Washington Post: “The good news is the majority of the money is going to laid-off workers, small business owners, hospitals and state and local governments. The bad news is it won’t be enough to stop a recession. And it’s an open question whether the nation can avoid an economic depression, the likes of which haven’t been seen since the 1930s.”
Senate Unanimously Passes $2.2 Trillion Relief Bill
“Facing one of the worst economic downturns in American history, one that is unsparing in its trauma, the Senate late Wednesday unanimously approved a $2 trillion emergency relief bill that attempts to arrest the financial havoc caused by the coronavirus pandemic,” the Washington Post reports.
“Lawmakers acted with unusual speed and cooperation to produce the largest economic rescue package in U.S. history.”
“The sprawling legislation, which passed 96 to 0, would send checks to more than 150 million American households, set up enormous loan programs for businesses large and small, pump billions of dollars into unemployment insurance programs, greatly boost spending on hospitals, and much more.”
California Sees One Million Unemployment Claims
“California Gov. Gavin Newsom said that the state has seen one million unemployment claims in less than two weeks as the coronavirus pandemic has led to businesses being shutdown across the state,” CNBC reports.
“Newsom’s announcement comes one day before a key national data release on new jobless claims for the United States, which some have projected to be in the multi-millions. The initial claims data has never before surpassed 1 million, and it was 285,000 last week.”
Exchange of the Day
CNN’s Kaitlin Collins asked President Trump how he decided to have the “country opened” by Easter Sunday:
COLLINS: Who suggested Easter? Who suggested that day?
TRUMP: I just thought it was a beautiful time. A beautiful time. A beautiful timeline. It’s a great day.
Quote of the Day
“The truth is that protecting people and protecting the economy are not mutually exclusive. In fact, one depends on the other. We save our economy by first saving lives. And we have to do it in that order.”
— Ohio Gov. Mike DeWine (R), on Twitter.
Trump’s Business Cannot Receive Stimulus Funds
Sen. Chuck Schumer (D-N) tells Politico he secured a provision in the economic stimulus agreement “that will prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs.”
Axios has details of some of the other measures.
Deal Reached on $2 Trillion Stimulus Package
“Senate leaders and the Trump administration clinched a bipartisan deal early Wednesday morning on a nearly $2 trillion emergency relief package in response to the coronavirus pandemic, a move intended to assist businesses and millions of Americans amid an unprecedented halt in the U.S. economy,” Politico reports.
“The announcement, which came around 1 a.m., capped five days of tense, marathon talks.”
New York Times: “In the final measure, lawmakers agreed to a significant expansion of unemployment benefits that would extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits, officials familiar with the unfinished agreement said. Democrats said that it would allow workers to maintain their full salaries if forced out of work as a result of the pandemic.”
Washington Post: “The delay in finalizing a deal came, in part, because aides launched a painstaking scrub of the bill’s text, to make sure that one of the most ambitious pieces of legislation ever attempted by Congress — thrown together in little over a week — actually said what lawmakers wanted it to say.”
Bonus Quote of the Day
“There will be no normally functioning economy if our hospitals are overwhelmed and thousands of Americans of all ages, including our doctors and nurses, lay dying because we have failed to do what’s necessary to stop the virus.”
— Rep. Liz Cheney (R-WY), on Twitter, pushing back on President Trump’s desire to have the “country opened” by Easter.
Lawmakers Expect Deal on Rescue Package Soon
“Congressional negotiators signaled Tuesday morning that they are likely hours away from clinching a bipartisan agreement on a nearly $2 trillion emergency stimulus package to confront the economic impacts of the coronavirus pandemic — capping five days of frenetic talks that have consumed a mostly empty Capitol,” Politico reports.
Pelosi Warns Against ‘Poison Pills’ In Stimulus Bill
Speaker Nancy Pelosi (D-CA) said she’s hopeful Congress can reach a deal a massive coronavirus relief package by day’s end, but warned that Republican “poison pills” could gum up the process and prompt House Democrats to move their own legislation, The Hill reports.
White House Agrees to Oversight of Bailout Funds
“The White House has agreed to allow enhanced scrutiny over a massive loan program that is a centerpiece of the Senate’s $2 trillion coronavirus economic package, taking steps to address a major Democratic concern and potentially pave the way for a vote by Tuesday night,” the Washington Post reports.
“President Trump has already said where he wants some of the money to go, promising assistance to cruise ship companies, for example, that have operations in Miami. And when he was asked Monday evening who would perform oversight of the program, Trump responded, ‘I’ll be the oversight.'”
“But during closed-door negotiations on Capitol Hill, White House officials have agreed to allow an independent inspector general and an oversight board to scrutinize the lending decisions.”
Mortgage Firms Brace for Wave of Missed Payments
“Mortgage companies are bracing for a severe cash crunch when Americans who lose jobs and income because of the coronavirus pandemic stop making payments on their home loans,” the Wall Street Journal reports.
Trump Tweet Puts Deal In Doubt
Just as Treasury Secretary Steve Mnuchin and Senate Minority Leader Chuck Schumer closed in on a deal for an economic relief package, President Trump tweeted his disapproval late last night:
Republicans had a deal until Nancy Pelosi rode into town from her extended vacation. The Democrats want the Virus to win? They are asking for things that have nothing to do with our great workers or companies. They want Open Borders & Green New Deal. Republicans shouldn’t agree!
Playbook says this throws its prospects into question. “Why? Because, as we’ve seen time and time again, anything short of a full embrace from the president is not enough for Republicans. Unless you have that, negotiating with a Cabinet secretary can be like dealing with an independent contractor with the best intentions, but limited authority. Some Republicans have been quietly downplaying the Mnuchin-Schumer talks, and perhaps this is why.”
Texas Official Willing to Die from Virus for Economy
Texas Lt. Gov. Dan Patrick (R), chiming in to support President Trump’s new focus on the economy over fierce warnings from public health officials, suggested that he would rather die from the rapid spread of the novel coronavirus than see instability in the American economic system, the Texas Tribune reports.
Said Patrick: “No one reached out to me and said, ‘As a senior citizen, are you willing to take a chance on your survival in exchange for keeping the America that all America loves for your children and grandchildren?’ And if that’s the exchange, I’m all in.”
He added: “I want to, you know, live smart and see through this, but I don’t want to see the whole country to be sacrificed, and that’s what I see.”
Trump Reportedly Leaning Towards the Worst of All Worlds
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Kushner Advised Trump to Loosen Social Distancing
Gabriel Sherman: “According to sources, Trump is increasingly frustrated with Fauci and governors who advocated for shutting down large swathes of the economy to stop COVID-19’s out-of-control spread… Trump is fuming privately that Fauci advised him that the only way to blunt the pandemic was to bring the economy to a halt.”
“The pivot away from the strict social-distancing strategy is gaining traction in the business community… Sources say that Trump is leaning toward telling at least some Americans to return to work after the 15-day social-distancing period ends on March 31. This puts Trump on a potential collision course with Fauci that many fear will end with Fauci being fired or quitting.”
“Trump’s view that he can ignore Fauci’s opinion may be influenced by advice he’s getting from Jared Kushner, whose outside-the-box efforts have often rankled those in charge of managing the crisis… Kushner has told Trump about experimental treatments he’s heard about from executives in Silicon Valley… Throughout the crisis, Kushner has counseled Trump that the crisis isn’t as bad as the media is portraying. Two sources said Vice President Mike Pence has complained to Trump about Kushner’s meddling in the work of the coronavirus task force.
Washington Post: “Fauci and other leading public health experts have told administration officials and Republican lawmakers that prematurely scaling back social distancing measures would hamper efforts to mitigate the virus and devastate U.S. hospitals.”
Senate Fails Again to Advance Economic Relief Bill
The Senate failed to advance a massive coronavirus stimulus package for the second time in as many days, The Hill reports.
Washington Post: “The vote was 49-46, far short of the 60 vote threshold needed to advance the legislation for a final debate.”
Quote of the Day
“Try running an economy with major hospitals overflowing, doctors and nurses forced to stop treating some because they can’t help all, and every moment of gut-wrenching medical chaos being played out in our living rooms, on TV, on social media, and shown all around the world. There is no functioning economy unless we control the virus.”
— Sen. Lindsey Graham (R-SC), dismissing calls from some to pull back on social distancing measures in order to stop damage to the economy.
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