viernes, 27 de marzo de 2020

Trump signs $2 trillion coronavirus bill into law as companies and households brace for more economic pain




Trump signs $2 trillion coronavirus bill into law as companies and households brace for more economic pain
Trump signs $2 trillion coronavirus bill into law as companies and households brace for more economic pain
President Trump on Friday signed a massive $2 trillion emergency spending bill into law, promising to deliver a tidal wave of cash to individual Americans, businesses and health care facilities all reeling from the coronavirus pandemic.

Trump signs $2.2 trillion stimulus package
Associated Press
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 Video by Associated PressHis signature came just hours after the House of Representatives passed the massive package by an overwhelming voice vote, and less than 48 hours after it received unanimous approval from the Senate.
“This will deliver urgently needed relief to our nation’s families, workers and businesses. And that’s what this is all about,” Trump said at a signing ceremony in the Oval Office, with GOP congressional leaders and administration officials crowded behind him.
“I want to thank Republicans and Democrats for coming together, setting aside their differences and putting America first,” Trump said, although Democrats were not invited to the signing ceremony.
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Now the White House, the Treasury Department, the Small Business Administration and other agencies must rush to try to implement the new law. It authorizes the Internal Revenue Service to send $1,200 payments to millions of Americans and creates programs to disburse close to $1 trillion in business loans and guarantees to millions of large and small companies throughout the economy.
There are now roughly 100,000 confirmed cases of coronavirus in the United States and it has caused more than 1,500 deaths domestically, figures that have risen rapidly. To try to contain the contagion, much of American life has shut down. Schools have closed. Most public gatherings have been canceled. Many Americans have stopped leaving their homes, devastating millions of businesses that depend on consumer spending for their cash flow.
The economy’s screeching halt led 3.3 million workers to file for unemployment benefits last week, by far the most over a seven-day span in recent American history. A number of economists believe the U.S. economy has taken a nosedive from a period of relative economic strength to one of the worst recessions ever recorded.
To respond, the White House and Congress assembled a massive spending bill that directs money to households, businesses, cities, states and hospitals while seeking to buttress state unemployment programs that are overwhelmed with new filers.
Trump said some of the key decisions would be based on consultations his advisers have with Wall Street executives and “the smartest, most brilliant people in the world in finance.” He left open the possibility that some of these companies could be compensated for their roles, but he did not offer more information.
It will require speed and cooperation between the White House, states and private companies, even though tensions among all sides has flared in recent days.
“I can’t think of any precedent where there were this many programs involved in a single piece of legislation that were trying to be stood up so quickly," said Shai Akabas, director of economic policy at the Bipartisan Policy Center.

Slide 1 of 50: Residents of the densely populated Hillbrow neighborhood of downtown Johannesburg, confined in an attempt to prevent the spread coronavirus, stand and wave from their balconies, Friday, March 27, 2020. South Africa went into a nationwide lockdown for 21 days in an effort to mitigate the spread to the coronavirus. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (
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1/50 SLIDES © Jerome Delay/AP Photo
The world is battling the COVID-19 outbreak that the World Health Organization declared a global pandemic, which has claimed more than 20,000 lives and infected more than 500,000 people around the world.
(Pictured) Residents of the densely populated Hillbrow neighborhood of downtown Johannesburg, South Africa, confined in an attempt to prevent the spread coronavirus, stand and wave from their balconies on March 27.
2/50 SLIDES© Evan Vucci/AP Photo
President Donald Trump signs the coronavirus stimulus relief package in the Oval Office at the White House on March 27 in Washington D.C.
3/50 SLIDES© Thibault Camus/AP Photo
The word "Merci", the French word for 'Thank you", is emblazoned on the Eiffel Tower as a show of gratitude to the health workers in Paris on March 27.
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A municipal worker disinfects the streets as a preventive measure against the spread of cornavirus in downtown Dubai, on March 27.
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Civic workers mark positions for maintaining physical distance at a marketplace in Mumbai, India on March 27.
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A worker wearing personal protective equipment builds a splash guard during a mass manufacturing operation to supply New York City government with protection to distribute against COVID-19 transmission on March 27 in New York.
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Commuters walk to a train in an unusually empty train station on March 27 in The Hague, The Netherlands.
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People sit at distance to receive relief goods during a nation-wide lockdown to contain outbreak of the coronavirus, in Karachi, Pakistan on March 27.
9/50 SLIDES© Alex Edelman/AFP/Getty Images
US Speaker of the House Nancy Pelosi (C) and Representatives Kevin McCarthy (L) and Steny Hoyer show the bill to the press after the House passed a $2 trillion stimulus bill, on March 27 at the US Capitol in Washington, D.C.
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10/50 SLIDES© Mike Hutchings/Reuters
A man walks past a poster covering the side of a building ahead of a 21-day lockdown aimed at limiting the spread of coronavirus disease (COVID-19) in Cape Town, South Africa, on March 26.
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Volunteers sit as they set up beds inside the Novi Sad Fair to accommodate people who suffer mild symptoms of the coronavirus in Novi Sad, Serbia, on March 27.
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Imam Ajmal Masroor performs a Friday prayer service, broadcast online using his phone, at Wightman Road mosque in London, on March 27.
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Benches on a promenade in Bari are cordoned off as the spread of the coronavirus continues, in Bari, Italy, on March 27.
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Scott LoBaido, 55, from Staten Island, posts a large "Thank You" note dedicated to the health workers of the nearby Elmhurst Hospital Center who are treating and testing people for the coronavirus in Queens, New York City, on March 27.
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Sushil Kumar, a migrant worker, walks along a highway with his family as he looks out for transport to return to his village, in Ghaziabad, on the outskirts of New Delhi, on March 27.
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Volunteers take a break after spraying disinfectant liquid at residential areas in Jakarta, on March 27.
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A stranded tourist from Germany smiles on a bus as she leaves for the airport to board a chartered flight back to Germany on the fourth day of the lockdown imposed by Nepal's government amid concerns on the spread of the coronavirus disease, in Kathmandu, Nepal, on March 27.
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People stand apart at intervals as a method of social distancing as they wait for a train at a commuter train station in Bangkok, Thailand, on March 27.
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Local workers clean the streets as a preventive measure, in Santa Cruz, Bolivia, on March 26.
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'Closed' notices are displayed at the entrance of Galaxy Harajuku, during the coronavirus disease outbreak, in Tokyo, Japan, on March 26.
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South Korea's Prime Minister Chung Sye-kyun, center, speaks via video conference with senior government officials and heads of local governments in Seoul, on March 27. The meeting was held to discuss government measures to curb the spread of coronavirus.
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The city center during quarantine lockdown for coronavirus pandemic in Wellington, New Zealand, on March 27.
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Prisoners from that state manufacturing face masks to prevent the spread of the coronavirus, in Sao Paulo, Brazil, on March 26. Groups of inmates, began production of 320 thousand protective masks to curb the spread of the disease and respond to the surge in demand in the country. Brazil has 2985 cases with 77 deaths.
24/50 SLIDES© Bagus Indahono/EPA-EFE/Shutterstock
Indonesian drone pilots and Air Force crew set up the drone to spray disinfectant to curb the spread of coronavirus in Jakarta, Indonesia, on March 27.
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Cars and buses are seen in Guangzhou, China on March 26. After two months of hard work, the new coronavirus was brought under control and cities in China began to resume operations. 
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New York Mayor Bill de Blasio holds a face shield as he speaks to the media during a visit to the Brooklyn Navy Yard where local industrial firms have begun manufacturing Personal Protective Equipment (PPE) on March 26 in New York CIty.
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Rashtrapati Bhavan illuminated in the evening on day two of the complete lockdown, imposed as a preventive measure against the spreading of coronavirus in Delhi, India on March 26.
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Patan Durbar Square listed in UNESCO World Heritage Site is empty during the third day of a 7 day nationwide lockdown as concerns about the spread of Coronavirus in Lalitpur, Nepal on March 26.
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A blue heart is lit up on the tower in Blackpool, England on March 26 as a sign of public admiration for the National Health Service.
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A general view of the sign for the COVID-19 testing at Kean University on March 26 in Union, New Jersey.
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A man walks between wagons in the lobby of the freight station. According to Deutsche Bahn, an increasing demand for rail transportation has been noticeable for days now due to the corona crisis on March 26 in Hagen, Germany.
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Members of the Arizona National Guard pack and sort food items at a food bank on March 26 in Mesa, Arizona.
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Medical workers gather around an ambulance during a transfer operation in Strasbourg, France on March 26.
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The cruise ship Silver Whisper heads into Fremantle Harbour to refuel on March 26 in Fremantle, Australia. West Australian Premier Mark McGowan has requested the Australian Navy direct the Artania cruise ship moored off the Fremantle coast to leave Australian waters following confirmation seven passengers had tested positive for COVID-19. 
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People stand on designated areas to maintain social distancing in Srinagar, India on March 26.
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Commuters wearing face masks make their way to work on March 26 in Tokyo, Japan. 
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A worker wearing a protective suit looks at signs partially covered in foam while cleaning and disinfecting an underpass to prevent the spread of coronavirus disease in downtown Budapest, Hungary on March 26.
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Police officers gather at night on an empty Trocadero square in front of the Eiffel tower on March 25 in Paris, France.
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Flanked by Vice President Mike Pence (L) and Treasury Secretary Steven Mnuchin, President Donald Trump speaks during a briefing on the coronavirus pandemic on March 25 in Washington, D.C.
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A general view shows a deserted via del Tritone during the emergency to stop the spread of the coronavirus on March 25 in Rome, Italy.
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Empty yellow trailers used to hold airplane fuselages sit idle in front of a mural on a door at Boeing Co.'s manufacturing facility on March 25 in Renton, Washington.
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People walk in an empty Lincoln Memorial Reflecting Pool in Washington D.C on March 25.
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A sign is displayed at a coffee shop on March 25 in New York City.
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A cleaner disinfects an alley of the Vila Ipiranga slum, in Niteroi near Rio de Janeiro, Brazil, on March 25.
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Migrant workers walk with their children as they look out for transport to return to their villages, after India ordered a 21-day nationwide lockdown to limit the spreading of the virus, in Ahmedabad, on March 25.
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A worker moves toilet paper at a storage facility of the Franz Mensch company, in Buchloe, Germany, on March 25.
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People join a queue to buy maize meal at a supermarket in Harare, Zimbabwe, on March 25. Zimbabwe's public hospital doctors went on strike on Wednesday over what they called a lack of adequate protective gear as the pandemic begins to spread in the country.
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People walk along Sandymount strand practicing social distancing, in Dublin, Ireland, as seen in this picture released on March 25.
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Indian firefighters spray disinfectants as a preventive measure, in Guwahati, India, on March 25.
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Director of Civil Defence Emergency Management Sarah Stuart-Black speaks during a press conference ahead of a nationwide lockdown at Parliament on March 25, in Wellington. New Zealand will go into lockdown from 11:59 pm on Wednesday. New Zealand currently has 205 confirmed cases of COVID-19. 
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Slideshow by photo servicesAkabas said the law’s move to pump $250 billion into the unemployment program could be a particular challenge, as it would require fast cooperation between the federal government and every state as Americans continue flooding into the program with requests for assistance.
The White House has promised it will implement the new law as quickly as possible, but its economic approach to the coronavirus crisis continues to change by the day. For example, Trump on Friday invoked the Defense Production Act in an effort to compel General Motors to manufacture ventilators after holding back on using that tool for more than a week. And there’s confusion about who will qualify for some of the emergency funding. Some members of the cruise industry have indicated they might not be able to receive the U.S. taxpayer assistance even though Trump has said multiple times that he wants them to be beneficiaries.
Trump’s top advisers will have to make a number of crucial decisions in the coming days, such as whether to protect taxpayer investments by taking equity stakes in struggling companies and whether to prioritize some industries over others as firms teeter on the brink of bankruptcy.



Treasury Secretary Steven Mnuchin promised in a Fox Business interview Friday that the Internal Revenue Service would quickly send out direct payments to Americans who qualify for the individual checks — those with incomes under $99,000 — and that the SBA would stand up a new lending program within a week. Small businesses will have access to close to $400 billion in loans from the new legislation.
“We’re going to have a new program up by next Friday where banks can lend. I mean that — that would be a historic achievement that is just incredibly aggressive," Mnuchin said. "This is a brand-new program, the Treasury working with the SBA. We’re doing everything we can because Americans need that money now. They can’t wait for government to take three or four or six months like we normally do.”
On direct payments to Americans, Mnuchin said: “I’ve committed that the IRS will get these direct deposits [out] in three weeks. Again, American workers can’t wait.”
But there are a number of logistical hurdles that the Trump administration will need to resolve. For example, officials can send electronic payments to households that have bank accounts on file with the IRS, as many people have had their tax refunds directly deposited to their bank accounts. But the IRS will also likely need to send paper checks to millions of other people, a process that could take much longer.
Similarly, the new law requires certain oversight structures to monitor how the money is spent. It directs Trump to nominate a new “Special Inspector General for Pandemic Recovery,” a position that must be confirmed by the Senate. And congressional leaders need to appoint five members to a Congressional Oversight Commission, which is also tasked with scrutinizing how the money is disbursed.
Friday began on a note of chaotic uncertainty in the House, where the threat of a procedural objection from Rep. Thomas Massie (R-Ky.) had forced more than 200 lawmakers to return to Washington. These lawmakers traveled by plane and car, some coming from places like New York where people are supposed to quarantine after leaving.
Leaders had hoped to pass the massive legislation by “unanimous consent” or by “voice vote” with just a few members present, so that lawmakers scattered to their states wouldn’t have to return to the tight quarters of the Capitol in the midst of a pandemic. But Massie, who opposes the legislation because it adds to the deficit, was prepared to insist on a quorum — or majority of the House — which is specified in the Constitution but rarely enforced.
Massie’s move drew bitter complaints from lawmakers of both parties and from Trump, who derided him over Twitter as a “grandstander” who should be tossed out of the Republican Party.
Ultimately a quorum was present, with lawmakers standing in the chamber as well as in galleries normally reserved for the public, so they could try to maintain social distancing. When the time for the vote came, Massie raised his objections and was quickly overruled, after which lawmakers shouted out in favor of the legislation — Massie’s was the only “no” vote heard — burst into applause when it was gaveled down and then headed quickly for the exits.
It’s uncertain when they will return.
“Today, as we have all acknowledged, our nation faces an economic and health emergency of historic proportions due to the coronavirus pandemic, the worst pandemic in over 100 years,” said House Speaker Nancy Pelosi (D-Calif.).
“The American people deserve a government-wide, visionary, evidence-based response to address these threats to their lives and their livelihoods, and they need it now.”
Ocasio-Cortez blasts coronavirus bill
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Many were furious at Massie.
“It’s an act of vanity and selfishness that goes beyond comprehension,” said Rep. Dan Kildee (D-Mich.), saying Massie was putting people’s health at risk and forcing the House to model poor public health procedures. “He should be ashamed of himself and the country should scorn him.”
At least three House members have now tested positive for covid-19, the disease caused by the coronavirus, and a number of others were quarantined after showing symptoms or coming into contact with potentially infected individuals.
During the debate and vote, the fear in the room could be seen. Several members wore surgical gloves. Others went to great lengths to place themselves far away from others. Some held their hand over their face as they passed other lawmakers or staff.



Two podiums were set up for speakers during debate, with a hand sanitizer bottle under the podium and a canister of disinfectant wipes on the chair next to the podium. When each speaker finished, he or she took their turn wiping down the podium and the microphone from which they were speaking, before giving way to the next speaker.
The House Sergeant at Arms set out strict procedures for Friday’s proceedings, including urging members and staff to maintain a six-foot distance from one another and urging members to use the stairs instead of elevators.
More than 150 million households would receive checks under the legislation, which will send payments of $1,200 to many individual Americans plus $500 for children. People with incomes above $99,000 are not eligible, and the total benefit is phased out for people earning between $75,000 and $99,000.
The legislation also contains hundreds of billions of dollars in emergency federal aid for large corporations suffering due to the coronavirus outbreak, a provision that sparked days of intense partisan conflict and a frenzied push from lobbyists and corporations eager to secure a chunk of the funding.
The final legislation will provide $25 billion in grants and $25 billion in loans to passenger airlines; $17 billion in loans to industries deemed critical to “national security” — a provision aimed at helping Boeing — and more than $400 billion in loans and loan guarantees for other businesses, cities, and states, a program that the Treasury Department will need to set up.
The conditions on the large pool of funding became a major sticking point through congressional negotiations. Democrats won some concessions but not others. In the final bill, businesses receiving the loan cannot cut their employment levels by more than 10 percent until Sept. 30. They have some restrictions on executive compensation above $425,000 annually and cannot issue stock buybacks, a limitation supported by Trump.
Included are measures ensuring swift disclosure of funding recipients, as well as an oversight board to probe the Treasury’s decisions. The president, vice president, members of Congress and members of the cabinet are also prohibited from benefiting from the aid — a measure that also applies to their spouses and children. The direct grant funding for the airlines also has strict limitations and is required to go directly to workers or their benefits.
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