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The Trump administration wants to send direct cash payments to Americans in the coming weeks to help them cope with the economic ravages of the coronavirus, Treasury Secretary Steven Mnuchin said Tuesday, part of a massive economic stimulus package taking shape between the White House and Capitol Hill.
The overall price tag of the package could be around $1 trillion, Mnuchin told reporters on Capitol Hill after meeting with GOP senators, making it one of the largest federal emergency fiscal packages ever assembled.
He also gave lawmakers a dire warning if they failed to act, saying the unemployment rate could spike to nearly 20 percent from the roughly 3.5 percent level it notched in February, according to three people familiar with his comments, who spoke on the condition of anonymity to reveal internal deliberations.