Posted on 03/17/2020 1:01:14 PM PDT by Oldeconomybuyer
WASHINGTON - President Donald Trump is asking Congress to unleash a torrent of emergency economic aid - including direct checks to Americans - an effort unseen since the Great Recession to shore up households and the economy amid the coronavirus crisis.
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 Steven 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.
“We want to go big,” Trump said at a White House briefing. “We want to get it done and have a big infusion.”
Senate Majority Leader Mitch McConnell promised the Senate would not adjourn until the package was passed.
“Obviously, we need to act,” McConnell said after meeting White House officials at the Capitol.
But first, 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.
“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 GOP leader, Sen. John Thune of South Dakota, told reporters afterward it “could be” up to $1 trillion.
(Excerpt) Read more at apnews.com ...
“Just what do we produce they want? “
Military protection.
Good times after thousands of small business close.
Do you think Trump understands this?
Primarily food.
If the market is there, they will reopen or be replaced.
I expect an expansion of the debt of about 2 $trillion this year.
Normal business: 1 $trillion
Coronavirus: 1 $trillion
1+1=2, as always.
It’s going to be way more than 2 trillion.
Just this week we’ve had
1)$700 billion QE
2)$1 trillion Fed vehicle
3)$1 trillion stimulus bill
And it’s only tuesday!
And it’s only tuesday!
+++++
Yikes. I hope we can at least get through the week without adding another $trillion or two in debt to the backs of our children and grandchildren.
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