U.S. Treasury's Mnuchin: airline, corporate aid could include equity stakes

U.S. Treasury's Mnuchin: airline, corporate aid could include equity stakes

U.S. Treasury's Mnuchin: airline, corporate aid could include equity stakes

But lawmakers and the White House had already turned their focus to the administration's far bigger $1 trillion plan to stabilize the economy as the pandemic threatens financial ruin for individuals and businesses.

Trump dismissed a suggestion from his own treasury secretary, Steven Mnuchin, that the nation could face 20% unemployment at least in the short term.

Senate Majority Leader Mitch McConnell is proposing direct payments of $1,200 per person and $2,400 for couples amid the coronavirus outbreak.

"This isn't a bailout", Mnuchin told FOX Business' Maria Bartiromo on Thursday morning.

The GOP leader is poised to unveil the sweeping response as Congress races to draft a $1 trillion measure to shore up households and the US economy.

The US Senate has approved a House-passed Bill to expand paid sick leave, enhance unemployment insurance, and ensure free testing in response to the COVID-19 outbreak.

"As we race to develop a vaccine, we're also developing anti-viral therapies", said President Trump noting that treatments will help reduce the severity or duration of the symptoms.

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U.S. lawmakers were rushing ahead on Thursday with forging a massive economic stimulus measure to counter the destructive impact of the coronavirus, with the Senate's leader vowing not to let the chamber adjourn until the mission is accomplished.

Economists say the country is probably already in recession and the stock market continued its free fall Wednesday.

The administration is now eyeing a trillion dollar-plus plan to try to boost an economy that's being ravaged by COVID-19, the diseased caused by the novel coronavirus.

"Now the whole world is inflicted with this terrible, disgusting virus and it's too bad", Trump said, lamenting how the U.S economy was healthy "just a few weeks ago". He has sought to lead off with major announcements to drive news coverage - but he has spent considerable time answering questions about why those declarations have not met reality. "Right after I am finished with this conference, I'll be signing it.it's prepared to go", Trump said during a press conference.

He added that Congress will have future opportunities to address the long-term impact of the coronavirus crisis when they write regular annual spending bills later in the year.

Employees can receive paid emergency leave if they are home because of a current diagnosis of COVID-19 or are self-quarantined at the instruction of a healthcare provider, employer government official.

Kudlow also said the Trump administration is considering taking an equity stake in companies bailed out by taxpayers. Three days later, on Monday, March 16, he announced a series of stringent national guidelines for the next 15 days, including urging Americans to limit social gatherings to 10 people or fewer and to avoid discretionary travel. Now, GOP senators and the White House will need to work with Senate and House Democrats to strike a deal that can muster enough support to pass Congress and land on the president's desk.

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