WASHINGTON/NEW YORK – The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a coronavirus outbreak that has killed over 100 people in the country.
Roughly half of all Americans want the U.S. government to act more aggressively to slow transmission of the coronavirus, such as banning large public gatherings and shutting down all overseas flights, according to a Reuters/Ipsos poll released on Tuesday.
President Donald Trump said progress was being made against the fast-spreading pathogen and predicted the U.S. economy would “come roaring back” when it slows.
“It’s going to pop,” said Trump, who is seeking re-election on Nov. 3.
The Republican president’s tone on the pandemic has changed sharply over the past few days. After initially playing down the threat and focusing on the stock market, his administration has begun pushing for urgent action to stem the disease’s economic and human toll. The White House on Tuesday urged Americans to avoid groups larger than 10.
His administration sought more than $1 trillion for a stimulus package, including $50 billion for hard-hit airlines facing bankruptcy.
“We’re going big,” Trump said.
‘GAG AND VOTE FOR IT’
The Trump administration is also considering a plan to send checks to individual Americans of $1,000 to help them weather the crisis, though details of the proposal remained unclear.
High earners might not qualify for payments, which could be sent within the next two weeks, Treasury Secretary Steven Mnuchin said.
Senate Republican Leader Mitch McConnell said his chamber would this week pass a multibillion-dollar emergency spending bill cleared by the House of Representatives on Saturday, despite concerns from some Republicans.
He said he told them to “gag and vote for it anyway.”
Mnuchin warned Republican senators privately that U.S. unemployment could hit 20% if Congress failed to act.
McConnell said the Senate would not leave town until it passes a follow-up package.
The House bill would provide free coronavirus testing, establish paid sick leave for most workers and expand unemployment compensation.
TRADING AND TRAVEL
U.S. stocks jumped on Tuesday, a day after their steepest declines since the 1987 crash, as the Federal Reserve took further steps to boost liquidity. The benchmark S&P 500 closed up 6%. Mnuchin said the government may shorten trading hours if necessary.
Trump said travel restrictions within the United States remained on the table.
“You can do a national lockdown. Hopefully, we’re not going to need that,” Trump said. “It’s a very big step.”
He asked Americans to avoid traveling and urged them to “buy less” when they go to stores after nationwide reports of anxious shoppers emptying grocery store shelves.
It was St. Patrick’s Day but the mood was sober after parades and parties celebrating the Irish heritage of many Americans were canceled around the country and bars were shuttered. Florida’s governor said bars and nightclubs in his state would close for 30 days.
Primary election voters in Florida, Illinois and Arizona were met by gloved poll workers and hand sanitizer as they cast ballots on Tuesday in the state-by-state process of selecting a Democratic challenger to Trump in the November election.
Ohio officials postponed that state’s primary due to coronavirus fears hours before voting was to begin.
Reuters
March 18, 2020
Reporting by Doina Chiacu in Washington and Maria Caspani and Jonathan Allen in New York. Additional reporting by Alexandra Alper, Eric Beech, Jeff Mason, David Morgan, Lisa Lambert, David Shepardson, Susan Heavey, Nathan Layne, David Lawder, Lisa Shumaker, Joseph Ax, Rich McKay, Steve Gorman, Jill Serjeant, Dan Whitcomb, Gabriella Borter, Barbara Goldberg, Brendan O’Brien, Michael Erman and Robin Respaut; Writing by Will Dunham and Andy Sullivan; Editing by Bill Berkrot, Cynthia Osterman and Sonya; HepinstallOur Standards:The Thomson Reuters Trust Principles.
