White House coronavirus stimulus package could top $1 trillion, Mnuchin confirms

The White House is pushing a $1 trillion response to the coronavirus pandemic.

After reports indicated that the White House's COVID-19 economic stimulus package could top $1 trillion, Treasury Secretary Steven Mnuchin confirmed that price tag on Tuesday. "We have put a proposal on the table that would inject a trillion into the economy," Mnuchin said after a meeting encouraging Senate Republicans to back the plan, though he was light on its actual details.

Mnuchin said earlier Tuesday that he would pitch senators on an $850 billion plan, and that it would include tax cuts and economic relief for both small businesses and the airline industry. The $1 trillion possibility, Mnuchin said after that actual meeting, would also include "a combination of loans" and "direct checks to individuals." An administration official told CNBC that $500–550 billion would be dedicated to direct payments and tax cuts for individual Americans, $200–300 billion would go to small businesses, and $50–100 billion would be allotted for airline relief.

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Meanwhile, Senate Majority Leader Mitch McConnell (R-Ky.) said Tuesday he'd bring the House's coronavirus spending package to a vote very soon. He encouraged even Republicans who don't like the bill to "gag and vote for it anyway," and said the rest of the GOP's priorities will come in a separate "phase three" proposal.