White House, Senate leaders reach deal on $2 trillion coronavirus stimulus bill, boosting world markets
White House, Senate leaders reach deal on $2 trillion coronavirus stimulus bill, boosting world markets
People dressed in graduation caps and gowns take photos outside the Capitol building in Washington on Tuesday. The Trump administration and Congress are continuing negotiations on a coronavirus stimulus package.
People dressed in graduation caps and gowns take photos outside the Capitol building in Washington on Tuesday. The Trump administration and Congress are continuing negotiations on a coronavirus stimulus package. (Erik S Lesser/EPA-EFE/REX/Shutterstock)
By
Miriam Berger,
Teo Armus,
Rick Noack and
Jennifer Hassan
March 25, 2020 at 3:14 p.m. GMT+5:30
The Washington Post is providing this story for free so that all readers have access to this important information about the coronavirus. For more free stories, sign up for our daily Coronavirus Updates newsletter.
With the United States becoming the next epicenter of the coronavirus outbreak, Senate leaders and the Trump administration reached agreement early Wednesday on a $2 trillion stimulus package to rescue the economy, as national debate raged over the duration and severity of restrictions aimed at containing the pandemic.
The spending deal aims to support the economy by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses and setting up a $500 billion fund for industries, cities and states. A swift vote in Congress appears likely on Wednesday.
The developments in Washington bolstered Asian and European markets on Wednesday, following hefty gains on Wall Street. Japan’s Nikkei surged 8 percent and U.S. stock futures and oil prices also edged higher.
Elsewhere, European countries pushed ahead with lockdowns that are increasingly being replicated in parts of Africa, the Middle East and South Asia. Despite the shutdowns, France became the fifth country to record more than 1,000 deaths from the virus.
Here are some significant developments:
The White House coronavirus task force, citing concern about the high infection rate in the New York City area, is asking everyone who has left that area recently to self-isolate for 14 days.
South Korea, lauded for its swift and widespread testing, agreed to send the United States spare medical equipment in response to President Trump’s request.
Trump said Tuesday that he wants the country “opened up” by Easter — April 12 — and continued to play down the dangers of the coronavirus pandemic even as experts warned of a worsening crisis.
The number of confirmed cases around the world passed 400,000, suggesting that the global pace of infection continues to increase. Italy reported 743 new deaths on Tuesday, bringing the country’s total to 6,820.
India began the world’s largest lockdown, though prominent political leaders appeared to be flouting the directives.
People dressed in graduation caps and gowns take photos outside the Capitol building in Washington on Tuesday. The Trump administration and Congress are continuing negotiations on a coronavirus stimulus package.
People dressed in graduation caps and gowns take photos outside the Capitol building in Washington on Tuesday. The Trump administration and Congress are continuing negotiations on a coronavirus stimulus package. (Erik S Lesser/EPA-EFE/REX/Shutterstock)
By
Miriam Berger,
Teo Armus,
Rick Noack and
Jennifer Hassan
March 25, 2020 at 3:14 p.m. GMT+5:30
The Washington Post is providing this story for free so that all readers have access to this important information about the coronavirus. For more free stories, sign up for our daily Coronavirus Updates newsletter.
With the United States becoming the next epicenter of the coronavirus outbreak, Senate leaders and the Trump administration reached agreement early Wednesday on a $2 trillion stimulus package to rescue the economy, as national debate raged over the duration and severity of restrictions aimed at containing the pandemic.
The spending deal aims to support the economy by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses and setting up a $500 billion fund for industries, cities and states. A swift vote in Congress appears likely on Wednesday.
The developments in Washington bolstered Asian and European markets on Wednesday, following hefty gains on Wall Street. Japan’s Nikkei surged 8 percent and U.S. stock futures and oil prices also edged higher.
Elsewhere, European countries pushed ahead with lockdowns that are increasingly being replicated in parts of Africa, the Middle East and South Asia. Despite the shutdowns, France became the fifth country to record more than 1,000 deaths from the virus.
Here are some significant developments:
The White House coronavirus task force, citing concern about the high infection rate in the New York City area, is asking everyone who has left that area recently to self-isolate for 14 days.
South Korea, lauded for its swift and widespread testing, agreed to send the United States spare medical equipment in response to President Trump’s request.
Trump said Tuesday that he wants the country “opened up” by Easter — April 12 — and continued to play down the dangers of the coronavirus pandemic even as experts warned of a worsening crisis.
The number of confirmed cases around the world passed 400,000, suggesting that the global pace of infection continues to increase. Italy reported 743 new deaths on Tuesday, bringing the country’s total to 6,820.
India began the world’s largest lockdown, though prominent political leaders appeared to be flouting the directives.
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