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| Congress Nears Stimulus Deal With White House as Wall Street Suffers Rout | Congress Nears Stimulus Deal With White House as Wall Street Suffers Rout |
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| WASHINGTON — Financial markets plunged on Thursday in the biggest one-day drop since the Black Monday stock market crash of 1987, and Congress neared a deal with the White House on a sweeping economic rescue package to respond to the colossal effect of the coronavirus pandemic. | WASHINGTON — Financial markets plunged on Thursday in the biggest one-day drop since the Black Monday stock market crash of 1987, and Congress neared a deal with the White House on a sweeping economic rescue package to respond to the colossal effect of the coronavirus pandemic. |
| After a day of intense negotiations between Speaker Nancy Pelosi of California and the Treasury secretary, Steven Mnuchin, Ms. Pelosi told reporters that “we’ve resolved most of our differences” and the House would vote on Friday on the measure “one way or another.” It would then go to the Senate, which called off a recess that had been scheduled for next week in anticipation of a compromise. | After a day of intense negotiations between Speaker Nancy Pelosi of California and the Treasury secretary, Steven Mnuchin, Ms. Pelosi told reporters that “we’ve resolved most of our differences” and the House would vote on Friday on the measure “one way or another.” It would then go to the Senate, which called off a recess that had been scheduled for next week in anticipation of a compromise. |
| The legislation, according to a letter Ms. Pelosi sent to her members, will include enhanced unemployment benefits, free virus testing, aid for food assistance programs and federal funds for Medicaid. The package also ensures 14 days of paid sick leave, as well as tax credits to help small- and medium-size businesses fulfill that mandate. Language was still being drafted for provisions related to family and medical leave, according to a Democratic aide, as staff members worked through the night to prepare the bill. | The legislation, according to a letter Ms. Pelosi sent to her members, will include enhanced unemployment benefits, free virus testing, aid for food assistance programs and federal funds for Medicaid. The package also ensures 14 days of paid sick leave, as well as tax credits to help small- and medium-size businesses fulfill that mandate. Language was still being drafted for provisions related to family and medical leave, according to a Democratic aide, as staff members worked through the night to prepare the bill. |
| Ms. Pelosi, in her letter to lawmakers, also said that the House would soon pursue another package “that will take further effective action that protects the health, economic security and well-being of the American people.” | Ms. Pelosi, in her letter to lawmakers, also said that the House would soon pursue another package “that will take further effective action that protects the health, economic security and well-being of the American people.” |
| The fast-moving measure reflected a sense of urgency in Washington to enact a fiscal stimulus in the face of a pandemic that has wreaked havoc on the financial markets, which have proved impervious to other interventions. The Federal Reserve, in a drastic attempt to ensure Wall Street remained functional as volatility roiled even normally staid bond markets, said it would promptly inject as much as $1.5 trillion in loans into the banking system and broaden its purchases of Treasury securities. But neither the Fed’s actions, nor a plan by the European Central Bank to offer cheap loans to banks and step up its bond-buying campaign, were enough to assuage investors, who sent the S&P 500 down 9.5 percent. | The fast-moving measure reflected a sense of urgency in Washington to enact a fiscal stimulus in the face of a pandemic that has wreaked havoc on the financial markets, which have proved impervious to other interventions. The Federal Reserve, in a drastic attempt to ensure Wall Street remained functional as volatility roiled even normally staid bond markets, said it would promptly inject as much as $1.5 trillion in loans into the banking system and broaden its purchases of Treasury securities. But neither the Fed’s actions, nor a plan by the European Central Bank to offer cheap loans to banks and step up its bond-buying campaign, were enough to assuage investors, who sent the S&P 500 down 9.5 percent. |
| President Trump, for his part, appeared to be scrambling to persuade the public that things were going smoothly, while suggesting he could further restrict travel. Speaking at the White House, Mr. Trump said he could conceivably ban domestic travel to regions of the United States where the coronavirus becomes “too hot.” | President Trump, for his part, appeared to be scrambling to persuade the public that things were going smoothly, while suggesting he could further restrict travel. Speaking at the White House, Mr. Trump said he could conceivably ban domestic travel to regions of the United States where the coronavirus becomes “too hot.” |
| His comments came on the heels of his abrupt decision Wednesday night to impose sweeping travel restrictions on non-American citizens from nearly all of continental Europe, a step that angered his foreign counterparts and contributed to the global stock sell-off. | His comments came on the heels of his abrupt decision Wednesday night to impose sweeping travel restrictions on non-American citizens from nearly all of continental Europe, a step that angered his foreign counterparts and contributed to the global stock sell-off. |
| As Washington raced to mount a quick response, local governments, sports franchises, schools and cultural institutions moved to try to quell the spread of a virus that has sickened at least 132,300 people worldwide, including more than 1,500 in the United States. So far, at least 39 people have died from the virus in the country. | As Washington raced to mount a quick response, local governments, sports franchises, schools and cultural institutions moved to try to quell the spread of a virus that has sickened at least 132,300 people worldwide, including more than 1,500 in the United States. So far, at least 39 people have died from the virus in the country. |
| So much was being shut down so fast that it promised to change life as most Americans know it and bring about a spring unlike any before. | So much was being shut down so fast that it promised to change life as most Americans know it and bring about a spring unlike any before. |
| In an extraordinary step, governors in Connecticut, New Jersey, California, Ohio, Washington State and New York moved to ban large gatherings and restrict smaller ones. Broadway announced it would be turning off the lights. The Metropolitan Museum of Art said that it would temporarily close its three locations, including its Fifth Avenue flagship. The two biggest concert promoters suspended all their current tours until at least April, and Disneyland, the happiest place on earth, closed its doors for only the fourth time in history. | In an extraordinary step, governors in Connecticut, New Jersey, California, Ohio, Washington State and New York moved to ban large gatherings and restrict smaller ones. Broadway announced it would be turning off the lights. The Metropolitan Museum of Art said that it would temporarily close its three locations, including its Fifth Avenue flagship. The two biggest concert promoters suspended all their current tours until at least April, and Disneyland, the happiest place on earth, closed its doors for only the fourth time in history. |
| Schools across the country, including in Ohio and Maryland, announced they would shut for several weeks, while students at dozens of colleges and universities packed up and headed home for the foreseeable future. | Schools across the country, including in Ohio and Maryland, announced they would shut for several weeks, while students at dozens of colleges and universities packed up and headed home for the foreseeable future. |
| The N.C.A.A. announced there would be no March Madness this year as Major League Baseball postponed the start of its regular season by at least two weeks, canceling spring training games effective immediately. The N.H.L., N.B.A. and Major League Soccer also said they would pause or suspend their seasons. | The N.C.A.A. announced there would be no March Madness this year as Major League Baseball postponed the start of its regular season by at least two weeks, canceling spring training games effective immediately. The N.H.L., N.B.A. and Major League Soccer also said they would pause or suspend their seasons. |
| “It’s the right thing to do but obviously it stinks,” the Florida Panthers center Aleksander Barkov said in a telephone interview. | “It’s the right thing to do but obviously it stinks,” the Florida Panthers center Aleksander Barkov said in a telephone interview. |
| European leaders were struggling with how to respond, both to the outbreak on their shores and to Mr. Trump, who did not consult them before blocking most visitors from continental Europe to the United States for 30 days. | European leaders were struggling with how to respond, both to the outbreak on their shores and to Mr. Trump, who did not consult them before blocking most visitors from continental Europe to the United States for 30 days. |
| In a strongly worded statement, the European Union said it “disapproves of the fact that the U.S. decision to impose a travel ban was taken unilaterally and without consultation.” It said that it was “taking strong action to limit the spread” of the coronavirus, but that it “is a global crisis, not limited to any continent and it requires cooperation rather than unilateral action.’’ | In a strongly worded statement, the European Union said it “disapproves of the fact that the U.S. decision to impose a travel ban was taken unilaterally and without consultation.” It said that it was “taking strong action to limit the spread” of the coronavirus, but that it “is a global crisis, not limited to any continent and it requires cooperation rather than unilateral action.’’ |
| Asked on Thursday why he had not consulted foreign leaders beforehand, Mr. Trump said, “We had to make a decision, and I didn’t want to take time.” | Asked on Thursday why he had not consulted foreign leaders beforehand, Mr. Trump said, “We had to make a decision, and I didn’t want to take time.” |
| The administration’s approach has sown confusion at home, with conflicting messages emanating from the White House and health officials as well as from individual government agencies. | The administration’s approach has sown confusion at home, with conflicting messages emanating from the White House and health officials as well as from individual government agencies. |
| In a meeting at the White House on Thursday, Mr. Trump sought to play down the pandemic and its effects on the financial markets, saying, “It’s going to work out fine.” He insisted, “Frankly, the testing has been going very smooth,” even as the government’s top infectious disease expert, Dr. Anthony Fauci, was on Capitol Hill acknowledging to lawmakers that “it is a failing — I mean, let’s admit it.” | In a meeting at the White House on Thursday, Mr. Trump sought to play down the pandemic and its effects on the financial markets, saying, “It’s going to work out fine.” He insisted, “Frankly, the testing has been going very smooth,” even as the government’s top infectious disease expert, Dr. Anthony Fauci, was on Capitol Hill acknowledging to lawmakers that “it is a failing — I mean, let’s admit it.” |
| The president claimed that anyone who wanted to board a flight to the United States must first test negative for the virus, although there is no such policy. And he said a rally that he had been planning in Tampa, Fla., was “all sold out,” even though the idea of scheduling it was scrapped before it was ever announced. | The president claimed that anyone who wanted to board a flight to the United States must first test negative for the virus, although there is no such policy. And he said a rally that he had been planning in Tampa, Fla., was “all sold out,” even though the idea of scheduling it was scrapped before it was ever announced. |
| Mr. Trump himself may have been exposed to the virus after coming into contact with a Brazilian official who tested positive just days after participating in meetings with him in Florida. But White House officials said Mr. Trump would not be tested for the virus. | Mr. Trump himself may have been exposed to the virus after coming into contact with a Brazilian official who tested positive just days after participating in meetings with him in Florida. But White House officials said Mr. Trump would not be tested for the virus. |
| Cabinet officials have been waiting for the Office of Management and Budget and the Office of Personnel Management to send out official guidance addressing changes to telework policies, when to impose mandatory telecommuting, whether to reconsider hosting meetings and gatherings, and whether to cancel travel — guidance that would allow them to change their own policies. | Cabinet officials have been waiting for the Office of Management and Budget and the Office of Personnel Management to send out official guidance addressing changes to telework policies, when to impose mandatory telecommuting, whether to reconsider hosting meetings and gatherings, and whether to cancel travel — guidance that would allow them to change their own policies. |
| The lack of a clear, consistent response in the United States has only fueled the market sell-off, and this week the messiness extended to even the safest bonds, putting financial functioning at risk and prompting the Federal Reserve Bank of New York to take significant steps on Thursday to show markets that it has their backs. The New York Fed increased the size of its repurchase operations — basically short-term loans to banks — by $1.5 trillion through Friday, added to its weekly repurchase offerings, and shifted its Treasury purchases so that they extend across durations instead of focusing on shorter-term bills. | The lack of a clear, consistent response in the United States has only fueled the market sell-off, and this week the messiness extended to even the safest bonds, putting financial functioning at risk and prompting the Federal Reserve Bank of New York to take significant steps on Thursday to show markets that it has their backs. The New York Fed increased the size of its repurchase operations — basically short-term loans to banks — by $1.5 trillion through Friday, added to its weekly repurchase offerings, and shifted its Treasury purchases so that they extend across durations instead of focusing on shorter-term bills. |
| The package was meant to calm Treasury markets, where conditions had deteriorated in recent days, in part by making sure that as banks take bonds onto their balance sheets, they can have access to the funding they need to cover those positions. That the Fed is now buying across a range of maturities could help relieve pressures across the market. | The package was meant to calm Treasury markets, where conditions had deteriorated in recent days, in part by making sure that as banks take bonds onto their balance sheets, they can have access to the funding they need to cover those positions. That the Fed is now buying across a range of maturities could help relieve pressures across the market. |
| Updated July 7, 2020 | |
| The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization. | |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| But investors, along with the public, appeared inconsolable and desperate for Congress to unleash aid that could help either stop the spread of the virus or at least buffet an economic hit that is threatening to tip the United States into recession. | But investors, along with the public, appeared inconsolable and desperate for Congress to unleash aid that could help either stop the spread of the virus or at least buffet an economic hit that is threatening to tip the United States into recession. |
| “Until there are details on the steps that leadership intends to pursue to remedy the economic effects of the viral outbreak, equity markets will be vulnerable,” said Carl Tannenbaum, the chief economist at Northern Trust. | “Until there are details on the steps that leadership intends to pursue to remedy the economic effects of the viral outbreak, equity markets will be vulnerable,” said Carl Tannenbaum, the chief economist at Northern Trust. |
| Progress toward a compromise between Democrats and the Trump administration was a remarkable turnaround after a day of doubts — on Wall Street and in Washington — about whether a deal would be possible. House Democrats had initially scheduled a Thursday vote on their own package, signaling that they were ready to push it through even over Republican objections, and Senate Republicans who denounced the plan faced the prospect of leaving Washington having taken no action to address the widening crisis. | Progress toward a compromise between Democrats and the Trump administration was a remarkable turnaround after a day of doubts — on Wall Street and in Washington — about whether a deal would be possible. House Democrats had initially scheduled a Thursday vote on their own package, signaling that they were ready to push it through even over Republican objections, and Senate Republicans who denounced the plan faced the prospect of leaving Washington having taken no action to address the widening crisis. |
| Mr. Mnuchin, in a frantic attempt to keep talks on track, spoke by phone eight times with Ms. Pelosi, negotiating changes to the House legislation so that it could have a chance of winning the support of Mr. Trump and Senate Republicans. | Mr. Mnuchin, in a frantic attempt to keep talks on track, spoke by phone eight times with Ms. Pelosi, negotiating changes to the House legislation so that it could have a chance of winning the support of Mr. Trump and Senate Republicans. |
| The negotiations hit snags as Republicans balked at the sweeping proposal to provide paid sick leave, something Senate Republicans had already blocked when Democrats sought earlier in the week to bring up a separate bill. | The negotiations hit snags as Republicans balked at the sweeping proposal to provide paid sick leave, something Senate Republicans had already blocked when Democrats sought earlier in the week to bring up a separate bill. |
| Senator Mitch McConnell of Kentucky, the majority leader, started the day criticizing Ms. Pelosi’s plan as an “ideological wish list” and indicating that the Senate had no intention of moving ahead with it. But as negotiations proceeded, he faced mounting complaints from Republican senators — including those facing challenging re-election races — who opposed the House Democrats’ plan but were reluctant to leave Washington without voting on something to address the crisis. | Senator Mitch McConnell of Kentucky, the majority leader, started the day criticizing Ms. Pelosi’s plan as an “ideological wish list” and indicating that the Senate had no intention of moving ahead with it. But as negotiations proceeded, he faced mounting complaints from Republican senators — including those facing challenging re-election races — who opposed the House Democrats’ plan but were reluctant to leave Washington without voting on something to address the crisis. |
| “A haphazard bill thrown together overnight?” Senator Joni Ernst, Republican of Iowa, told reporters on Thursday. “We need to be thorough about it.” | “A haphazard bill thrown together overnight?” Senator Joni Ernst, Republican of Iowa, told reporters on Thursday. “We need to be thorough about it.” |
| “The Senate has no business leaving,” Senator Sherrod Brown, Democrat of Ohio, said in a speech on the floor. “We shouldn’t leave town until we pass the House package to help workers and support our communities, and President Trump needs to sign it. We need to do our jobs.” | “The Senate has no business leaving,” Senator Sherrod Brown, Democrat of Ohio, said in a speech on the floor. “We shouldn’t leave town until we pass the House package to help workers and support our communities, and President Trump needs to sign it. We need to do our jobs.” |
| Senators did leave Washington on Thursday afternoon, but they planned to return on Monday, even as the coronavirus took its toll on the Capitol, prompting more lawmakers to quarantine themselves and close their offices. (During senators’ final vote before their departure, a page could be seen wiping down members’ desks and chairs with disinfectant.) | Senators did leave Washington on Thursday afternoon, but they planned to return on Monday, even as the coronavirus took its toll on the Capitol, prompting more lawmakers to quarantine themselves and close their offices. (During senators’ final vote before their departure, a page could be seen wiping down members’ desks and chairs with disinfectant.) |
| In the absence of a detailed economic rescue plan from the White House, Ms. Pelosi pressed forward this week with a package of her own that leading Republicans panned as ineffective, overreaching and too costly. But on Thursday night, it appeared as if many of the measures Democrats proposed had been accepted by the Trump administration. | In the absence of a detailed economic rescue plan from the White House, Ms. Pelosi pressed forward this week with a package of her own that leading Republicans panned as ineffective, overreaching and too costly. But on Thursday night, it appeared as if many of the measures Democrats proposed had been accepted by the Trump administration. |
| Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said in a research note on Thursday that it was “up to Congress to fire the fiscal bazooka, the bigger and quicker the better.” | Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said in a research note on Thursday that it was “up to Congress to fire the fiscal bazooka, the bigger and quicker the better.” |
| But in an interview, Mr. Shepherdson warned that even a large stimulus package might not stop the fall in markets, and that the worst may still lie ahead. | But in an interview, Mr. Shepherdson warned that even a large stimulus package might not stop the fall in markets, and that the worst may still lie ahead. |
| “What stops the fear is evidence that the rate of increase of infections is slowing — believable evidence,” he said. “Everywhere you would look for reassurance, for leadership, for policy action, for reliable information — all are absent.” | “What stops the fear is evidence that the rate of increase of infections is slowing — believable evidence,” he said. “Everywhere you would look for reassurance, for leadership, for policy action, for reliable information — all are absent.” |
| Reporting was contributed by Katie Benner, Nicholas Fandos, Alan Rappeport and Sheryl Gay Stolberg from Washington; Matt Phillips, Melena Ryzik and Ben Sisario from New York; and Brooks Barnes and Andrew Knoll from Los Angeles. | Reporting was contributed by Katie Benner, Nicholas Fandos, Alan Rappeport and Sheryl Gay Stolberg from Washington; Matt Phillips, Melena Ryzik and Ben Sisario from New York; and Brooks Barnes and Andrew Knoll from Los Angeles. |