White House seeks $850 billion economic stimulus
WASHINGTON — The White House is proposing a roughly $850 billion emergency economic rescue package Tuesday for businesses and taxpayers amid the coronavirus crisis, a sweeping stimulus package unseen since the Great Recession.
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.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.
All sides — the House, Senate and White House — agree the pending bill is not the last and not nearly enough 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.
Senate Majority Leader Mitch McConnell said he wants a “comprehensive” approach with “significant steps” for the economy, particularly Main Street businesses. He opened the Senate on Monday with a message to Americans: “The Senate stands with you.”Industries representing a broad swath of the economy are seeking help in withstanding the fallout as schools close and Americans are being told to stay inside, skip nonessential travel and avoid gatherings with 10 people or more.
“We're going to back the airlines 100%,” Trump said at a White House briefing."We've told the airlines we're going to help them." “We need a better response from the federal government,” said Rhode Island Gov. Gina Raimondo, a Democrat. “I am out of patience."
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