President Trump moved to shore up the economy and protect workers battered by the surging impact of the novel coronavirus pandemic, promising immediate cash payments and support for embattled businesses.
A day after the extent of the crisis was spelled out in warnings to Americans to avoid bars, restaurants, and gatherings of 10 or more people, the administration moved to stave off the worst economic impacts, proposing an $850 billion stimulus package and the idea of sending $1,000 checks to workers.
Even the first family was called into action, using social media to encourage people to stay at home.
“By making shared sacrifices and temporary changes, we can protect the health of our people, and we can protect our economy because I think our economy can come back very rapidly,” Trump told reporters gathered in the White House briefing room.
“If we do this right, our country and the world, frankly, but our country can be rolling again pretty quickly,” he said.
Stocks rallied before the 90-minute briefing ended as a string of other governments made their own promises of economic support.
France pledged $50 billion to help small businesses, on top of billions more promised to workers; New Zealand said it would help meet health costs and give aid to companies that have lost more than 30% of their income; and the United Kingdom unveiled a $400 billion bailout.
The concerted action followed the publication of dire forecasts of the human impact of the virus. Scientists at Imperial College London warned that as many as 2.2 million people could die in the United States without urgent action to stem the spread of the novel coronavirus.
It came as the number of global deaths reached 7,100, according to Johns Hopkins University. And in the U.S., the death toll is approaching 100, with more than 5,000 cases reported around the country.
If Monday brought a string of announcements about social distancing and efforts to suppress the outbreak, emptying public transport, bars, and offices, Tuesday was marked by economic aid packages.
A newly somber president was spending the day conferring with restaurant chain executives, tourist leaders, and retailers. And Treasury Secretary Steven Mnuchin was expected to huddle with Republican senators to discuss the details of a major funding package to check the financial free fall.
The plan includes loan guarantees for critical industries, such as hotels and airlines, and a stimulus plan for a workforce facing a downturn.
“You can think of this as something like business interruption payments for American workers,” Mnuchin said.
Trump had previously floated a payroll tax cut, but Mnuchin said that would take too long.
“The payroll tax holiday would get people money over the next six to eight months. We are looking at sending checks to Americans immediately,” by which he said he meant the next two weeks.
“Americans need cash now, and the president wants to get cash now.”
In a sign of things to come, Marriott International said it had begun to close properties around the world and had begun to furlough what it expects to be tens of thousands of employees. Airlines have also begun scaling back flights as travelers stay home.
The White House said it was in talks with the Pentagon to deploy field hospitals as health systems ready for a surge in cases.
“The Army Corp of Engineers is ready, willing and able. We have to give them the go-ahead if we find that it’s going to be necessary,” Trump said.
His words mark a stark change in direction since last week when he continued to insist the nation was ready for anything.
On Tuesday, his daughter Ivanka Trump offered her tips for keeping children occupied during a time of social distancing.
“Staying home today with kids? Plan a living room camp out,” she wrote in an Instagram post encouraging other families to share ideas for a fun day indoors.
