Trump team prepares rescue package of at least $800 billion – By Nancy Cook and Ben White (Politico) / March 16 2020
Top aides are assembling a package of relief for businesses and consumers crippled by a coronavirus-induced downturn.
The White House aims to deploy at least $800 billion in aid in the coming weeks to prop up the U.S. economy, as retailers, restaurants, sporting events and other businesses shut down and Americans slow their spending while staying home to guard against the coronavirus pandemic.
Among the administration’s targets this week: providing relief in the form of tax deferments, loans or even direct payments to airlines, the hospitality industry and small-to-medium businesses crippled by plunging demand. Officials know they need to release the contours of their plan quickly — potentially as soon as Tuesday — as turmoil accelerates in financial markets, said a person familiar with the White House’s plans.
Treasury Secretary Steven Mnuchin and Director of the National Economic Council Larry Kudlow have specifically cited aid for U.S. airlines, as travelers cancel trips or avoid new bookings and public health experts advise older Americans to avoid flying entirely.
“We don’t see the airlines failing, but if they get into a cash crunch, we’re going to try to help them,” Kudlow told reporters Monday at the White House. He said the airlines had been in touch seeking aid, “lots of them,” and that “we’re in touch about their balance sheets and their cash flow.”
Hotel CEOs are planning to visit the White House on Tuesday to meet with Vice President Mike Pence, as the hospitality industry also struggles from a serious downturn.
Contnue to article: https://www.politico.com/news/2020/03/16/trump-coronavirus-relief-package-132369
