President Donald Trump announced plans for a massive stimulus package that would involve direct cash payments to American workers, dropping the administration's previously floated payroll tax cut that Democrats derided as ineffective and skewed to richer households.

"Payroll tax cut is one way but it does come over a period of months, many months," Trump said. "We want to do something much faster."

Treasury Secretary Steven Mnuchin, joining Trump in the White House briefing room Tuesday, called the proposal "business interruption payments."

"Although the president likes the idea of the payroll tax holiday, I will tell you what we've heard from many people … the payroll tax holiday would get people money over the next six-eight months. We're looking at sending checks to Americans immediately." He said the checks could be distributed within two weeks.

"Americans need cash now, and the president wants to get cash now," Mnuchin said. "And I mean now. In the next two weeks."