The new law amounts to the largest emergency spending measure in U.S. history.
The Senate is aiming to vote later Wednesday on a $2 trillion rescue plan.
Trump remains skeptical of multilateral approaches. But he's not the only one skirmishing as the world economy comes under threat.
Senators yell at each other over the giant stimulus bill.
A nearly $2 trillion stimulus bill to save the nation's economy from the coronavirus outbreak faces key decisions on Capitol Hill amid sparring between Republicans and Democrats.
Environmental groups, climate experts and renewable energy industries call on Congress and administration to take advantage of the economic disarray and pass a stimulus bill that will set a new path toward lower carbon emissions
Senators are in the midst of negotiating a massive trillion-dollar-plus stimulus bill to fight the coronavirus, but may not be able to resolve their differences in time to meet a Friday midnight deadline set by Majority Leader Mitch McConnell to reach a deal.
However, filling the reserve will cost much less than the treasury secretary estimates.
The Trump administration is asking Congress to approve a massive economic bailout to stanch the economic downward spiral caused by the coronavirus. The figure could top $850 billion, with $50 billion devoted specifically to airlines.
Congressional leaders are starting work on a third coronavirus relief package, this one likely to contain major economic stimulus for industry and individual Americans. The passage could be massive and the administration is pushing to pass it by the end of this week. But first the Senate must act to pass far-reaching legislation approved last week by the House with tens of billions for food stamps, unemployment insurance, paid sick leave, free testing and other provisions. O
The package negotiated by House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin includes paid sick leave, unemployment insurance, and money for food stamps and other food security programs. It is expected to pass the House on Friday and the Senate next week.
The Federal Reserve took the highly unusual step of injecting more money into the bond market Thursday to ensure the financial system remains stable to help stabilize financial markets that have been wrecked by coronavirus worries.
House Democrats are pushing toward a vote Thursday on a coronavirus rescue package expected to include unemployment insurance, paid sick leave, and food security measures. The White House is reviewing the Democrats' proposals as Senate Republicans voice support for quick action ahead of a congressional recess next week.
Many Republicans are uneasy about Trump’s proposed payroll tax cut, and Democrats are focused on other ideas, such as ensuring paid sick leave.
Final negotiations had been hung up over how to address vaccine affordability. House leaders hope to pass the legislation as soon as Wednesday evening.
- Economy
- Analysis
Usually, when the Fed cuts interest rates outside of its normal meeting cycle, it's a sign the economy is in dire straights.
Bipartisan negotiators on Capitol Hill are finalizing work on an emergency spending bill for the coronavirus with a price tag around $7.5 billion. The spending bill, which could be released on Tuesday, is expected to pass the House and Senate within the next two weeks.
The Federal Reserve has a long history of battling economic downturns and financial crises. But its tools may be ill-suited to combat an unpredictable global pandemic.
After stocks plunged on the news that Americans should gird for an outbreak and take precautions, the White House tried to soften the warning.
