Categories: Market Overview

Trump presses for $1 trillion stimulus as U.S. coronavirus deaths cross 100

The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a coronavirus outbreak that has killed over 100 people in the country. With cases of the respiratory illness reported in all 50 states and the total number of known U.S. infections surging past 6,400, millions of Americans hunkered down at home instead of commuting to work or going to school.

New York Mayor Bill de Blasio said he was weighing whether to order the city’s 8.5 million residents to “shelter in place” at home, as state and local officials escalated “social distancing” policies by closing schools, restaurants and theaters to curb the spread of the virus. “It’s a very, very difficult decision,” de Blasio said. “We’ve never been here before.” The state’s governor, Andrew Cuomo, told CNN he did not think it would work.

About 6.7 million people in the San Francisco Bay area have already been ordered to stay home for all but the most crucial outings until April 7. Eateries, bars, gyms and other “non-essential” businesses were shut down, but marijuana dispensaries were allowed to stay open as cannabis was deemed an “essential medicine” by health authorities.

Kentucky and Illinois recorded their first coronavirus deaths, driving the nationwide toll to at least 108. Authorities said 22 people had been infected at a nursing home in suburban Chicago. In Washington state, where 52 people have died, many at a suburban Seattle long-term care facility, Governor Jay Inslee signed legislation approving $200 million for homeless aid and other measures to fight the virus. California’s governor signed off on $1 billion, and Georgia’s governor approved $100 million.

President Donald Trump said progress was being made against the fast-spreading pathogen and predicted the U.S. economy would “come roaring back” when it slows. The Republican president’s tone on the pandemic has changed sharply over the past few days. After initially playing down the threat and focusing on the stock market, his administration has begun pushing for urgent action to stem the disease’s economic and human toll. The White House on Tuesday urged Americans to avoid groups larger than 10.

His administration sought more than $1 trillion for a stimulus package, including $50 billion for hard-hit airlines facing bankruptcy.

Trump presses for $1 trillion stimulus as U.S. coronavirus deaths cross 100, Reuters, Mar 18

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