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White House seeks $850B economic stimulus for virus response

Treasury Secretary Steven Mnuchin planned to outline the roughly $850 billion package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week.

Posted: Mar 17, 2020 12:01 PM
Updated: Mar 17, 2020 2:14 PM

WASHINGTON (AP) — The White House was asking Congress on Tuesday to approve a sweeping emergency stimulus package to help businesses and taxpayers cope with the economic fallout of the coronavirus pandemic. It’s the most far-reaching economic rescue package since the Great Recession of 2008.

Treasury Secretary Steven Mnuchin planned to outline the roughly $850 billion package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week.

Senate Majority Leader Mitch McConnell, opening the Senate on Tuesday morning, promised swift action.

“The Senate will not adjourn until we have passed significant and bold new steps above and beyond what the House has passed to help our strong nation and our strong underlying economy weather this storm,” McConnell said.

Bigger than the 2008 bank bailout or the 2009 recovery act, the White House proposal aims to provide a massive tax cut for wage-earners, $50 billion for the airline industry and relief for small businesses.

Two people familiar with the request described it to The Associated Press on the condition of anonymity because they weren’t authorized to speak publicly.

“There’s great spirit” among lawmakers, President Donald Trump said at the White House briefing Tuesday as he outlined several elements of the rescue plan. “I can say that for Republicans and Democrats.”

But it’s an enormous political and economic undertaking as a slow-moving Congress tries to rise to the occasion of these fast times.

The debate is sure to revive the sharp divisions over the costly bank bailout and economic recovery of the Obama and Bush era. Particularly striking is McConnell’s urgency after having adjourned the Senate over the weekend while House Speaker Nancy Pelosi muscled through an aid package.

Angry senators from both parties boarded planes returning to a changed Washington, as Trump declared a state of emergency, the virus spread and the economic free-fall worsened.

The White House hopes the measure will pass quickly, possibly this week, an enormous political undertaking as the administration scrambled to contain the economic fallout of the severe disruptions to American life from the outbreak.

White House officials offered senators a preliminary briefing late Monday at the Capitol, saying they want the plan approved by Congress as soon as possible, suggesting in a matter of days.

“ASAP,” White House economic adviser Larry Kudlow said late Monday. “There’s an urgency.”

The rush to inject cash and resources into the economy is an effort unlike any since the 2008 economic crisis, with political and economic interventions and eye-popping sums to try to protect Americans from the health and financial fallout.

“We’ve got a lot of work to do from here,” Mnuchin told reporters late Monday.

The new proposal is beyond the House ’s estimated $100 billion aid package of sick pay, emergency food aid and free virus testing that was approved over the weekend and is pending before the Senate.

Now Congress will be rushing to pass two — a massive, sweeping response to the virus outbreak that is rewriting America’s way of life.

Muscling the aid will test Congress and the White House at a pivotal moment in the crisis and in an election year when the two parties have vastly different outlooks on the best way to prop up the economy and help Americans.

Senate Democrats have proposed their own $750 billion package — boosting hospital capacity and unemployment checks for the suddenly jobless — with deep negotiations to come.

All sides — the House, Senate and White House — agree more federal resources are needed to handle what’s coming.

At the start of the month, Congress approved $8.3 billion in initial aid. Trump quickly signed into law the measure, which provided federal agencies money for vaccines, tests and potential treatments, and funding to help state and local governments respond to the threat.

During the recession, the American Recovery and Reinvestment Act of 2009, passed in February of that year, had an initial price tag of $787 billion which was revised later to $831 billion. That was under Barack Obama.

The Tarp passed in the fall of 2008 to help troubled banks had a price tag of $700 billion. It was put together by the George W. Bush administration, and provided money for the auto bailouts for General Motors and Chrysler. All of that money for the banks and the auto companies was paid back.

Now, Republicans often reluctant to spend federal dollars did not flinch at the head-spinning number, as a roster of America’s big and small industries — airlines, hotels, retailers — lined up for aid.

Sen. Mitt Romney, R-Utah, called for sending $1,000 to every adult American.

The president conveyed that lawmakers should “not be impeded by the price tag,” said Eric Ueland, the White House legislative director.

Industries representing a broad swath of the economy are seeking help in withstanding the fallout as schools close and Americans are being told they should stay inside, skip nonessential travel and avoid gatherings with 10 people or more.

That means no dining out, no boarding planes, no shopping the malls as a great national shutdown sparks business closures, layoffs and lost paychecks for rents, mortgages and everyday needs.

The nation’s largest business organization, the U.S. Chamber of Commerce, asked the Trump administration and Congress on Monday to act rapidly to help companies have access to cash and avert a “potentially devastating” hit to the economy.

The request from the U.S. airlines alone could easily top $50 billion, according to Airlines for America, the trade group representing the carriers.

Pulling together the new package will challenge the basic logistics of governing as Congress itself struggled to adapt to the new normal.

House Democrats were told on a conference call they won’t be recalled to Washington until the next package is ready for action, according to people familiar with the call but unauthorized to discuss it and granted anonymity.

The 100-member Senate convened for an evening vote — in the new era of social distancing. While different authorities around the country have issued conflicting advice, the Trump administration said that Americans should not gather in groups of more than 10 people over the next 15 days. All older people are asked to stay at home.

The No. 2 Senate Democratic leader, Dick Durbin of Illinois, counting the number of senators on the floor, questioned what example they were setting. He urged swift passage of the House package. “What are we waiting for?” he asked.

For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.

The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1118335

Reported Deaths: 17712
CountyCasesDeaths
Marion1455892240
Lake724831254
Allen67063882
Hamilton51060487
St. Joseph49820649
Elkhart40268546
Vanderburgh34714497
Tippecanoe30808276
Johnson27696467
Hendricks26313385
Porter25657386
Madison21131455
Clark20238279
Vigo19059309
LaPorte17192261
Howard16770314
Delaware16761303
Monroe16628220
Kosciusko14293167
Hancock13113186
Bartholomew12983190
Warrick12210190
Wayne12090269
Floyd12011226
Grant11998245
Morgan10409192
Boone9869124
Noble9316122
Henry9177169
Marshall9152147
Dearborn8970100
Dubois8835140
Shelby8281130
Cass8167128
Lawrence8057185
DeKalb7817109
Jackson770793
Huntington7661115
Gibson7102118
Montgomery7101123
Harrison6954100
Knox6915116
Steuben669089
Whitley659660
Miami6595113
Putnam645085
Clinton627179
Wabash6221111
Jasper613192
Jefferson5856105
Ripley557294
Adams542281
Daviess5076117
Scott491580
Wells4836105
White478469
Greene4701101
Clay464662
Decatur4611110
Fayette452496
Jennings452067
LaGrange427491
Posey410044
Randolph3944107
Washington390956
Fountain375964
Fulton364874
Spencer362247
Starke355574
Owen353577
Sullivan348555
Orange331372
Jay331050
Rush309533
Carroll296239
Franklin292744
Perry290553
Vermillion283658
Tipton251167
Parke250130
Pike248644
Blackford222144
Pulaski210359
Newton182452
Brown177550
Crawford169129
Benton168417
Martin152120
Switzerland147612
Warren135816
Union122616
Ohio92413
Unassigned0595

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1717876

Reported Deaths: 26851
CountyCasesDeaths
Franklin1793291843
Cuyahoga1681592655
Hamilton1137721544
Montgomery805721405
Summit719531210
Lucas630291027
Butler56852814
Stark538501183
Lorain42330645
Warren35959417
Mahoning35798788
Lake32314501
Clermont31289369
Trumbull27344620
Delaware27206185
Licking26658344
Medina26042353
Fairfield24638287
Greene24378373
Clark22122390
Portage21257283
Richland21102342
Wood20128248
Allen18969326
Miami17338352
Columbiana16905335
Muskingum16726207
Wayne15740307
Tuscarawas14454362
Marion13332196
Ashtabula12732237
Erie12685199
Scioto12475188
Pickaway12260155
Ross11719226
Hancock11529175
Geauga10934179
Lawrence10653172
Belmont10459234
Huron9805159
Jefferson9632228
Union957375
Sandusky9348166
Seneca8917161
Knox8792176
Washington8688159
Darke8399181
Athens838197
Ashland8029152
Auglaize7943120
Shelby7511135
Defiance7358117
Crawford7281150
Fulton7215113
Brown7173116
Logan7003111
Guernsey696186
Mercer6933100
Highland6745120
Clinton6526106
Williams650099
Madison649790
Preble6274140
Putnam6244122
Jackson581597
Champaign580887
Perry566779
Coshocton5645108
Ottawa5641102
Morrow517765
Fayette494072
Hardin4895100
Gallia471478
Van Wert467895
Pike465578
Adams4592110
Henry434280
Hocking410193
Holmes3999141
Wyandot377675
Carroll366178
Paulding325451
Meigs305961
Monroe235961
Noble220349
Morgan216939
Harrison213153
Vinton187638
Unassigned06
Fort Wayne
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Feels Like: 23°
Angola
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Feels Like: 27°
Huntington
Cloudy
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Hi: 46° Lo: 29°
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Decatur
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29° wxIcon
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Feels Like: 23°
Van Wert
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Saturday is looking great, with warmer temperatures, wet and windy conditions returning Sunday.
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