White House officials are working with congressional Republicans on an emergency stimulus package that could send two $1,000 checks to many Americans and also devote $300 billion towards helping small businesses avoid mass layoffs, according to two senior administration officials.
No final decisions have been made and talks with Republican leaders remain fluid, but the growing scale of the $1 trillion rescue plan is coming into sharper focus.
The White House will still need backing from Democrats before any plan can be pushed into law, but many Democrats have said they would support sending cash payments to Americans who are struggling to pay bills because of the virus's economic impact. Still, multiple levels of negotiations remain.
The White House's evolving spending plan could be unprecedented in its size and velocity, dwarfing the stimulus bill passed during the Obama administration and the Troubled Asset Relief Program passed during the Bush administration. The current $1 trillion Trump plan would seek to spend $500 billion towards the cash payments to individual Americans, though some people wouldn't qualify if their income is over a certain level.
The White House discussions with Republicans would aim to spend another $50 billion to help rescue the airline industry and $150 billion to prop up other sectors, which could include hotels, among others. Some Democrats have raised concerns about how these funds might be used and have called for putting restrictions on firms that receive emergency assistance to assure that employees aren't laid off while executives pocket large bonuses.
One of the goals of the White House's decision to seek $300 billion for small businesses in the plan would be to help firms continue paying employees, as there has already been a wave of layoffs, particularly at restaurants and other companies where business was suddenly halted as millions of Americans began staying at home under government warnings about contagion.
The package doesn't, at this point, include some of the big tax cuts that President Donald Trump had sought only a few days ago. White House officials pivoted away from the tax cuts after Democrats and Republicans largely panned the idea, and Trump expressed concern that it would take too long for these benefits to filter through to the economy.
White House officials have scrambled in recent days to assemble a massive rescue plan as large parts of the U.S. economy show signs of buckling. The Dow Jones industrial average has fallen more than 9,000 points in one month. Many businesses and schools are closed, and Americans have cancelled travel plans as many avoid unneeded social contact. There are now more than 6,000 cases of coronavirus in the United States, and more than 1,000 new cases were confirmed on Tuesday. Economic and health disruptions are expected to last for months.
#1: Horse To: All (#0)
https://www.zerohedge.com/markets/stocks-slump-triggers-market-wide-trading-halt
Horse posted on 2020-03-18 18:03:37 Reply Private Reply
#2: Liberator To: Horse (#0)
Do I hear free $5,000 feral checks?? $10,000?
If currencies are moving to digital, not even ink, paper or banks will matter any more. It's not as though there's a limit to releasing accounts of gazillion digital "zeros".
Liberator posted on 2020-03-18 18:14:43 Reply Private Reply
#3: TommyTheMadArtist To: Horse (#0)
TommyTheMadArtist posted on 2020-03-18 19:38:09 Reply Private Reply
#4: BTP Holdings To: TommyTheMadArtist (#3)
What Ben Bernanke called "helicopter money". ;)
BTP Holdings posted on 2020-03-18 20:01:03 Reply Private Reply
#5: BTP Holdings To: Liberator (#2)
I heard the IMF moved from Washington, D.C. to Beijing, China.
This signals a sea change to the monetary systems of the world. The Bretton woods Agreement is dead. ;)
BTP Holdings posted on 2020-03-18 20:05:11 Reply Private Reply
#6: StraitGate To: Horse, NeoconsNailed (#0)
I own a small business. I wonder if fedgov will send me some of that money so I don't have mass lay myself off.
BTW, my daughter and her good friend who work in the dental field got laid off for 2 weeks yesterday (their patients are cancelling appointments right and left), and another daughter who worked for a chiropractor was let go a few days ago, again because of the corona crash. They said they could collect about $325/week in unemployment "benefits".
"Are y'all gonna sign up?"
"Heck, no. We're going to work at the grocery store."
They all three applied yesterday at the grocery store, got themselves hired, and will start work on Friday.
Too proud to raid the storehouses of the New World Order.
StraitGate posted on 2020-03-18 20:26:00 Reply Private Reply
#7: BTP Holdings To: StraitGate (#6)
That is some tall cash and better than I can make now. It is much more than I get weekly here and it barely keeps me in food. Hell, I can't even get an EBT card for food stamps now since my SSD is too high. ;)
BTP Holdings posted on 2020-03-18 20:52:38 Reply Private Reply
#8: NeoconsNailed To: StraitGate (#6)
Glad to hear the girls got hired so fast. Is it in any way related to the viruscare, e.g. they need more help because people are mobbing their shelves in panic?
NeoconsNailed posted on 2020-03-18 21:59:47 Reply Private Reply
#9: StraitGate To: NeoconsNailed (#8)
That's the way I heard it; all caused by the coronapocalypse. That, and the three of them looking like Charlie's Angels probably didn't hurt.
I told 'em they should wear their med scrubs and surgical masks to work so the viruswarmers at the grocery store can feel like they're getting their money's worth.
StraitGate posted on 2020-03-18 22:17:32 Reply Private Reply
#10: IRTorqued To: Horse (#1)
IRTorqued posted on 2020-03-18 22:17:42 Reply Private Reply
#11: IRTorqued To: Liberator (#2)
IRTorqued posted on 2020-03-18 22:32:09 Reply Private Reply
#12: NeoconsNailed To: Horse (#0)
NeoconsNailed posted on 2020-03-18 22:38:46 Reply Private Reply
#13: Liberator To: BTP Holdings (#5)
If that move to China is true, it reinforces the notion that the Elites the world over PLAY FR THE SAME TEAM.
(NONE of them know NO allegiance, loyalty, or benevolence to We The Serfs (OR our respective Borders/Nationalism.)
Liberator posted on 2020-03-19 13:55:26 Reply Private Reply
#14: Liberator To: BTP Holdings (#5)
The Bretton Woods Agreement *should* be dead. But not before exposing its rotten corpse to the bone. (NESARA might just do that)
The change to monetary system also reinforces the notion of signaling a coming ONE WORLD CURRENCY.
Have you noticed the blame-game regarding the CV Virus? Based on the issue of "trust" US authoritahs and MSM (even FNC) are trying to scapegoat the ChiComs as THE source.
The real laugh: WHO ACTUALLY STILL TRUSTS THE WORD OF THE US GUMMINT and Fear/Doom-Messenger MSM??
Liberator posted on 2020-03-19 13:57:53 Reply Private Reply
#15: Liberator To: IRTorqued (#11)
Ok, I'll play.
HUH??!?
Liberator posted on 2020-03-19 13:58:34 Reply Private Reply