Democratic Congressmen Tim Ryan of Ohio and Ro Khanna of California introduced legislation this week that would pay all qualifying Americans aged 16 or older $2,000 every month.
Families would also receive an additional $500 for each child, up to three per household.
"I'm not really sure that the anxiety level on the ground is yet understood by some people in Washington, DC," Ryan told Cheddar Friday. "People are struggling. People are afraid...There's no end in sight."
Millions of Americans have already received a one-time $1,200 federal stimulus check, as part of a $2 trillion package signed into law by President Donald Trump in March.
"A $1,200 one-time check, while we're all thankful for that, that is nowhere close to where we need to be," Ryan said.
The congressman is not only concerned with the 22 million Americans who lost their jobs in the last month but also the ones working long hours at grocery stores and in hospitals to keep up with soaring demand. Ryan says that women are being disproportionately affected.
"Let's help people where they are on the ground. They're getting burned out," he said. "The last thing we want them to do is to fall back on their mortgages, fall back on auto payments."
Although Ryan did not offer many details about funding for the ambitious plan, he contended that funding questions more often arise when discussing working-class bailouts rather than bailouts for other groups.
"No one was asking, 'How much did the tax cut cost a few years ago,'" Ryan said. "We will have to borrow this money, but the interest rates are the lowest they've ever been in a long, long time."
Economists have been arguing lately whether the next economic recovery has the potential to be V-shaped, U-shaped or L-shaped. Ryan thinks whatever shape the recovery takes, it begins with protecting the consumer.
"If we want to get out of this recovery… you're gonna need consumers with money in their pocket," he said. "Let's tilt the scales a little bit to working-class people. To me, this is the cleanest, most efficient and effective way to help."
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed’s goals of seeking maximum employment and stable prices. His approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
President Donald Trump’s efforts to reshape the American media landscape have led to the suspension of late-night comedian Jimmy Kimmel.
