The president spent much of his day hosting conference calls with company executives, industry groups and others that he announced Tuesday as part of a hastily formed outside advisory council devoted to the issue.
Advisers said the effort was aimed at building national momentum to reopen much of the country’s economy by next month. Trump said guidelines for such an effort will be announced Thursday. Continue reading.
Assistance aimed at keeping airline workers employed through Sept. 30Ten major U.S. airlines have reached agreement with the Treasury Department on federal grants aimed at keeping airline workers on the job through Sept. 30, officials announced Tuesday.
Alaska, Allegiant, American, Delta, Frontier, Hawaiian, JetBlue, United, SkyWest and Southwest indicated they would participate in the $25 billion grant program in the $2 trillion coronavirus spending bill approved last month.
Initial drafts of the spending bill included loans but not grants. Airlines, labor unions and Democrats fought to get grants in the bill, arguing they’d provide an immediate injection of dollars to protect airline workers. Continue reading.
Treasury Secretary Steven Mnuchin and Senate Democratic Leader Charles Schumer (N.Y.) are expected to reach a deal this week on an interim coronavirus relief bill that would provide money to businesses, hospitals and state governments.
The deal could lead to legislation being passed quickly through the Senate on Thursday, and through the House no later than early next week.
The House has said it will not return to Washington until at least the week of May 4 given the danger of the coronavirus, which has sent lawmakers in both chambers home. Continue reading.
The coronavirus pandemic will bring about the worst economic downturn since the Great Depression, the International Monetary Fund projected Tuesday in its latest world economic outlook.
Why it matters: The organization expects a recession “far worse” than the 2008 financial crisis. In a revision to its earlier forecast, the IMF said global GDP growth will fall to -3% this year, a drastic downgrade from its forecast of +6.3% in January.
By the numbers: Global GDP will face a cumulative loss of about $9 trillion — larger than the economies of Japan and Germany combined.
President Trump on Friday described the decision on when and how to reopen the country as the most difficult one he’s had to make in his life, underscoring the careful line he is walking between concerns about the economy and public health during the coronavirus outbreak.
“I don’t know that I’ve had a bigger decision. But I’m going to surround myself with the greatest minds. Not only the greatest minds, but the greatest minds in numerous different businesses, including the business of politics and reason,” Trump told reporters at a White House press briefing.
“And we’re going to make a decision, and hopefully it’s going to be the right decision,” he continued. “I will say this. I want to get it open as soon as we can.” Continue reading.
Labor Department comes under fire over handling of worker protection, unemployment programThe Labor Department is facing growing criticism over its response to the coronavirus pandemic as the agency plays a central role in ensuring that the tens of millions of workers affected by the crisis get assistance.
The criticism ranges from direct actions that the agency has taken to limit the scope of worker assistance programs to concerns that it has not been aggressive enough about protecting workers from health risks or supporting states scrambling to deliver billions in new aid.
In recent days, Labor Secretary Eugene Scalia, who has expressed concerns about unemployment insurance being too generous, has used his department’s authority over new laws enacted by Congress to limit who qualifies for joblessness assistance and to make it easier for small businesses not to pay family leave benefits. The new rules make it more difficult for gig workers such as Uber and Lyft drivers to get benefits, while making it easier for some companies to avoid paying their workers coronavirus-related sick and family leave. Continue reading.
Friday morning call between Schumer and Mnuchin signals movementSenate Minority Leader Charles E. Schumer said Friday that Treasury Secretary Steven Mnuchin has agreed to bipartisan talks on a new coronavirus economic aid package, which the New York Democrat said could lead to a deal by early next week.
A stalemate emerged Thursday over next steps for Congress to provide financial relief for the COVID-19 pandemic. Senate Republicans attempted to add $251 billion to a dwindling fund for small-business loans, as Democrats pushed for a broader relief effort. Senate Majority Leader Mitch McConnell sought unanimous consent for legislation to replenish the loan fund, but Small Business and Entrepreneurship Committee ranking member Benjamin L. Cardin objected.
There is disagreement over how quickly more money is needed for small-business loans and whether the next economic aid package must include more funding for hospitals and state and local governments, among other things. Continue reading.
Senate Republicans on Thursday signaled they won’t be ready to launch into another round of economic stimulus talks until next month.
The GOP resistance puts a damper on Speaker Nancy Pelosi’s (D-Calif.) and Senate Democratic Leader Charles Schumer’s (N.Y.) efforts to seize the political momentum on a phase-four coronavirus relief package.
Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday said he’s not opposed to more money for hospitals and health care providers “down the line” but said Democrats are already asking for money for programs that have yet to receive funding allocated for them in the CARES Act, which became law March 27. Continue reading.
The Trump administration is laying the foundation to push for a reopening of parts of the U.S. economy as early as the beginning of May amid rising pressure over unemployment numbers rivaling those during the Great Depression.
President Trump and top government officials in recent days have talked about seeing “glimmers of hope” and “light at the end of the tunnel” while publicly discussing ideas for how to revive the economy.
The president has floated reopening businesses in parts of the country that do not have outbreaks. The Center for Disease Control and Prevention (CDC) on Wednesday unveiled guidelines meant to encourage those in critical sectors who have been exposed to the coronavirus but aren’t showing symptoms to continue working. Continue reading.
