Pelosi Warns Another $1T Is Needed For Next Stimulus That Would Include Another Direct Payment To Americans
While House Democrats have been eager to start working on another stimulus package, Republicans have been more hesitant, although in recent days Senate Majority Leader Mitch McConnell has talked about prioritizing health care in any potential legislation. Meanwhile, experts continue to warn about a deep and devastating hit to the economy. Some parts of the country may fare better than others, however.
The Associated Press:
Congress, White House Reach High For Next Virus Bill
Congressional leaders are jolting ahead with another coronavirus rescue package as President Donald Trump indicated that Americans will need more aid during the stark pandemic and economic shutdown. House Speaker Nancy Pelosi said another $1 trillion is needed, beyond the just-passed $2.2 trillion effort. She wants another round of direct payments to Americans and more money for companies to keep making payroll. Senate Majority Leader Mitch McConnell has said in recent days that health care should top the list, signaling his intent to get to work on a new bill. (Mascaro, 4/7)
The Washington Post:
Worried That $2 Trillion Law Wasn’t Enough, Trump And Congressional Leaders Converge On Need For New Coronavirus Economic Package
Democrats are looking to extend unemployment aid and small-business assistance for additional months, as well as authorize another round of direct checks to taxpayers. Trump has signaled support for some of the ideas that Democrats back, such as expanded help for small-business owners and new bailout checks for households. The rushed effort comes as the economy’s fortunes appear tethered to political decisions in Washington. A surge of demand for new Small Business Administration loans has overwhelmed the agency’s system, but the Dow Jones industrial average rose 1,627 points, or 7.7 percent, on Monday amid Wall Street optimism that the pandemic’s domestic spread could be slowing. (Werner and DeBonis, 4/6)
Politico:
Schumer Taps Warren Aide For New Coronavirus Oversight Commission
Senate Minority Leader Chuck Schumer will appoint Bharat Ramamurti, a former Elizabeth Warren aide, to a newly created panel meant to police the Trump administration’s handling of a $500 billion coronavirus relief fund. Schumer described Ramamurti Monday as “ferocious in his desire to protect the public from abuse.” (Levine and Cheney, 4/6)
The Hill:
Trump Officials Struggle To Get Coronavirus-Relief Loans Out The Door
The Trump administration is struggling to work out the kinks of a coronavirus small-business loan program after a chaotic start Friday. Some banks say they are unable to access Small Business Administration (SBA) platforms, while industry leaders say there are unanswered questions about applying for loans and how to take advantage of them. (Gangitano, 4/6)
Politico:
'Huge, Unprecedented, Devastating Hit’: Warnings Mount About Economic Damage
The nation’s former top central banker called the damage “absolutely shocking.” The head of America's largest bank said he’s preparing for financial dysfunction similar to 2008. And a gauge of consumer sentiment showed soaring angst across the economy. New warnings mounted throughout Monday, signaling turmoil ahead for the economy despite a surprise resurgence in the stock market. The signs of economic distress point to deeper trouble in the months ahead as the coronavirus crisis worsens in cities outside New York and New Jersey. (Guida, 4/6)
Stateline:
Pockets Of Rural America Are Less Vulnerable To Economic Fallout — For Now
Every part of the country will feel the economic fallout from the coronavirus crisis. But the small and isolated rural areas that lagged during the economic boom may fare better, relatively speaking, in the aftermath of the pandemic. Those places tend to be less tied to global and financial markets. With little population density, they are less conducive to virus transmission. So far, states such as Wyoming, the Dakotas, Nebraska and Iowa have reported far fewer COVID-19 cases than New York and other states with large cities. (Simpson, 4/7)
Kaiser Health News:
Young People Weigh Pain Of Job Loss Against Risks Of Virus
Emilio Romero, 23, has mixed feelings about losing his job. It’s a major financial setback, but with two previous hospitalizations for pneumonia, a restaurant was not the safest place for the recent college graduate as the COVID-19 pandemic mushroomed. “Working in a restaurant, there’s obviously exposure to a lot of people and dirty plates,” Romero said. “Even before I was officially laid off, I was getting pretty nervous about the way everything was playing out, for my own safety.” (Almendrala, 4/6)
The Hill:
Dow Soars More Than 1600 Points On Hopes Of Slowing Coronavirus Spread
Stocks closed with major gains Monday on hopes that the coronavirus pandemic would peak sooner in the U.S. than had been expected. The Dow Jones Industrial Average closed with a gain of 1,627 points, soaring almost 7.7 percent Monday. The S&P 500 rose 7 percent and the Nasdaq composite gained 7.3 percent on the day. A sharp rise in Dow futures trading Sunday paved the way to a 1,000-point rally in industrials when the market opened Monday, fueled largely by optimism from President Trump and potentially encouraging data from New York. (Lane, 4/6)
