President Trump is pushing for a $1 trillion coronavirus bailout.
Treasury Secretary Mnuchin met with Senate Republicans to propose the bailout. It includes $50 billion for the airline industry and $250 billion for small businesses.
Total payments to individuals could top $500 billion – through a combination of direct cash payments and payroll tax cuts.
In announcing the bailout, Mnuchin warned that unemployment could top 20% in America – if Congress doesn’t act quickly.
Congress has already approved $3 billion to fund the coronavirus vaccine.
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The Big News…
San Francisco: Do Not Leave Your Home
The City by the Bay instituted a shelter-in-place order – effective on Tuesday. The order affects 7 million people in San Francisco and surrounding counties. California has over 500 infections as of yesterday.
New York City: Prepare for Lockdown
New York City Mayor Bill de Blasio warned New Yorkers that the city might be forced to lock down. This move would follow similar actions nationwide in Italy. Gov. Andrew Cuomo responded by saying that NYC would not have a shelter-in-place order.
204,000 Coronavirus Cases Worldwide
The number of cases continues to surge. An additional 16,000+ people were diagnosed with Covid-19 in the last 24 hours. And the death toll has risen by 700 people since yesterday.
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Paris Under 100% Lockdown
Paris has instituted strict rules to essentially lock down the entire city. People will only be allowed outdoors to buy groceries, get medicine or commute to work if they’re unable to work from home. The restrictions are in place for 15 days.
U.S. Plans to Close Northern and Southern Borders
President Trump plans to immediately close the border with Mexico. That means turning away 100% of asylum seekers and others entering the U.S. via our southern border. The U.S. and Canada are also planning to close down the border to all nonessential travel.
There are currently over 5,600 reported cases of coronavirus in the U.S. Canada has 470 reported cases. And Mexico stands at 82.
The Coronavirus Numbers
Here are the numbers from Tuesday morning at 9:45 a.m. ET.
- 204,060 Infected worldwide
- 8,250 Deaths
- 6,524 Infected in the U.S.
- 116 Deaths in the U.S.
Stocks rallied on Tuesday. Yet the stock market gave up all of those gains on Wednesday morning.
As of 10 a.m., the major U.S. indices are posting losses of 3% to 4%.
Meanwhile, oil prices plunged to the lowest level in 17 years. The price of oil shows a major drop in global demand. And today’s price drop indicates that the slowdown will be felt for many months.
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