pelosi and I spoke today at 5 pm and on behalf of the President, I presented a $916 Billion proposal, which is a slightly larger package than the bipartisan proposal of $908 billion."
He explained, "This proposal includes money for state and local governments and robust liability protections for businesses, schools and universities. As part of this proposal, we will fund it using $140 Billion in unused funds from the Paycheck Protection Program and $429 Billion in Treasury funds."
The Paycheck Protection Program is a Small Business Administration loan that helps businesses keep their workforce employed during the pandemic.
Mnuchin said he and White House chief of staff Mark Meadows reviewed the proposal with President Trump, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy.
Mnuchin added, "I look forward to achieving bipartisan agreement so we can provide this critical economic relief to American workers, families and businesses."