Trump Administration
Reutersconnect

Trump administration will urge the U.S. Congress to release and use the $130 billion unspent budget under the CARES Act to help millions of Americans.

Pres. Donald Trump has long been asking the U.S. Congress to release and use the unspent $130 billion under the CARES Act as stimulus checks. The said amount is a budget supposed to be intended for the affected businesses in the country.

For the second time around, the Trump administration is urging Congress to pass a stripped-down stimulus bill using the $130 billion.

The request to use the leftover fund was announced after the latest $1.8 trillion stimulus package offered by the White House was again rejected by the Democratic negotiators' Nancy Pelosi and Chuck Schumer.

Increased dependent payments

The latest proposal of White House on Sunday was another attempt to strike a deal and secure more relief aids. In fact, the proposal of the White House increased the dependent payments from $500 t0 $1,000 for every qualified individual. But they retained the $400 weekly unemployment benefits so that people will work and will not depend on the jobless claims.

Additionally, the U.S. Treasury Secretary Steven Mnuchin and Chief of Staff Mark Meadows wrote a letter to the legislators and said that will continue to talk to Democratic House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer to try to strike a comprehensive stimulus package with bipartisan support and common grounds.

Moreover, the White House top negotiators also said that Congress should immediately vote on legislation to enable the use of unspent $130 billion which is supposed to be intended for the Paycheck Protection Program.

If this will be released, the fund is more than enough for the number of Americans who will will be receiving the $1,200 direct stimulus payments.

Pelosi yet to agree to the negotiations

However, a representative from Pelosi's camp did not comment right away when asked about the letter and the request for another negotiation. Until now, there are no details yet if when will the two camps will discuss matters concerning the new relief aid.

White House spokesman Brian Morgenstern said that if ever the unspent budget will be released, it will be used to reopen again the Payroll Protection Program to allow businesses to continue amid the pandemic and to make sure also that employees will be back at work.

Meanwhile, the Federal Reserve Officials who typically do not intervene in any political issues were very vocal recently.

They said that there is really a need for another round of stimulus to help the economy to work amid the pandemic. The Fed Chairman Jerome Powell testified before a panel in Congress and supported Pres. Trump's administration for another bill.

Stephen Moore, an economist and adviser to the president, said that the U.S. economy is growing. He also predicted that the fourth quarter is as strong as the third quarter, but it is still more beneficial if there will be another PPP loans to support the businesses in the country.

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