On Tuesday, President Donald Trump threatened to veto the COVID relief bill citing the reason that $600 is not sufficient to help struggling Americans. He demanded that Congress increase the stimulus check to $2,000.
Economists believe that the relief package isn’t enough to cover the bills of many families encountering hardships due to the COVID-19 outbreak.
Diane Swonk, the chief economist at Grant Thornton, told CNBC on Monday “It’s critical to have cash, particularly in those pockets that are already empty, and we’ve seen many households already running out of fumes. The $300 in enhanced unemployment benefits sustains families more than the $600 checks do”.
The $600 stimulus check generated many tweets from angry Americans who believe that it’s not enough.
Olugbenga Ajilore, senior economist at Center for American Progress also said “People are facing evictions, utility disconnections and continued struggles in the labor market dealing with the virus, while a one-time check of $600 is better than nothing, it’s woefully insufficient as relief, let alone as a stimulus.”
