Mnuchin says Trump administration is looking to get cash to Americans 'immediately' - CNBC

Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration wants to get emergency funds in Americans' pockets "immediately" amid the coronavirus crisis.

"Americans need cash now," Mnuchin said during a White House press briefing on the administration's latest efforts to combat the disease. "I mean now in the next two weeks."

"The president has instructed me that we have to do this now," Mnuchin added.

The latest daily briefing came as stocks struggled to recover from one of the worst trading sessions ever.

Markets have shed trillions of dollars amid the coronavirus spread, which has crippled major industries and forced governments around the world to take drastic steps to try to slow the spread of the disease. States and cities have taken sweeping measures to reduce social interaction, including limiting restaurants to delivery and takeout services. Other businesses have had to lay off and furlough employees.

Mnuchin said that an idea of the administration's plan will come into focus by "the end of the day" Tuesday.

He added that the U.S. is unlikely to send checks to millionaires.

"I think it's clear, We don't need to send people who make a million dollars a year checks," Mnuchin said. "I think we're going to do something that gets money to them as quickly as possible. That may not be an accurate way of doing it. Some people obviously shouldn't be getting a check for $1,000 but we'll have an idea at the end of the day what we will be doing."

President Donald Trump said in Monday's briefing that the U.S. may be able to get the new coronavirus outbreak under control by July or August at the earliest. Equities tanked as Trump delivered those remarks.

But major indexes rose higher during the coronavirus task force's briefing Tuesday, as Trump and his officials signaled that his administration was mobilizing a major economic response that would go into effect soon.

"We're going big," Trump said at the presser. "We want to go big, go solid."

"We don't want airlines going out of business. We don't people losing their jobs," the president said.

More than 183,000 people have contracted the COVID-19 virus and at least 7,167 have died, according to Johns Hopkins University. In the U.S., more than 4,600 people have caught the coronavirus and at least 85 people have died, according to Johns Hopkins.

Other U.S. politicians have already suggested sending checks to Americans as part of an economic relief package. Sen. Mitt Romney, R-Utah, on Monday floated a proposal to give $1,000 to every American to ease the pain caused by the virus.

Meanwhile, lawmakers on Capitol Hill are working to push through more emergency spending plans to respond to the virus. Trump signed an $8.3 billion funding package earlier in March, and a second bill is currently working its way through Congress.

Senate Minority Leader Chuck Schumer's office said Monday that he will put forth a third proposal with at least $750 billion in spending to combat the coronavirus pandemic

-- CNBC's Christina Wilkie contributed to this report.

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Mnuchin says Trump administration is looking to get cash to Americans 'immediately' - CNBC
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