1. SOUNDBITE (English) Steven Mnuchin, Secretary of Treasury:
"We just finished discussions at the president's request with the Republicans. I know there's been some rumors of the number. It is a big number. This is a very unique situation in this economy. We've put a proposal on the table that would inject a trillion dollars into the economy that is on top of the 300 billion from the IRS deferrals."
++SEPARATED BY WHITE FLASH++
2. SOUNDBITE (English) Steven Mnuchin, Secretary of Treasury:
"This is a combination of loans. This is a combination of direct checks to individuals. This is a combination of creating liquidity for small businesses. So we look forward to working with the Senate. We're very pleased to hear the leaders say that they're staying here. Their priority is working on what we call Bill number three. And we had very productive discussions."
++SEPARATED BY WHITE FLASH++
3. SOUNDBITE (English) Steven Mnuchin, Secretary of Treasury:
"The president wants to emphasize this is a situation where we have requested that many people stay home so we don't spread this disease. This is not like a normal economic situation. The government has requested that parts of this economy shut down and the president is determined. You can think of this as business interruption money. The president is determined we will put money back into this economy to protect hardworking Americans and small businesses."
Treasury Secretary Steven Mnuchin is touting a new stimulus plan he has worked on with Republican Senators to help the American people get through the tough economic climate being caused by the coronavius pandemic.
President Donald Trump wants checks out to the public within two weeks as part of what officials said could approach a $1 trillion package. Congressional leaders vowed swift action.
Treasury Secretary Mnuchin appeared on Capitol Hill to brief Senate Republicans as state and local officials acted more forcefully to restrict gatherings and mobility in the face of growing sickness.
But first, Senate Majority Leader Mitch McConnell said, the Senate will vote on the House's $100 billion package of sick pay, emergency food and free testing that's on track for Trump's signature.
After a savage drop at the start of the week, the stock market rose during Trump's briefing as he and aides sketched out elements of the economic rescue package.
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 $250 billion 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.
“It is a big number,” said Mnuchin, exiting a briefing of Senate Republicans. "This is a very unique situation. We've put a proposal on that table that would attract a trillion dollars into the economy." One Republican leader, Sen. John Thune of South Dakota, told reporters afterward it "could be" up to $1 trillion.
Senate Democrats produced their own $750 billion proposal, which includes $400 billion to shore up hospitals and other emergency operations in response to the global pandemic and $350 billion to bolster the safety net with unemployment checks and other aid to Americans, according to Senate Minority Leader Chuck Schumer's office.
Congress was being asked to approve the most far-reaching economic rescue package since the Great Recession of 2008.
It's an enormous political and economic undertaking as a slow-moving Congress tries to rise to the occasion of these fast times.
This aid is separate from the administration's plan for individuals and businesses to be allowed to delay paying their 2019 tax bills for 90 days past the usual April 15 deadline. The extension announced Tuesday is an effort to inject up to $300 billion into the economy at a time when the coronavirus appears on the verge of causing a recession.
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.
Government and politics , Economy , Business , Legislature , Emergency management , Recessions and depressions , Coronavirus , Infectious diseases , Diseases and conditions , Health , Coronavirus , Lung disease , Government aid for industry , Economic policy , Economic policy , Government business and finance , Government business and finance , Economic policy , Government policy
Charles Schumer , Steven Mnuchin , Donald Trump , John Thune , Mitch McConnell
United States Congress, United States government, United States Senate
District of Columbia , United States , North America