THE White House is looking into offering $5,000 pandemic stimulus checks in exchange for a delay in Social Security benefits, according to a report.
The policy proposal – called the "Eagle Plan" – would allow workers to take some Social Security benefits early and have future payments reduced.
Senior economic officials at the White House are researching a conservative scholar-backed stimulus measure, according to The Washington Post.
Backed by the American Enterprise Institute and Hoover Institution and written by Andrew Biggs and Joshua Rauh, the 29-page plan calls for an overhaul of federal retirement programs.
The overhaul would be in exchange for direct cash payments to some workers, the Post reported.
The White House has reportedly already rejected the plan discussed by the senior administration officials.
“President Trump has been clear that while he is in office, the American people can feel secure without a shadow of a doubt that he will completely protect Social Security and Medicare — end of story, full stop," a spokesperson told the Post.
Last month, in an opinion piece in The Hill, Rauh and Biggs wrote: “The loan amount would in effect be drawn from the Social Security trust fund, but the interest rate is designed to fully reimburse the trust fund for the balance of the loan plus interest."
President Trump will reportedly sign off on a new round of coronavirus stimulus checks soon, according to White House sources.
The president will "likely support" a second stage of payments to individuals to help support the coronavirus-stricken US economy, two senior administration officials told CNBC last week.
Despite what officials say, Treasury Secretary Steven Mnuchin told Fox News Sunday: “What the president and I are now saying is we spent a lot of money, a lot of this money is not even into the economy yet.
“Let’s take the next few weeks — I’m having discussions with both the Republicans and the Democrats to understand these issues.
"The president and I are having conversations with outside people.”
On May 15, the House of Representatives passed a $3trillion coronavirus relief bill that included a new round of stimulus checks for Americans.
But the Senate has yet to approve – and President Trump has said the legislation will be "dead on arrival."
Nancy Pelosi and her fellow Democrats are backing the bill, which passed mostly along party lines in a 208-199 vote.
The so-called Heroes Act would provide nearly $1 trillion for states, cities and tribal governments to avert layoffs and additional $200billion in “hazard pay” for essential workers, according to a summary.
It will offer a fresh round of direct payments of $1,200 to individuals, increased to up to $6,000 per household, and launch a $175billion housing assistance fund to help pay rents and mortgages.
There is also $75billion more for virus testing.
The bill which helped send the first round of checks – the bi-partisan $2 trillion Coronavirus Aid, Relief and Economic Security, or CARES, Act – gave financial assistance to millions who have been impacted by the pandemic.
Income limits of the second-round stimulus check match those of the first one when it comes to single filers earning $75,000, joint filers who make $150,000, and Head of Household filers who make $112,500.
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