New: The White House is asking Congress for $850 billion in a new aid package for the U.S. economy, a person familiar with the plan tells NPR’s Ayesha Rascoe. The package is mainly tax cuts, but details were not immediately available.
, which is expected to vote on the measure this week. Earlier this month, Congress passed a roughly $8 billion package to address the response effort.
Additionally, Senate Minority Leader Chuck Schumer proposed $750 billion to raise funding for unemployment insurance, coronavirus treatment and emergency childcare assistance. This spending measure is separate from the tax cuts the White House is seeking from Congress. Stocks have been battered during the crisis despite by efforts by central bankers to assuage investors. On Tuesday, Dow futures were up slightly, a day after they slid to one of their worst sessions ever, falling nearly 3,000 points. This despite the Federal Reserve taking emergency action late Sunday in cutting interest rates toTrump has spent weeks downplaying the virus and dismissing the suggestion that the U.S.
"I think there's a tremendous pent-up demand both in terms of the stock market and in terms of the economy," Trump said."And once this goes away, once it goes through and we're done with it, I think you're going to see a tremendous surge."
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