President Trump Donald John TrumpUS reimposes UN sanctions on Iran amid increasing tensions Jeff Flake: Republicans 'should hold the same position' on SCOTUS vacancy as 2016 Trump supporters chant 'Fill that seat' at North Carolina rally MORE and lawmakers are embracing the idea of cutting checks to millions of Americans as they scramble to revive the economy.

Lawmakers are floating myriad potential proposals as the growing spread of the coronavirus is taking a greater toll on financial markets and grinding key industries such as restaurants and airlines to a halt.

In a boost to its prospects, Treasury Secretary Steven Mnuchin Steven Terner MnuchinLawmakers fear voter backlash over failure to reach COVID-19 relief deal United Airlines, unions call for six-month extension of government aid House Democrats plan to unveil bill next week to avert shutdown MORE said he wants to start sending checks out within two weeks, indicating it should be in the third coronavirus package Congress is currently negotiating.

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“Although the president likes the idea of the payroll tax holiday ... we’re looking at sending checks to Americans immediately,” Mnuchin said during a press conference at the White House. He pitched GOP lawmakers on a plan expected to top $1 trillion.

Sen. John Thune John Randolph ThuneWhat Senate Republicans have said about election-year Supreme Court vacancies The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Trump contradicts CDC director on vaccine, masks MORE (S.D.), the No. 2 Senate Republican, said there is “a high level of interest” in the White House cash payment proposal.

“You're not going to find unanimous consensus on any of these ideas, but I would say that idea has a lot more resonance with our members than does, for example, a payroll tax cut, simply because it can get dollars out there more quickly to meet the need in a more direct way ... and it seems to be an area where there's some common ground with Democrats as well,” he told reporters after the closed-door lunch.

Lawmakers say the payments could help Americans, particularly those who lose their jobs, cover short-term costs. The economic turmoil sparked by the coronavirus has fed fears of widespread layoffs and impacted individuals unable to make rent or other monthly payments.

“I think we’ve got to get that relief ASAP,” Sen. Josh Hawley Joshua (Josh) David HawleyRenewed focus on Trump's Supreme Court list after Ginsburg's death What Facebook's planned change to its terms of service means for the Section 230 debate Republican Senators raise concerns over Oracle-TikTok deal MORE (R-Mo.) told reporters on Tuesday.

Hawley is one of several senators who have rolled out plans in recent days that would inject new funds directly for Americans.

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Under his plan, individuals would get a “refundable monthly benefit” that would last for the duration of the coronavirus outbreak.

The level of funding would work on a sliding scale, with families of three getting $1,446 and families of five getting $2,206.

Sens. Tom Cotton Tom Bryant CottonRenewed focus on Trump's Supreme Court list after Ginsburg's death Republicans call for DOJ to prosecute Netflix executives for releasing 'Cuties' Loeffler calls for hearing in wake of Netflix's 'Cuties' MORE (R-Ark.) and Mitt Romney Willard (Mitt) Mitt RomneyMomentum growing among Republicans for Supreme Court vote before Election Day Toobin: McConnell engaging in 'greatest act of hypocrisy in American political history' with Ginsburg replacement vote The Memo: Court battle explodes across tense election landscape MORE (R-Utah) have both rolled out their own ideas.

“We should send relief directly to American families most likely to be in need — those in the bottom and middle tax brackets — to pay for rent, groceries, childcare, and other necessary expenses, as well as to spend at local businesses that are hurting during this crisis,” Cotton wrote in a Medium post outlining his proposal.

Cotton didn’t offer a specific dollar figure, while Romney is proposing giving every American adult $1,000.

“Congress took similar action during the 2001 and 2008 recessions. While expansions of paid leave, unemployment insurance, and SNAP benefits are crucial, the check will help fill the gaps for Americans that may not quickly navigate different government options,” Romney's office said.

The specifics of what could win over both Senate Republicans and the White House remains under discussion. Mnuchin said at the White House that the administration could place income-dependent restrictions on who would receive the one-time payments.

“I think it’s clear we don’t need to send people who make a million dollars a year checks, but that’s one of the ideas we like,” the Treasury secretary said.

But some Republicans have bristled at the idea, arguing that it won’t help stimulate the larger economy because Americans are likely to save the money over concerns about long-term economic stability.

Sen. Lindsey Graham Lindsey Olin GrahamMomentum growing among Republicans for Supreme Court vote before Election Day Video of Lindsey Graham arguing against nominating a Supreme Court justice in an election year goes viral Warning signs flash for Lindsey Graham in South Carolina MORE (R-S.C.), a close ally of Trump’s, called prioritizing giving money directly to Americans “money wasted.”

“It won’t help the economy just throwing money at a problem. I don’t know why giving a thousand dollars on top of their paycheck makes any sense now because there’s no economy to participate in. I’d rather take that money and shore up health care systems,” he said.

Sen. Mike Braun Michael BraunPessimism grows as hopes fade for coronavirus deal McConnell shores up GOP support for coronavirus package Patient Protection Pledge offers price transparency MORE (R-Ind.) also indicated that he thought the payroll tax cut was a better idea, even though it sparked bipartisan backlash.

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“I think when it comes to cash payments or this stipend idea, payroll tax would make more sense,” he told reporters.

But the idea appears to have some bipartisan support, a requirement for any legislation to get to Trump’s desk.

“What is being seriously discussed this week is an emergency one-time distribution of $1,000 to every adult citizen. That is something that also happened in 2008-2009 in the fiscal crisis. Economists broadly agree that that sort of immediate cash infusion is a good way to help keep movement in our economy, to help particularly vulnerable families,” Sen. Christopher Coons Christopher (Chris) Andrew CoonsBiden promises Democratic senators help in battleground states Shakespeare Theatre Company goes virtual for 'Will on the Hill...or Won't They?' The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Pence lauds Harris as 'experienced debater'; Trump, Biden diverge over debate prep MORE (D-Del.) told Sirius XM’s "The Michael SmerconishMichael SmerconishTrump attacks former DHS secretary over criticism of federal crackdown Former Homeland Security secretary says DHS not meant to be 'president's personal militia' Klobuchar to be next guest on Biden's podcast MORE Program."

Former President George W. Bush and Congress approved direct payments to U.S. households during the 2001 and 2008 recessions to help staunch a perpetuating cycle of job losses and declining consumer spending.

While the U.S. enjoyed 50-year lows in unemployment and gradually rising wages before the coronavirus pandemic escalated, the relative strength of the economy before the outbreak may do little to counter the near-total shutdown of entire industries.

Restaurants, bars, retailers, hotels, sports leagues, theaters, gyms and a slew of other businesses, with the exception of grocery stores and pharmacies, have shuttered or severely restricted operations as public health officials urge Americans to adopt drastic social distancing measures.

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“People without paychecks because they have been laid off are the people who need immediate relief the most. And hourly wage workers should not have to go to work in order to receive financial assistance from the government,” said Michael Strain, director of economic policy studies at the American Enterprise Institute, a conservative think tank.

“The president and the Treasury secretary are absolutely right to get people cash — and to get it to them in the next week, if possible,” he added.

Jason Furman Jason FurmanOn The Money: Five things to know about the August jobs report Dates — and developments — to watch as we enter the home stretch In surprise, unemployment rate falls, economy adds jobs MORE, who chaired the Council of Economic Advisers under former President Obama, has also advocated for direct aid payments to every American adult while Congress considers further measures to bolster small businesses and industries under pressure.

Furman briefed House Democrats last week with Claudia Sahm, a former Federal Reserve economist who has implored lawmakers to send cash to households.

“We need to send money to everyone now. People do not know today if they are going get the coronavirus, miss a paycheck, or lose their job. All these outcomes were unthinkable a month ago,” Sahm wrote in an analysis last week.

“Now, they are real. People are scared. They need a financial cushion right now, and many do not have one. They need some extra money,” she added.

Mike Lillis contributed