America's plan to 'smartly' reopen the economy
Charles Payne discusses how the U.S. economy can reopen and reacts to people receiving their relief checks
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Fox Business host Charles Payne said on Tuesday that although coronavirus relief checks are being issued at relatively "lightning speed," they are not going to be enough for many Americans.
"I think it's a mixture of relief but also just anxiety that for many people they're saying it's just not going to be enough," Payne told “Fox & Friends.”
Payne praised the Trump administration for sending the relief checks at “lightning speed" compared to the financial crisis more than a decade ago.
“After the Great Recession began and the Obama administration sent out relief checks, it took well over three months,” he said.
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Americans are starting to receive the much-awaited stimulus check by direct deposit Monday, as the Internal Revenue Service sent out the first round of aid for citizens impacted by the coronavirus pandemic, according to a senior Treasury Department official.
By Wednesday, the IRS is expected to have deposited between $50 million to $60 million worth of checks, the official said.
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The distributions are part of the $2.2 trillion CARES Act signed into law by President Trump at the end of March.
At the heart of the largest relief plan in recent memory is $1,200 checks for individuals who earn less than $75,000 annually, $2,400 for couples who earn less than $150,000 and $500 for every child. The payments are tapered for higher-earners and phase out completely for individuals who earn more than $99,000, or couples who earn more than $198,000.
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Payne commended the effort to quickly get coronavirus relief checks out to American families, but cautioned that more assistance will be needed if the economy does not normalize.
Payne went on to say, “Again, they’re negotiating in Washington, D.C. ... But this gets us back to the original conversation: when to open the economy in a smart way so that people can live their lives and sustain their own prosperity.”
Fox News' Megan Henney contributed to this report.
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