As crisis deepens, Congress close on economic rescue deal

As crisis deepens, Congress close on economic rescue deal

As crisis deepens, Congress close on economic rescue deal

There is also a one-time rebate cheque of about US$1200 per person, or US$3000 for a family of four, as well as the extended unemployment benefits. The supplies should reach NY and California by Tuesday.

In an announcement on Sunday, United States' Treasury Secretary (USTR) Steven Mnuchin highlighted that the U.S Congress is now finalizing a Coronavirus economic relief bill that is expected to include around £2,500 payment (one-time) for families.

Hospitals would get about $110 billion for the expected influx of sick patients, said Treasury Secretary Steven Mnuchin.

The treasury secretary said a significant part of the package will involve working with the Federal Reserve with up to $4 trillion of liquidity to support the economy with "broad-based lending programs". "But I think we're injecting a lot of liquidity into the system and hardworking Americans know the president wants to protect them and we're doing everything to support them".

"We're making a lot of progress", Mnuchin said midday as he shuttled through the halls.

Mnuchin said he thought the bill would be finished Sunday and ready for a vote on the Senate floor on Monday. Mitt Romney and Mike Lee to self-quarantine, bringing the number of sidelined senators to five and the balance in the Senate to a near even split: 48 GOP - 47 Democrats. "We're getting closer and closer". But Democrats are pushing for more health-care dollars for the front-line hospitals and workers. Gov. Gretchen Whitmer of MI said Sunday the auto industry would also likely need government assistance.

The lockdown affecting 80 million people - almost one in four of the American population - to try to curb the spread of the coronavirus is likely to last 10 to 12 weeks, or until early June, US Treasury Secretary Steve Mnuchin has said. The program would provide 8 weeks of assistance through federally-guaranteed loans qualifying employers who maintain payroll; if they do, other costs like mortgage interest, rent, and utilities would be forgiven.

They warned the draft plan's $500 billion for corporations does not put enough restraints on business, saying the ban on corporate stock buy-backs is weak and the limits on executive pay are only for two years.

Speaking on Fox News, White House press secretary Stephanie Grisham chided reporters for "looking backwards" and trying to reconstruct if the administration missed key warning signs.

When inquired about the probability of recession, Mnuchin branded it as a technical question that he didn't see as quite relevant considering the circumstances since the U.S government, he said, is committed to shutting down several components of the economy to minimize the risk of Coronavirus. But mixed, vague messaging still ruled the briefing, with conflicting signals about the effectiveness of possible medications as well as timelines for the delivery of medical equipment.

The president tweeted Sunday that automakers General Motors and Tesla were given "the go ahead" to make ventilators and other products. Visit MarketWatch.com for more information on this news. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. They were obtained by The Associated Press. USA cases climbed to over 25,000 on Sunday morning and at least 325 people have died, with about half the cases in NY state, according to a Reuters tally. The AP is exclusively responsible for all content.

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