Democrat Reps. Ro Khanna, Tim Ryan Applaud Trump Administration’s Support for American Cash Infusion

The New York Federal Reserve Bank's emergency interventions on money markets came as a sudden cash crunch drove up the cost of borrowing the money that banks need to replenish the reserves they hold at the central bank

Democrat Reps. Ro Khanna (CA-17) and Tim Ryan (OH-13) commended the Trump administration’s support for cash payments for working Americans, which they proposed last week, to assist families and individuals during the deadly coronavirus pandemic.

The bill, titled the Emergency Money for the People Act, would provide monthly checks between $1,000 and $2,000 to every American who earned less than $130,000 last year.

Treasury Secretary Steve Mnuchin announced Tuesday during the White House Coronavirus Task Force briefing that he would work with Senate Republicans to move forward with “sending checks to Americans immediately.”

“Americans need emergency cash, now,” Khanna said. “Our economy has to get the stimulus from immediate spending. While we are glad to see that the Trump administration now supports our approach, we can’t wait any longer to see the Secretary’s words translate to action.”

“The Trump Administration needs to adopt Rep. Ryan’s and my proposal in full and get this country on the road to recovery,” Khanna added.

Ryan stated he is “heartened” to hear that the Trump administration will stand alongside their efforts to send checks to the American people. Ryan said:

Many Americans have begun to follow our recommendations to stay home and avoid the spread of coronavirus. Unfortunately, that means many are now missing paychecks or losing their jobs. Our country is already hurting under these unprecedented times and we should take swift, broad-sweeping action to keep working-class Americans on stable footing.

Ryan added, “I’m heartened to hear that this Administration has joined Congressman Khanna and me to move forward with putting cash in the pockets of the American people. Time is of the essence, so let’s work together and get Americans the help they need.”

An online press release noted:

Under the Ryan/Khanna plan, the vast majority of working-class Americans would qualify for this tax relief. Every American adult making up to $130k would receive at least $1k and up to $2k per month for 6 months. Congress could then renew this again for another 6 month period. This would operate as a temporary, emergency Earned Income Tax Credit (EITC), allowing the IRS to access 2019 Tax Return Information in order to ease the cutting and sending of the checks.

For those individuals who earned $0, were unemployed, or who are currently unemployed will also be eligible. Should the bill go forth and pass, the payments “would not count as income in order to protect eligibility for any of the income-based state or federal government assistance programs.”

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