WTF Just Happened Today

Tuesday, March 24, 2020

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1/ Congressional negotiators signaled that they are nearing a bipartisan agreement on an estimated $2 trillion emergency stimulus package to address economic fallout from the coronavirus pandemic. Mitch McConnell, Chuck Schumer, and Treasury Secretary Steven Mnuchin all said they expected an agreement later Tuesday. The Senate bill would direct payments of $1,200 to most American adults and $500 to most children, create a $500 billion lending program for companies, states, and cities, and extend another $367 billion to help small businesses make payroll. White House officials agreed to allow an independent inspector general, and an oversight board to scrutinize the lending decisions after Trump said he would “be the oversight.” (Politico / Washington Post / Wall Street Journal / New York Times)

• U.S. stocks rallied on the news, posting one of their best days ever. The S&P 500 rose more than 9%, rebounding from its lowest level since 2016 – and the biggest one-day gain since October 2008. The Dow rose more than 11% – its biggest one-day gain since 1933. The Nasdaq notched gains of just over 8%. (Wall Street Journal / Bloomberg / CNBC / NBC News / CNN / New York Times / Washington Post)

• Nancy Pelosi unveiled a $2.5 trillion coronavirus aid package in the House. The “Take Responsibility for Workers and Families Act” would increase the amount of money being offered to individuals from $1,000 to $1,500, and up to $7,500 for a family of five. It also waives $10,000 in federal student loan payments, allocates $150 billion to support hospitals and medical facilities, eliminates cost-sharing for coronavirus treatments and vaccines, provides $500 billion in interest-free loans for small businesses, and much more. (Axios)

• New York Gov. Andrew Cuomo warned of “troubling and astronomical numbers” in the rate of coronavirus infections that are rising faster than expected. (The Guardian)

• New York has 7,000 ventilators but needs 30,000. America’s essential personnel need an estimated 3.5 billion N95 masks. (Axios)

• The Trump administration is set to use the Defense Production Act for the first time to procure about 60,000 coronavirus test kits. FEMA’s administrator ...

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