Trump's $2,000 Tariff Payment Push Faces GOP Resistance

Benzinga

Trump is pushing $2,000 tariff-funded payments for low- and middle-income households, but Republican lawmakers aren’t lining up behind the idea. They’d rather use tariff revenue to shrink deficits or support health-policy measures tied to expiring ACA subsidies. New tariffs could raise $158B next year and $2.3T over a decade, but $2,000 checks would cost far more depending on how the program is structured. Treasury Secretary Scott Bessent told lawmakers that Congress would need to pass authorizing legislation, and Republicans say they haven’t seen a detailed proposal yet. The White House argues bipartisan support exists, while GOP members continue weighing whether tariff revenue should go toward debt, healthcare, or insurance reforms.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02President Trump is promoting $2,000 tariff-funded payments to low- and middle-income households,

00:07but GOP lawmakers are reluctant to back the plan, according to The Wall Street Journal.

00:11They prefer using tariff revenue to reduce deficits or support health policy measures

00:15tied to expiring Affordable Care Act subsidies.

00:18Trump's new tariffs are rejected to raise $158 billion next year and $2.3 trillion over a decade,

00:24while $2,000 payments to middle-income households could cost far more depending on the design.

00:28Republicans have not seen detailed proposals and question whether checks are needed.

00:33Treasury Secretary Scott Besson told House Budget Committee members that legislation would be required.

00:39White House plans to ask Congress to authorize the payments and believes there is bipartisan support.

00:43GOP members continue debating whether tariff revenue should instead address debt,

00:47health care costs, or insurance proposals.

00:49For all things money, visit Benzinga.com.

Category

Transcript

Comments

Recommended