White House considers up to $1T for next coronavirus aid package: Report

It's unlikely that Congress passes any additional stimulus measures before the middle of July

The Trump administration is reportedly considering spending up to $1 trillion in the next round of coronavirus relief as the pandemic continues to bludgeon American workers and businesses.

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President Trump met with his economic team on Wednesday to discuss possible aid measures, a White House source told FOX Business. No policy measures have been ruled out at this point, the source said.

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Senate Majority Leader Mitch McConnell has told Trump officials behind closed doors that another round of fiscal stimulus from Congress could be just under $1 trillion, a number the administration was receptive to, according to Bloomberg News, citing people familiar with the matter who spoke on condition of anonymity.

A White House spokesperson did not respond to a FOX Business request for comment.

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But McConnell has said there are no plans to pass a stimulus measure before the Senate's two-week recess beginning July 3. The upper chamber is not scheduled to return to Washington until July 20, making it unlikely that lawmakers will pass another round of aid before that date.

So far, Congress has passed four massive stimulus packages totaling nearly $3 trillion to blunt the economic pain from the virus outbreak. That includes the $2.2 trillion CARES Act signed into law at the end of March, which sent one-time payments of up to $1,200 to Americans who earn less than $99,000.

Lawmakers on both sides of the aisle have agreed that another round of aid is likely necessary to help American businesses and workers recover from the unprecedented economic shutdown.

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Some options the White House is exploring include a payroll tax cut, liability protections for businesses reopening during the outbreak; and tax deductions or write-offs for individuals who take a vacation during a defined period of time.

The White House is also considering pushing for reforms to unemployment benefits. The CARES Act expanded unemployment by an extra $600 per week through the end of July; however, some Republicans have since voiced concern that the sweetened pot of money is actually discouraging workers from returning to their jobs.

"We are absolutely meeting this week," White House adviser Kevin Hassett told FOX Business' Maria Bartiromo on Wednesday. "We are going over what we think will be in the phase four deal, and we're going to try to reform unemployment insurance so that the factor you suggested goes away."

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