Published: Mon, March 23, 2020
Markets | By Otis Pena

Administration, Congress Work to Finalize Coronavirus Rescue Package

Administration, Congress Work to Finalize Coronavirus Rescue Package

The coronavirus economic relief bill being finalised by the U.S. Congress will include a one-time $3,000 (£2,573.34) payment for families and allow the Federal Reserve to leverage up to $4 trillion (£3.43 trillion) of liquidity to support the nation's economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

House Speaker Nancy Pelosi told reporters there was "no deal" yet on the aid package aimed at boosting the US economy, the world's largest, by sending direct payments to more than 90% of Americans and a vast array of USA businesses to help them weather the immediate and burgeoning economic effects of the coronavirus.

Those limits have led to massive layoffs and fears that many businesses will not survive the crisis.

FILE - Treasury Secretary Steven Mnuchin testifies on Capitol Hill in Washington, March 11, 2020, before a House Appropriations subcommittee hearing on the FY'21 budget.

When Fox News' John Roberts asked Mnuchin whether we're in a recession amid the coronavirus outbreak, Mnuchin responded that's "a technical question" and is "not terribly relevant" in this situation.

Trump urges Americans to take 'game changing' drug cocktail to fight coronavirus
Antibodies or combinations of them were tried against Ebola, and doctors think a similar approach may help against the new virus. It noted that the World Health Organization has not approved the use of chloroquine as a treatment for the coronavirus.

On Saturday, Trump said, "We're all negotiating and everybody's working hard", while urging his countrymen, "Stay at home and save lives".

Lawmakers in Washington are nearing a deal that could pump a record $1 trillion into the economy to limit the economic damage from the coronavirus.

"We need to get the money into the economy now". The average family of four would get a direct deposit of $3,000 as a "bridge for them to get through this quickly".

Mnuchin says President Donald Trump has "every expectation" the aid package will help workers and the economy improve "four or eight weeks from now", but if the virus is still raging after 10 weeks, "we'll go back to Congress again".

"I don't think that anybody should second guess the government's actions", Mnuchin said. "We're looking at this from anywhere to a 10 to 12 week scenario".

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