Former Council of Economic Advisers chair Jason Furman, December 2017. Photo by Zach Gibson/Getty Images

The Trump administration's proposal to send Americans $1,000 checks is now too little, too late, the plan's architect tells Axios.

What happened: Trump and Treasury Secretary Steven Mnuchin took two weeks to publicly support the proposal put forth in a March 5 Wall Street Journal editorial by Jason Furman, who served as chair of the Council of Economic Advisers under President Obama.

  • "In the two weeks since my op-ed came out the economic situation has deteriorated markedly. It is now clear that a much larger package is needed," Furman tells Axios in an email.
  • Furman's proposal to send $1,000 to every tax-paying American, along with $500 for their dependents, was embraced by economists across the political spectrum in the interim, including George W. Bush's CEA chair Gregory Mankiw and Sen. Mitt Romney (R-Utah), before Trump ultimately backed it.

Why it matters: The size and speed at which a fiscal stimulus package gets passed will have a direct impact on how successful it is in helping lift the economy from what is shaping up to be a deep and painful recession this year.

Between the lines: "President Trump’s team initially rejected the idea but eventually came around to it, which has been critical," Furman says.

  • "But they have still not come around to the more comprehensive approach that I was advocating and is needed."

What's next: There is growing agreement that an unprecedented fiscal package will be necessary to save the economy from ruin, much larger than the proposals currently being considered by the administration.

  • The U.S. Chamber of Commerce has called on Congress to pass a "bridge loan" program to give federally guaranteed loans to companies with big losses from the pandemic — an idea from the New York Times' Andrew Ross Sorkin, who estimates it would cost around $10 trillion.
  • The Chamber's full proposal was inspired by ideas by Sorkin, Kevin Warsh and Senate Small Business Committee chair Marco Rubio (R-Fla.).
  • Furman also tells Axios he likes Sorkin's proposal.

Go deeper

Updated 15 mins ago - Politics & Policy

Biden enters final stretch with huge cash advantage over Trump

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month.

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.