This puts more federal aid for cities and states to combat the coronavirus outbreak into play.
President Donald Trump declared a national emergency on Friday because of the novel coronavirus causing the disease COVID-19 that has spread worldwide, in a development that frees up additional federal aid to combat the epidemic.
Among other initiatives, the president said interest would be waived on all student loans held by federal government in order to help students and their families, and he said a large amount of crude oil CL.1, +4.66% , which has seen a price plunge, will be bought for the U.S. strategic petroleum reserve.
But Trump and other politicians signaled Friday afternoon that the bill may pass the Democratic-led House only on partisan lines, indicating it might fail to get support from the Republican-led Senate and the president — and therefore won’t become law. U.S. stocks SPX, +9.28% DJIA, +9.36% closed higher Friday but have been hammered this month by coronavirus-related worries. The reviews on Wall Street of Trump’s Wednesday-night Oval Office speech on the outbreak were not positive, with analysts criticizing him for seeking to shift blame to Europe and for proposing a “vague payroll-tax holiday.”
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