White House seeks $850 billion stimulus package from Congress to tackle COVID-19 crisis

As the deadly coronavirus continues to tighten its grip around the globe and its impact on economy intensifies, the media reports have stated that the White House is currently seeking a massive $850 billion emergency stimulus package to contain the monetary damage of the pandemic. The reports stated on March 17 that these measures are expected to include a payroll tax cut and $50 billion in aid to the troubled American airlines that have been hit hard by the unprecedented drastic spread of the fatal COVID-19. 

Officials familiar with the matter were cited by an international news outlet that the package will also have $110 billion in spending directed at paid sick leave and expanded unemployment benefits that are already moving through the House of Representatives. The stimulus package further surpasses the $700 billion emergency program which is known as TARP to save the banking system during the 2008 global financial crisis. 

Read - Amid Coronavirus Scare, Elderly Man Greets Wife On Anniversary From Outside Window

Read - Thailand To Shut All Schools, Universities To Prevent Spread Of Coronavirus

‘Short-term issue’

The media reports stated that US Treasury Secretary Steven Mnuchin is expected to present the proposal to Senate Republicans after he had said on March 13 that the impact of the pandemic on country's economy is “short-term issue”. He also said that the US lawmakers are “very close” to the stimulus agreement against the easily spread virus. Mnuchin's claims came after US President Donald Trump had confessed last week that the outbreak “certainly” might have an impact on US economy. 

As the total confirmed cases of coronavirus reach at least 4,773 in the United States with 93 deaths, Trump had claimed that “it's all going to work out”. While urging people to remain calm, the US President said that his administration has “plans for every single possibility”. However, Trump also hoped that the pandemic “doesn't last too long”. COVID-19 has now spread to over 160 countries and also taken a toll on the stock market while raising fears of an economic dip as Trump campaigns for a second term in the office. 

Read - France Announces 15-day Lockdown To Contain Coronavirus Outbreak

Read - Hong Kong To Quarantine Arrivals From All Foreign Countries Amid Coronavirus Scare