"We have $300 billion in an account that we didn't use. I would be willing to release it, subject to Congress, and use that as stimulus money, and it will go right to the American people", Trump said in a press briefing on Friday.
According to Trump, the money is "sitting" in an account that the government ended up not needing because of the positive economic indicators.
Trump also said stimulus checks would not be given to immigrants residing in the United States illegally.
The US economy shrank at its fastest pace in history in the second quarter of 2020, contracting by 32.9 percent amid widespread lockdowns due to the novel coronavirus pandemic. Economic and labor market data in recent months have, however, pointed to an encouraging recovery.