cnbc--2020-03-23--Supreme Court hands win to Comcast in $20 billion racial discrimination suit

The Supreme Court handed a win to Comcast on Monday in a long-running racial discrimination suit brought by the black media mogul Byron Allen , who alleged the cable giant discriminated against him when it refused to carry channels operated by his television network , Entertainment Studios .
In a unanimous opinion authored by Justice Neil Gorsuch , the top court agreed with Comcast in upholding a high bar for bringing suits under the 1866 Civil Rights Act .
The justices sent the case back to the 9th U.S .
Circuit Court of Appeals , which had earlier ruled Allen @ @ @ @ @ @ @ , to consider the matter once again .
The outcome appeared likely after oral arguments in November , when the justices appeared skeptical of Allen 's position .
The opinion was handed down while the court remains closed to the public the because of the coronavirus pandemic ravaging the nation .
Civil rights activists were closely watching the battle .
Kristen Clarke , president of the Lawyers ' Committee for Civil Rights Under Law , has called the matter the most important civil rights case of the term .
In a statement issued @ @ @ @ @ @ @ 's opinion `` weakens our nation 's oldest civil rights statute and may shut the courthouse door on some discrimination victims . ''
The case erupted after Comcast , which owns CNBC parent company NBCUniversal , refused to carry Entertainment Studios channels like JusticeCentral.TV , Comedy.TV , Pets.TV and Cars.TV , citing limited bandwidth and a preference for news and sports coverage .
Entertainment Studios argued that Comcast 's reasons for refusing to carry its channels were pretexts , and that Comcast had a history of rejecting business from `` 100 % African @ @ @ @ @ @ @ question before the court was whether Allen would have to prove that Comcast would have carried his channels `` but for '' his race — that is to say , that they would have done so if he was not black .
Comcast argued in favor of that strict `` but for '' standard , while Allen said he should be allowed to sue even if race was only one factor among others , or what 's known as a `` motivating factor '' standard .
Allen acknowledged that the tougher standard would @ @ @ @ @ @ @ but argued that he should only have to meet the lower barrier during the legal battle 's early stages .
A district court dismissed Allen 's suit from the get-go because it failed to meet the but-for standard , but that decision was reversed by the 9th Circuit , allowing Allen to proceed .
The Supreme Court reversed the appeals court 's ruling , ordering it to reconsider whether Allen may bring his case .
Gorsuch , in his opinion for the court , said that the Civil War-era law required alleged victims @ @ @ @ @ @ @ standard .
`` Few legal principles are better established than the rule requiring a plaintiff to establish causation , '' Gorsuch wrote in the opinion 's very first sentence .
The Trump-appointee , whose interpretation of the law is generally guided by a strict reading of the text , noted that in this case , the text did not establish a standard .
But Gorsuch said the text was `` suggestive . ''
`` The guarantee that each person is entitled to the 'same right ... as is enjoyed by white citizens ' @ @ @ @ @ @ @ what would have happened if the plaintiff had been white ? ''
Gorsuch wrote .
`` This focus fits naturally with the ordinary rule that a plaintiff must prove but-for causation . ''
`` We are pleased the Supreme Court unanimously restored certainty on the standard to bring and prove civil rights claims , '' the company said in a statement .
`` The well-established framework that has protected civil rights for decades continues .
The nation 's civil rights laws have not changed with this ruling ; they remain the same as @ @ @ @ @ @ @ Allen said in a statement that the decision was `` harmful to the civil rights of millions of Americans . ''
`` This is a very bad day for our country , '' he said .
`` We will continue our fight by going to Congress and the presidential candidates to revise the statute to overcome this decision by the United States Supreme Court , which significantly diminishes our civil rights . ''
Erwin Chemerinsky , a leading scholar of constitutional law who represented Allen before the top court , also criticized the @ @ @ @ @ @ @ a terrible decision for civil rights in saying that civil rights statutes must be interpreted to require that 'but for ' causation be pled and proven , even if they do n't use language indicating that , '' Chemerinsky , dean of the University of California at Berkeley 's law school , wrote .
`` It is a very difficult standard to meet . ''
Chemerinsky said he believed the battle `` will now shift to Congress '' to amend the law `` to allow claims to go forward on a showing that @ @ @ @ @ @ @ denial of a contract . ''
Justice Ruth Bader Ginsburg , the most senior member of the court 's liberal wing , was the only justice to pen a separate opinion in the case .
Ginsburg concurred with the judgment of the court , but wrote separately to note that she disagreed with Comcast 's assertion that the civil rights legislation only barred discrimination in a contract 's final stages .
`` Thus , a lender would not violate [ the law ] by requiring prospective borrowers to provide one reference letter if @ @ @ @ @ @ @ are black , '' Ginsburg wrote .
`` Nor would an employer violate [ the law ] by reimbursing expenses for white interviewees but requiring black applicants to pay their own way . ''
The court 's opinion , written by Gorsuch , neither accepted nor rejected Comcast 's claim on that front .
Ginsburg also wrote , in a footnote , that she disagreed with the but-for standard in discrimination cases .
`` I recognize , however , that our precedent now establishes this form of causation as a 'default rul [ @ @ @ @ @ @ @ , '' she wrote .

The Supreme Court handed a win to Comcast on Monday in a long-running racial discrimination suit brought by the black media mogul Byron Allen, who alleged the cable giant discriminated against him when it refused to carry channels operated by his television network, Entertainment Studios.
In a unanimous opinion authored by Justice Neil Gorsuch, the top court agreed with Comcast in upholding a high bar for bringing suits under the 1866 Civil Rights Act. The justices sent the case back to the 9th U.S. Circuit Court of Appeals, which had earlier ruled Allen need only reach an easier-to-meet discrimination standard, to consider the matter once again.
The outcome appeared likely after oral arguments in November, when the justices appeared skeptical of Allen's position. The opinion was handed down while the court remains closed to the public the because of the coronavirus pandemic ravaging the nation.
Civil rights activists were closely watching the battle. Kristen Clarke, president of the Lawyers' Committee for Civil Rights Under Law, has called the matter the most important civil rights case of the term. In a statement issued on Monday, Clarke said the court's opinion "weakens our nation's oldest civil rights statute and may shut the courthouse door on some discrimination victims."
The case erupted after Comcast, which owns CNBC parent company NBCUniversal, refused to carry Entertainment Studios channels like JusticeCentral.TV, Comedy.TV, Pets.TV and Cars.TV, citing limited bandwidth and a preference for news and sports coverage.
Entertainment Studios argued that Comcast's reasons for refusing to carry its channels were pretexts, and that Comcast had a history of rejecting business from "100% African American-owned media companies."
The legal question before the court was whether Allen would have to prove that Comcast would have carried his channels "but for" his race — that is to say, that they would have done so if he was not black.
Comcast argued in favor of that strict "but for" standard, while Allen said he should be allowed to sue even if race was only one factor among others, or what's known as a "motivating factor" standard.
Allen acknowledged that the tougher standard would apply to ultimately win the suit, but argued that he should only have to meet the lower barrier during the legal battle's early stages.
A district court dismissed Allen's suit from the get-go because it failed to meet the but-for standard, but that decision was reversed by the 9th Circuit, allowing Allen to proceed. The Supreme Court reversed the appeals court's ruling, ordering it to reconsider whether Allen may bring his case.
Gorsuch, in his opinion for the court, said that the Civil War-era law required alleged victims of discrimination to adhere to the higher standard.
"Few legal principles are better established than the rule requiring a plaintiff to establish causation," Gorsuch wrote in the opinion's very first sentence. The Trump-appointee, whose interpretation of the law is generally guided by a strict reading of the text, noted that in this case, the text did not establish a standard. But Gorsuch said the text was "suggestive."
"The guarantee that each person is entitled to the 'same right ... as is enjoyed by white citizens' directs our attention to the counterfactual — what would have happened if the plaintiff had been white?" Gorsuch wrote. "This focus fits naturally with the ordinary rule that a plaintiff must prove but-for causation."
Comcast cheered the decision.
"We are pleased the Supreme Court unanimously restored certainty on the standard to bring and prove civil rights claims," the company said in a statement. "The well-established framework that has protected civil rights for decades continues. The nation's civil rights laws have not changed with this ruling; they remain the same as before the case was filed."
Allen said in a statement that the decision was "harmful to the civil rights of millions of Americans."
"This is a very bad day for our country," he said. "We will continue our fight by going to Congress and the presidential candidates to revise the statute to overcome this decision by the United States Supreme Court, which significantly diminishes our civil rights."
Erwin Chemerinsky, a leading scholar of constitutional law who represented Allen before the top court, also criticized the decision.
"I think it is a terrible decision for civil rights in saying that civil rights statutes must be interpreted to require that 'but for' causation be pled and proven, even if they don't use language indicating that," Chemerinsky, dean of the University of California at Berkeley's law school, wrote. "It is a very difficult standard to meet."
Chemerinsky said he believed the battle "will now shift to Congress" to amend the law "to allow claims to go forward on a showing that race is a motivating factor in the denial of a contract."
Justice Ruth Bader Ginsburg, the most senior member of the court's liberal wing, was the only justice to pen a separate opinion in the case. Ginsburg concurred with the judgment of the court, but wrote separately to note that she disagreed with Comcast's assertion that the civil rights legislation only barred discrimination in a contract's final stages.
"Thus, a lender would not violate [the law] by requiring prospective borrowers to provide one reference letter if they are white and five if they are black," Ginsburg wrote. "Nor would an employer violate [the law] by reimbursing expenses for white interviewees but requiring black applicants to pay their own way."
The court's opinion, written by Gorsuch, neither accepted nor rejected Comcast's claim on that front.
Ginsburg also wrote, in a footnote, that she disagreed with the but-for standard in discrimination cases.
"I recognize, however, that our precedent now establishes this form of causation as a 'default rul[e]' in the present context," she wrote.
Disclosure: Comcast owns CNBC parent NBCUniversal.


cnbc--2020-03-23--Coronavirus: Mayors, first responders urge Trump to help them get protective equipment 'now' to figh

Coronavirus: Mayors, first responders urge Trump to help them get protective equipment 'now' to fight pandemic

Medical personnel from Riverside ( CA ) University Health Systems hospitals administer a Coronavirus Test to an individual during drive-through testing in the parking lot of Diamond Stadium , March 22 , 2020 in Lake Elsinore , California .
Major groups representing U.S. mayors , county executives , police and fire chiefs and first responders are urging President Donald Trump to use a federal act — which he so far has refused to tap — to get them `` essential personal protective equipment '' quickly to help them respond to the coronavirus pandemic .
`` Our nation 's first responders @ @ @ @ @ @ @ of essential personal protective equipment needed to keep them healthy and safe while on the job , '' the groups wrote in a letter to Trump .
`` If we lose emergency personnel to the disease , we can not transport people to hospitals and protect our citizens , '' they said .
The groups explicitly asked Trump in that letter to `` use the full force and authorities of the Defense Production Act right now to assure they have the critical equipment and supplies they need . ''
But Trump has resisted @ @ @ @ @ @ @ companies to produce and ship critically needed items amid the coronavirus outbreak , including PPEs , or personal protective equipment .
`` We 're getting what we need without putting the heavy hand of government down , '' said White House trade advisor Peter Navarro at a briefing Sunday .

Medical personnel from Riverside (CA) University Health Systems hospitals administer a Coronavirus Test to an individual during drive-through testing in the parking lot of Diamond Stadium, March 22, 2020 in Lake Elsinore, California.
Major groups representing U.S. mayors, county executives, police and fire chiefs and first responders are urging President Donald Trump to use a federal act — which he so far has refused to tap — to get them "essential personal protective equipment" quickly to help them respond to the coronavirus pandemic.
"Our nation's first responders call on you to address the shortage of essential personal protective equipment needed to keep them healthy and safe while on the job," the groups wrote in a letter to Trump.
"If we lose emergency personnel to the disease, we cannot transport people to hospitals and protect our citizens," they said.
The groups explicitly asked Trump in that letter to "use the full force and authorities of the Defense Production Act right now to assure they have the critical equipment and supplies they need."
But Trump has resisted calls to use that act to compel companies to produce and ship critically needed items amid the coronavirus outbreak, including PPEs, or personal protective equipment.
"We're getting what we need without putting the heavy hand of government down," said White House trade advisor Peter Navarro at a briefing Sunday.


cnbc--2020-03-23--Convicted rapist, movie mogul Harvey Weinstein tests positive for coronavirus, official says

Harvey Weinstein arrives at Manhattan Criminal Court with his attorneys on Feb. 24 , 2020 .
Disgraced film producer and convicted sex criminal Harvey Weinstein tested positive for the coronavirus while in prison , a New York state corrections union official told NBC News on Monday .
Weinstein , 68 , was put in isolation less than a week after he was transferred to a maximum security prison in upstate New York , according to Michael Powers , president of the New York State Correctional Officers and Police Benevolent Association , who spoke with NBC .
Powers also said that @ @ @ @ @ @ @ came into contact with Weinstein have been quarantined .
New York Department of Corrections spokesman Thomas Mailey declined to comment when CNBC asked about Weinstein 's health .
Weinstein 's lawyer Arthur Aidala and spokesman Juda Engelmayer said they would `` neither confirm nor deny whether Mr. Weinstein has tested positive for the COVID-19 virus . ''
`` While his team is now fully aware of his current medical condition ... we are going to continue protecting his privacy and maintain his privacy , '' they said in a statement , which also @ @ @ @ @ @ @ , Craig Rothfeld .
Weinstein 's team said that any statements about his health were not made or authorized by the state Corrections Department `` and could be considered a violation of '' federal medical health information privacy law , known as HIPAA .
Earlier this month , Weinstein was sentenced to 23 years in prison after being convicted of rape and sexual assault .
Last week , he was transferred to Wende Correctional Facility in Alden , a small town in Erie County located east of Buffalo and about a 45-minute drive @ @ @ @ @ @ @ confirmed cases of coronavirus at Wende , where Weinstein is being held , according to a person familiar with the matter who declined to be named .
Allegations of sexual misconduct by Weinstein , who along with his brother Bob founded the influential indie studio Miramax , prompted the # MeToo movement .
That movement has prompted many women to come forward with stories of alleged abuse and assault by powerful men .
Weinstein was a larger-than-life figure in Hollywood , revered and feared throughout show business from the 1990s until recently .
@ @ @ @ @ @ @ Pulp Fiction , '' `` Shakespeare in Love '' and `` The King 's Speech , '' and was a prominent donor to Democratic politicians and causes .
Weinstein , who had appeared to be in poor health during his trial , was rushed to Manhattan 's Bellevue Hospital to be treated for a heart procedure after his conviction in February .
After undergoing a procedure to clear a heart blockage , Weinstein , who turned 68 this month , spent time at the Rikers Island jail complex before he was moved upstate @ @ @ @ @ @ @ third-degree rape and committing a criminal sexual act in the first degree , more than two years after articles detailing his alleged serial abuse of women were first published .
He was found not guilty of the most serious charges , which were two counts of predatory sexual assault and one count of first-degree rape .
Weinstein 's sentence fell below the maximum possible length of 29 years behind bars .
But his sentence far exceeded the five years ' imprisonment that his defense attorneys had requested .
Weinstein faces more charges in @ @ @ @ @ @ @ one woman and sexually assaulting a second woman over a two-day period in 2013 .
Hours after his sentence was imposed , the Los Angeles district attorney 's office said it had begun the process of having Weinstein extradited to California to face those charges .

Harvey Weinstein arrives at Manhattan Criminal Court with his attorneys on Feb. 24, 2020.
Disgraced film producer and convicted sex criminal Harvey Weinstein tested positive for the coronavirus while in prison, a New York state corrections union official told NBC News on Monday.
Weinstein, 68, was put in isolation less than a week after he was transferred to a maximum security prison in upstate New York, according to Michael Powers, president of the New York State Correctional Officers and Police Benevolent Association, who spoke with NBC.
Powers also said that seven staff members at that facility who came into contact with Weinstein have been quarantined.
New York Department of Corrections spokesman Thomas Mailey declined to comment when CNBC asked about Weinstein's health.
Weinstein's lawyer Arthur Aidala and spokesman Juda Engelmayer said they would "neither confirm nor deny whether Mr. Weinstein has tested positive for the COVID-19 virus."
"While his team is now fully aware of his current medical condition ... we are going to continue protecting his privacy and maintain his privacy," they said in a statement, which also was signed by Weinstein's prison consultant, Craig Rothfeld.
Weinstein's team said that any statements about his health were not made or authorized by the state Corrections Department "and could be considered a violation of" federal medical health information privacy law, known as HIPAA.
Earlier this month, Weinstein was sentenced to 23 years in prison after being convicted of rape and sexual assault.
Last week, he was transferred to Wende Correctional Facility in Alden, a small town in Erie County located east of Buffalo and about a 45-minute drive from Niagara Falls.
There are two confirmed cases of coronavirus at Wende, where Weinstein is being held, according to a person familiar with the matter who declined to be named.
Allegations of sexual misconduct by Weinstein, who along with his brother Bob founded the influential indie studio Miramax, prompted the #MeToo movement.
That movement has prompted many women to come forward with stories of alleged abuse and assault by powerful men.
Weinstein was a larger-than-life figure in Hollywood, revered and feared throughout show business from the 1990s until recently.
He produced Oscar-winning films such as "Pulp Fiction," "Shakespeare in Love" and "The King's Speech," and was a prominent donor to Democratic politicians and causes.
Weinstein, who had appeared to be in poor health during his trial, was rushed to Manhattan's Bellevue Hospital to be treated for a heart procedure after his conviction in February.
After undergoing a procedure to clear a heart blockage, Weinstein, who turned 68 this month, spent time at the Rikers Island jail complex before he was moved upstate.
Weinstein was convicted at trial of third-degree rape and committing a criminal sexual act in the first degree, more than two years after articles detailing his alleged serial abuse of women were first published.
He was found not guilty of the most serious charges, which were two counts of predatory sexual assault and one count of first-degree rape.
Weinstein's sentence fell below the maximum possible length of 29 years behind bars. But his sentence far exceeded the five years' imprisonment that his defense attorneys had requested.
Weinstein faces more charges in California, including an allegation of raping one woman and sexually assaulting a second woman over a two-day period in 2013.
Hours after his sentence was imposed, the Los Angeles district attorney's office said it had begun the process of having Weinstein extradited to California to face those charges.


cnbc--2020-03-23--Here's everything the federal government has done to limit the economic destruction of coronavirus

U.S. President Donald Trump speaks as Secretary of State Mike Pompeo and Vice President Mike Pence listen during a news briefing on the latest development of the coronavirus outbreak in the U.S. at the James Brady Press Briefing Room at the White House March 20 , 2020 in Washington , DC .
The federal government is racing to ease the pain facing the U.S. economy as the coronavirus pandemic makes its swift pivot from public health crisis to financial catastrophe .
The damage from COVID-19 , the disease caused by the new virus , is unlike anything in modern times @ @ @ @ @ @ @ be similar to that from the 2008 recession , the worst downturn that many Americans can remember .
The reasons are stark .
At least 80 million Americans are under virtual lockdown , according to a NBC News tally .
California and New York , economic engines and the two most populous U.S. states , have essentially shut down .
It is not clear yet when the crisis will be over .
Unemployment numbers are expected to skyrocket .
Jobless claims spiked to 281,000 in data posted last week , the highest number @ @ @ @ @ @ @ numbers are estimated to be in the millions .
Governments at the local , state and federal level have taken action to ease the financial burden on Americans , with all 50 states declaring emergencies .
But measures taken so far pale in comparison to what economists say will be required to stave off the crisis 's worst consequences .
Congress continues to debate a possible stimulus bill that could reach into the trillions , after it was unable to pass a key procedural vote Sunday evening over objections from Democrats that it @ @ @ @ @ @ @ is a list of what the federal government has done so far , counting actions taken by Congress and the executive branch , including the Federal Reserve , which operates independently from political officials .
CNBC will continue to update this list as the crisis continues .
The first major legislation intended to address COVID-19 was a financial drop in a bucket .
President Donald Trump signed the $ 8 billion emergency measure on the same day that worldwide cases passed 100,000 , in early March .
It provided funding to authorities already @ @ @ @ @ @ @ $ 3 billion for vaccine research .
Support for the bill was nearly universal .
Only three lawmakers voted against the bill : Reps. Ken Buck , R-Colo. , and Andy Biggs , R-Ariz. , and Sen. Rand Paul , R-Ky. March 12 : Fed says it will pump more than $ 1 trillion into financial system The Federal Reserve announced it would inject up to $ 1.5 trillion into the financial system in an effort to calm the market .
The move came amid liquidity concerns and initially sent markets higher , @ @ @ @ @ @ @ be enough .
Trump pledged some reprieve to student loan borrowers , saying that all interest on federal student loans would be waived for the duration of the coronavirus emergency .
A week after Trump 's promise , though , borrowers said that interest was still being charged .
A spokesman for the Department of Education said interest added after Trump 's announcement will be eliminated retroactively .
Trump originally resisted declaring a national emergency over coronavirus , fearing the move would spook financial markets .
But when he did so , the @ @ @ @ @ @ @ single-day gain since October 2008 .
The move freed up to $ 50 billion in financial resources to assist Americans affected by the outbreak .
Health and Human Services Secretary Alex Azar had declared a nationwide public health emergency , a step short of a national emergency , over the coronavirus in January .
The Fed 's first dramatic action , reminiscent of the 2008 financial crisis , came on a Sunday evening : The central bank cut rates to nearly zero and announced a $ 700 billion quantitative easing program .
The @ @ @ @ @ @ @ 500 billion of Treasurys and $ 200 billion of agency-backed mortgage securities .
The central bank later said it would also buy municipal bonds .
Chairman Jerome Powell said at the time that the near-zero benchmark interest rate would remain `` until we 're confident that the economy has weathered recent events and is on track to achieve our maximum employment and price stability goals . ''
March 17 : Fed takes new steps to keep money flowing The central bank took big steps to keep money flowing in the U.S. economy : @ @ @ @ @ @ @ , which provides short-term funding to big financial firms , and a Commercial Paper Funding Facility to purchase corporate paper from issuers .
The Primary Dealer Credit Facility targets the nation 's 24 largest institutions that buy government securities directly , while the latter is geared toward supporting the flow of credit to households and businesses.The Commercial Paper Funding Facility could total $ 1 trillion , Treasury Secretary Steven Mnuchin said .
The second coronavirus-related aid package called for more than 10 times as much funding as the first .
The $ 100 @ @ @ @ @ @ @ leave for workers at big businesses , expanded unemployment insurance and free testing .
It passed with overwhelming support , 90-8 , with two Republican senators missing the vote because they were self-quarantined .
The House approved the measure days beforehand by a vote of 363-40-1 .
Even as lawmakers were voting on the legislation , talk was swirling of a far more ambitious aid package , somewhere in the realm of $ 1 trillion .
Senate Majority Leader Mitch McConnell , R-Ky. , said he would not adjourn the Senate until it @ @ @ @ @ @ @ After days of mounting pressure , Trump said that he would put the Korean War-era Defense Production Act `` into gear '' to mobilize private business resources to fight coronavirus .
The act enables the government to compel businesses to manufacture supplies needed during a crisis , such as medical masks , ventilators , gloves and testing swabs .
Even days after Trump said he would put the DPA into gear , though , he signaled he would prefer to have companies manufacture supplies voluntarily .
At a briefing on March 22 , @ @ @ @ @ @ @ not based on nationalizing our business .
Call a person over in Venezuela . ''
`` We 're getting what we need without putting the heavy hand of government down , '' White House advisor Peter Navarro said at the briefing .
March 20 : Education Department says borrowers can pause student loan payments , though they already could A week after Trump said that interest on federal student loans would be waived , the Department of Education said that borrowers could put their monthly payments on pause for at least 60 days @ @ @ @ @ @ @ They could already do so .
Most borrowers were already entitled to request that their debt be put into temporary postponements known as forbearances and deferments .
Mark Kantrowitz , a higher education expert , told CNBC that the Education Department 's announcement did n't `` really move the needle much . ''
The central bank made significant adjustments to its earlier quantitative easing announcement , removing limits on its asset purchases .
Rather than committing to a specific amount of purchases , the Fed said it will buy `` in the amounts @ @ @ @ @ @ @ effective transmission of monetary policy to broader financial conditions and the economy . ''
The Fed also said that it would add corporate bonds to its asset purchases .
The move initially sent markets higher , but the major indexes soon fell again as investors waited on action from Congress on a major stimulus bill .

U.S. President Donald Trump speaks as Secretary of State Mike Pompeo and Vice President Mike Pence listen during a news briefing on the latest development of the coronavirus outbreak in the U.S. at the James Brady Press Briefing Room at the White House March 20, 2020 in Washington, DC.
The federal government is racing to ease the pain facing the U.S. economy as the coronavirus pandemic makes its swift pivot from public health crisis to financial catastrophe.
The damage from COVID-19, the disease caused by the new virus, is unlike anything in modern times. Economists have warned the fallout could be similar to that from the 2008 recession, the worst downturn that many Americans can remember.
The reasons are stark. At least 80 million Americans are under virtual lockdown, according to a NBC News tally. California and New York, economic engines and the two most populous U.S. states, have essentially shut down. It is not clear yet when the crisis will be over.
Unemployment numbers are expected to skyrocket. Jobless claims spiked to 281,000 in data posted last week, the highest number since September 2017. Next week's numbers are estimated to be in the millions.
Governments at the local, state and federal level have taken action to ease the financial burden on Americans, with all 50 states declaring emergencies. But measures taken so far pale in comparison to what economists say will be required to stave off the crisis's worst consequences.
Congress continues to debate a possible stimulus bill that could reach into the trillions, after it was unable to pass a key procedural vote Sunday evening over objections from Democrats that it benefited corporations more than workers.
Below is a list of what the federal government has done so far, counting actions taken by Congress and the executive branch, including the Federal Reserve, which operates independently from political officials. CNBC will continue to update this list as the crisis continues.
March 6: Trump signs $8.3 billion emergency spending package
The first major legislation intended to address COVID-19 was a financial drop in a bucket.
President Donald Trump signed the $8 billion emergency measure on the same day that worldwide cases passed 100,000, in early March. It provided funding to authorities already fighting to contain the outbreak and allocated $3 billion for vaccine research.
Support for the bill was nearly universal. Only three lawmakers voted against the bill: Reps. Ken Buck, R-Colo., and Andy Biggs, R-Ariz., and Sen. Rand Paul, R-Ky.
March 12: Fed says it will pump more than $1 trillion into financial system
The Federal Reserve announced it would inject up to $1.5 trillion into the financial system in an effort to calm the market. The move came amid liquidity concerns and initially sent markets higher, though some observers warned it would not be enough.
March 13: Trump gives people with student loans a break
Trump pledged some reprieve to student loan borrowers, saying that all interest on federal student loans would be waived for the duration of the coronavirus emergency. A week after Trump's promise, though, borrowers said that interest was still being charged. A spokesman for the Department of Education said interest added after Trump's announcement will be eliminated retroactively.
March 13: Trump declares national emergency
Trump originally resisted declaring a national emergency over coronavirus, fearing the move would spook financial markets. But when he did so, the major indexes rallied, posting their largest single-day gain since October 2008.
The move freed up to $50 billion in financial resources to assist Americans affected by the outbreak.
Health and Human Services Secretary Alex Azar had declared a nationwide public health emergency, a step short of a national emergency, over the coronavirus in January.
March 15: Fed cuts rates to zero, launches $700 billion quantitative easing program
The Fed's first dramatic action, reminiscent of the 2008 financial crisis, came on a Sunday evening: The central bank cut rates to nearly zero and announced a $700 billion quantitative easing program.
The Fed said its purchases would include $500 billion of Treasurys and $200 billion of agency-backed mortgage securities. The central bank later said it would also buy municipal bonds.
Chairman Jerome Powell said at the time that the near-zero benchmark interest rate would remain "until we're confident that the economy has weathered recent events and is on track to achieve our maximum employment and price stability goals."
March 17: Fed takes new steps to keep money flowing
The central bank took big steps to keep money flowing in the U.S. economy: It established a Primary Dealer Credit Facility, which provides short-term funding to big financial firms, and a Commercial Paper Funding Facility to purchase corporate paper from issuers.
The Primary Dealer Credit Facility targets the nation's 24 largest institutions that buy government securities directly, while the latter is geared toward supporting the flow of credit to households and businesses.The Commercial Paper Funding Facility could total $1 trillion, Treasury Secretary Steven Mnuchin said.
March 18: Trump signs coronavirus relief plan to expand paid leave
The second coronavirus-related aid package called for more than 10 times as much funding as the first.
The $100 billion bill included provisions for emergency paid leave for workers at big businesses, expanded unemployment insurance and free testing. It passed with overwhelming support, 90-8, with two Republican senators missing the vote because they were self-quarantined. The House approved the measure days beforehand by a vote of 363-40-1.
Even as lawmakers were voting on the legislation, talk was swirling of a far more ambitious aid package, somewhere in the realm of $1 trillion. Senate Majority Leader Mitch McConnell, R-Ky., said he would not adjourn the Senate until it passed something "far bolder."
March 20: Trump invokes the Defense Production Act
After days of mounting pressure, Trump said that he would put the Korean War-era Defense Production Act "into gear" to mobilize private business resources to fight coronavirus.
The act enables the government to compel businesses to manufacture supplies needed during a crisis, such as medical masks, ventilators, gloves and testing swabs.
Even days after Trump said he would put the DPA into gear, though, he signaled he would prefer to have companies manufacture supplies voluntarily. At a briefing on March 22, Trump said "we're a country not based on nationalizing our business. Call a person over in Venezuela."
"We're getting what we need without putting the heavy hand of government down," White House advisor Peter Navarro said at the briefing.
March 20: Education Department says borrowers can pause student loan payments, though they already could
A week after Trump said that interest on federal student loans would be waived, the Department of Education said that borrowers could put their monthly payments on pause for at least 60 days during the crisis. One hiccup: They could already do so.
Most borrowers were already entitled to request that their debt be put into temporary postponements known as forbearances and deferments. Mark Kantrowitz, a higher education expert, told CNBC that the Education Department's announcement didn't "really move the needle much."
March 23: Fed pledges asset purchases with no limit
The central bank made significant adjustments to its earlier quantitative easing announcement, removing limits on its asset purchases.
Rather than committing to a specific amount of purchases, the Fed said it will buy "in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy."
The Fed also said that it would add corporate bonds to its asset purchases. The move initially sent markets higher, but the major indexes soon fell again as investors waited on action from Congress on a major stimulus bill.


cnbc--2020-03-23--In coronavirus tweet storm, Trump touts suspect 'cure' and potential easing of guidelines to boost e

In coronavirus tweet storm, Trump touts suspect 'cure' and potential easing of guidelines to boost economy

US President Donald Trump speaks during the daily briefing on the novel coronavirus , COVID-19 , at the White House on March 22 , 2020 , in Washington , DC .
President Donald Trump on Monday unleashed a barrage of posts spreading conspiracy theories about the coronavirus , chastising the World Health Organization for its early messaging , attacking his political enemies and the media , and promoting a dubious article that suggested a miracle cure was at hand .
In more than a dozen tweets and retweets that started near midnight , the president signaled his anxiety about the @ @ @ @ @ @ @ the American economy and suggested that he could ease up on 15-day guidelines the White House imposed a week ago .
Trump also suggested he would support the decision of Japanese Prime Minister Shinzo Abe over whether to cancel the Tokyo Olympics and expressed opposition to the release of some inmates from crowded jails , which is happening in several states as a public health precaution for low-level offenders and the elderly .
Abe on Monday reportedly hinted the games might need to be postponed .
`` WE CAN NOT LET THE CURE @ @ @ @ @ @ @ '' Trump wrote in a tweet posted near midnight on Sunday .
`` AT THE END OF THE 15 DAY PERIOD , WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO ! ''
The president then retweeted , or posted to his own account , a number of replies , including one from a man named Chuck Callesto , who is identified as a `` Digital Real Estate Manager , '' promoting a possible cure .
`` They should take a SERIOUS LOOK at this ... '' Callesto wrote @ @ @ @ @ @ @ 's account , with a link to a story with the headline `` REPORT : French Doctor Reports 100 % Cure Rate Using Malaria Drug to Treat Corona Virus . ''
There is no known cure or treatment for coronavirus , though scammers have sought to cash in on the panic it has caused .
On Sunday , the Department of Justice announced that it has taken its first action in federal court to stop COVID-19-related fraud , following Attorney General William Barr 's direction to prioritize prosecution of illegal conduct related to @ @ @ @ @ @ @ a press release that it recommends that Americans ignore `` offers for a COVID-19 vaccine , cure , or treatment .
Remember , if a vaccine becomes available , you wo n't hear about it for the first time through an email , online ad , or unsolicited sales pitch . ''
The White House and the Centers for Disease Control and Prevention did not respond to requests for comment on the president 's messages on Twitter .
In other messages , including tweets and retweets , the president attacked former Vice President @ @ @ @ @ @ @ Democratic nomination for president , as well as The New York Times , the WHO , and China , which he suggested was manipulating health data .
In several posts , the president suggested that he was looking to ease the coronavirus-related guidelines that the White House imposed last week for a 15-day period that will end next Tuesday .
After the initial all-caps message , the president retweeted a number of accounts suggesting that future guidelines from the White House will call for isolating high-risk groups only .
`` Flatten the curve @ @ @ @ @ @ @ retweeted by the president wrote .
The current federal guidelines , which are separate from the mandatory restrictions put in place by a number of states , call for individuals not to congregate in groups of more than 10 , to avoid discretionary travel and to refrain from dining or drinking at restaurants , bars and food courts .
Tens of millions of Americans remain under virtual lockdown because of state-level actions to close businesses and keep people indoors .
California and New York , the nation 's most populous states , have @ @ @ @ @ @ @ The president 's tweet storm came as coronavirus surpassed 350,000 confirmed infections around the world , with a death toll rising past 15,000 .
Worldwide , cases have doubled in the past week , according to the WHO , and deaths have nearly tripled .
The effect of the disease and containment measures meant to stop it have tanked markets , with the worst expected to come .
Weekly job loss claims are soon expected to hit records , dwarfing the numbers seen during the 2008 recession .
The president 's tweets come @ @ @ @ @ @ @ appropriate response to the virus moving forward .
Officials worry that the first measures , called for by public health experts , may have been too harsh , and are considering separate guidelines for the hardest-hit states of California , New York and Washington , according to NBC News .
The guidelines for other states could call for a return to business .
Trump has sought to blame China , where the virus originated , for the disease , dubbing it the `` Chinese Virus '' against the recommendations of public health officials @ @ @ @ @ @ @ on Monday , Trump suggested without evidence that China was putting out false information about coronavirus .
He retweeted a post sent by his son , Donald Trump Jr. , promoting a story in the conservative outlet Breitbart News with the headline `` WHO Spread False Chinese Government Propaganda : Coronavirus Not Contagious Among Humans . ''
The WHO did not return a request for comment .
Another post retweeted to Trump 's timeline asks why people should take Chinese health statistics `` at face value '' given its cover-up of the Tiananmen @ @ @ @ @ @ @ during his public press briefings from the White House for not disclosing information about the virus earlier , though he has also expressed sympathy for the hard-hit nation and President Xi Jinping .
`` China has gone through hell over this .
They 've gone through hell .
And I 've had conversations with President Xi .
I just wish they could have told us earlier .
They knew they had a problem earlier , '' Trump said at Saturday 's briefing .

US President Donald Trump speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 22, 2020, in Washington, DC.
President Donald Trump on Monday unleashed a barrage of posts spreading conspiracy theories about the coronavirus, chastising the World Health Organization for its early messaging, attacking his political enemies and the media, and promoting a dubious article that suggested a miracle cure was at hand.
In more than a dozen tweets and retweets that started near midnight, the president signaled his anxiety about the economic toll the disease was wreaking on the American economy and suggested that he could ease up on 15-day guidelines the White House imposed a week ago.
Trump also suggested he would support the decision of Japanese Prime Minister Shinzo Abe over whether to cancel the Tokyo Olympics and expressed opposition to the release of some inmates from crowded jails, which is happening in several states as a public health precaution for low-level offenders and the elderly. Abe on Monday reportedly hinted the games might need to be postponed.
"WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF," Trump wrote in a tweet posted near midnight on Sunday. "AT THE END OF THE 15 DAY PERIOD, WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO!"
The president then retweeted, or posted to his own account, a number of replies, including one from a man named Chuck Callesto, who is identified as a "Digital Real Estate Manager," promoting a possible cure.
"They should take a SERIOUS LOOK at this..." Callesto wrote in the tweet posted to the president's account, with a link to a story with the headline "REPORT: French Doctor Reports 100 % Cure Rate Using Malaria Drug to Treat Corona Virus."
There is no known cure or treatment for coronavirus, though scammers have sought to cash in on the panic it has caused. On Sunday, the Department of Justice announced that it has taken its first action in federal court to stop COVID-19-related fraud, following Attorney General William Barr's direction to prioritize prosecution of illegal conduct related to the pandemic.
The DOJ said in a press release that it recommends that Americans ignore "offers for a COVID-19 vaccine, cure, or treatment. Remember, if a vaccine becomes available, you won't hear about it for the first time through an email, online ad, or unsolicited sales pitch."
The White House and the Centers for Disease Control and Prevention did not respond to requests for comment on the president's messages on Twitter.
In other messages, including tweets and retweets, the president attacked former Vice President Joe Biden, the front-runner for the Democratic nomination for president, as well as The New York Times, the WHO, and China, which he suggested was manipulating health data.
In several posts, the president suggested that he was looking to ease the coronavirus-related guidelines that the White House imposed last week for a 15-day period that will end next Tuesday.
After the initial all-caps message, the president retweeted a number of accounts suggesting that future guidelines from the White House will call for isolating high-risk groups only.
"Flatten the curve NOT the Economy," an account retweeted by the president wrote.
The current federal guidelines, which are separate from the mandatory restrictions put in place by a number of states, call for individuals not to congregate in groups of more than 10, to avoid discretionary travel and to refrain from dining or drinking at restaurants, bars and food courts.
Tens of millions of Americans remain under virtual lockdown because of state-level actions to close businesses and keep people indoors. California and New York, the nation's most populous states, have effectively put their economies on pause.
The president's tweet storm came as coronavirus surpassed 350,000 confirmed infections around the world, with a death toll rising past 15,000. Worldwide, cases have doubled in the past week, according to the WHO, and deaths have nearly tripled.
The effect of the disease and containment measures meant to stop it have tanked markets, with the worst expected to come. Weekly job loss claims are soon expected to hit records, dwarfing the numbers seen during the 2008 recession.
The president's tweets come as the administration is wrestling with the appropriate response to the virus moving forward. Officials worry that the first measures, called for by public health experts, may have been too harsh, and are considering separate guidelines for the hardest-hit states of California, New York and Washington, according to NBC News. The guidelines for other states could call for a return to business.
Trump has sought to blame China, where the virus originated, for the disease, dubbing it the "Chinese Virus" against the recommendations of public health officials in his administration. In his posts on Monday, Trump suggested without evidence that China was putting out false information about coronavirus.
He retweeted a post sent by his son, Donald Trump Jr., promoting a story in the conservative outlet Breitbart News with the headline "WHO Spread False Chinese Government Propaganda: Coronavirus Not Contagious Among Humans."
The WHO did not return a request for comment.
Another post retweeted to Trump's timeline asks why people should take Chinese health statistics "at face value" given its cover-up of the Tiananmen Square massacre.
Trump has criticized China during his public press briefings from the White House for not disclosing information about the virus earlier, though he has also expressed sympathy for the hard-hit nation and President Xi Jinping.
"China has gone through hell over this. They've gone through hell. And I've had conversations with President Xi. I just wish they could have told us earlier. They knew they had a problem earlier," Trump said at Saturday's briefing.


cnbc--2020-03-23--The government budget deficit is about to explode to fight the coronavirus

Remember when people were all worked up over trillion-dollar government budget deficits ?
Those might seem like the good old days , once Congress and the White House finish the coronavirus rescue package expected to be approved in the next few days .
Estimates of just how big the final bill would be vary , but it 's assured that it will be a historic moment for sheer fiscal force being exerted at a time of economic duress .
Administration statements over the past few days point to something on the order of $ 2 trillion in economic juice .
@ @ @ @ @ @ @ an $ 831 billion package through during the financial crisis .
That type of fiscal burden comes as the government already has chalked up $ 624.5 billion in red ink through just the first five months of the fiscal year , which started in October .
That spending pace extrapolated through the full fiscal year would lead to a $ 1.5 trillion deficit , and that 's aside from any of the spending to combat the coronavirus .
Already , the national debt stands at more than $ 23.5 trillion and will be @ @ @ @ @ @ @ .
Taxpayers shelled out $ 574.6 billion in fiscal 2019 on interest payments for the debt and another $ 229.1 billion in fiscal 2020 .
In short , the shock from the COVID-19 spread will blow a fiscal hole through Washington , D.C. , that could take years if not decades to patch . '
A bridge to the other side' Hand-wringing over what this will all do to the debt and deficit situation , however , will have to wait for another day .
In times of crisis , there is little @ @ @ @ @ @ @ sense of urgency that while government spending ca n't stop the virus from spreading , it can mitigate what will be profound economic damage .
`` It 's truly a bridge to the other side of an act of God , '' economist Paul McCulley told CNBC.com .
`` We 'll deal down the road with the impacts on so many fronts of society with the whole thing .
Right now , worrying about fiscal incontinence is the exact opposite of where we should be .
We should have fiscal robustness implemented through @ @ @ @ @ @ @ monetary policy . ''
McCulley , a former managing director at asset management giant Pimco and now a Cornell University fellow and adjunct professor at Georgetown , has been one of the leading thinkers in economics particularly since the financial crisis .
He coined the term `` Minsky Moment '' to describe sudden collapses in markets and `` shadow banking '' for nonbank lenders that were at the center of the crisis .
He 's an advocate of a philosophy that has taken more prominence over the past couple of years called Modern @ @ @ @ @ @ @ debt and deficits matter less in times of low inflation and that government spending should be used to address the widened wealth gap in the U.S. as the Fed keeps interest rates low .
Some of the biggest backers include Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez .
While the theory has some prominent detractors such as economist Larry Summers , it is likely to become the de facto law of the land as the coronavirus economic impact intensifies .
`` The bank of Uncle Sam needs to be open , period , @ @ @ @ @ @ @ will look like Making that happen would take a variety of forms .
McCulley sees programs run jointly between the Treasury and Federal Reserve as key , with the central bank expected to keep interest rates flowing and liquidity programs running .
`` Saying that too much central bank independence can be a problem is something that 's considered to be heretic in my profession , '' he said .
`` That 's essentially what I 'm saying now . ''
This week 's stimulus is projected to be a combination of direct-deposit @ @ @ @ @ @ @ to the millions who will be displaced from the retrenchment of activity due to social distancing and business closings , and bridge loans to businesses that will be incentivized not to lay off workers .
On top of that , the Treasury will offer guarantees to the Fed that Treasury Secretary Steven Mnuchin said would allow the central bank to leverage up to $ 4 trillion of liquidity for the business and financial system .
The total price tag ?
Unimportant , at least as long as the nation suffers through an indefinite @ @ @ @ @ @ @ unemployed now gets a check and has gotten himself an asset that he can cash and go a store , '' McCulley said .
`` He 's gotten an asset but Uncle Sam has gone into a hole .
I have no problem with that whatsoever . ''
Still , there will be efforts to calculate the fiscal damage .
Moody 's Investors Service has been warning about deficit issues for some time , and said Friday that its previous scenarios are likely to look worse as government spending accelerates .
`` We @ @ @ @ @ @ @ increase the deficit to around 6.3 % of GDP by 2029 , but the coronavirus pandemic introduces significant downside risk to our medium-term fiscal outlook , '' Moody 's analyst Gabriel Agostini said in a report .
`` On the revenue front , a coronavirus-induced slowdown will remove workers from payrolls and weaken federal tax revenue intake .
Combined with large sums of federal spending to support the economy , we expect the US fiscal deficit to rise to levels not seen since the 2008 global financial crisis , driving debt higher , @ @ @ @ @ @ @ low borrowing costs will help alleviate some of the burden .
The Fed a week ago slashed its benchmark interest rate to near-zero , and Treasury yields have been in historically low territory .
But the fiscal balance sheet still will look worse than it has since World War II .
During the financial crisis , the budget deficit as a share of GDP hit a high of 9.8 % .
Prior to that , the only worse period came during the war when the level hit 26.9 % in 1943 .
A @ @ @ @ @ @ @ conservative given the current scenario , would push deficit to GDP to 9.4 % .
A $ 3 trillion shortfall , which seems like not much of a stretch , would take the level to 14 % .
Of course , the numbers are all fungible , and Mnuchin told Fox News that he expects short-term damage to the economy followed by `` gigantic '' growth in the fourth quarter of 2020 .
The administration 's efforts , though , are more geared to what 's happening now .
`` As fiscal policy @ @ @ @ @ @ @ substantially in the near term , '' said Jeremy Lawson , chief economist at Aberdeen Standard Investments .
`` If the government is n't filling that gap in that period where the private sector is retrenching , it effectively doubles the size of the economic shock that is taking place . ''
In fact , Lawson said monetary and fiscal authorities probably will have to step up their efforts .
He particularly said the Fed needs to get more aggressive because while `` it might feel like they 're throwing the kitchen sink @ @ @ @ @ @ @ might say they 're only throwing the tap . ''
So as the shock of trillion-dollar deficits will now give way to the shock of multitrillion dollar deficits , there is little else for authorities to do except keep pumping .
`` By using your balance sheet during the bad times , what you can actually do is help the long-term health of the budget by assuring there is an economy that can return when the private sector is able to start spending again .
Then the fiscal authority can unwind that stimulus @ @ @ @ @ @ @ '' Lawson said .
`` Yes , it looks like it 's blowing a hole in the budget , but that 's probably necessary from keeping a bigger one from being blown open later on . ''

A sign showing the national debt and each Americans share is displayed on November 6, 2019 in Washington, DC. Tasos Katopodis | Getty Images
Remember when people were all worked up over trillion-dollar government budget deficits? Those might seem like the good old days, once Congress and the White House finish the coronavirus rescue package expected to be approved in the next few days. Estimates of just how big the final bill would be vary, but it's assured that it will be a historic moment for sheer fiscal force being exerted at a time of economic duress. Administration statements over the past few days point to something on the order of $2 trillion in economic juice. By contrast, then-President Barack Obama ushered an $831 billion package through during the financial crisis. That type of fiscal burden comes as the government already has chalked up $624.5 billion in red ink through just the first five months of the fiscal year, which started in October. That spending pace extrapolated through the full fiscal year would lead to a $1.5 trillion deficit, and that's aside from any of the spending to combat the coronavirus. Already, the national debt stands at more than $23.5 trillion and will be on track to eclipse $25 trillion. Taxpayers shelled out $574.6 billion in fiscal 2019 on interest payments for the debt and another $229.1 billion in fiscal 2020. In short, the shock from the COVID-19 spread will blow a fiscal hole through Washington, D.C., that could take years if not decades to patch.
'A bridge to the other side'
Hand-wringing over what this will all do to the debt and deficit situation, however, will have to wait for another day. In times of crisis, there is little patience for fiscal austerity, only a sense of urgency that while government spending can't stop the virus from spreading, it can mitigate what will be profound economic damage. "It's truly a bridge to the other side of an act of God," economist Paul McCulley told CNBC.com. "We'll deal down the road with the impacts on so many fronts of society with the whole thing. Right now, worrying about fiscal incontinence is the exact opposite of where we should be. We should have fiscal robustness implemented through effectively a joint venture between fiscal and monetary policy." McCulley, a former managing director at asset management giant Pimco and now a Cornell University fellow and adjunct professor at Georgetown, has been one of the leading thinkers in economics particularly since the financial crisis. He coined the term "Minsky Moment" to describe sudden collapses in markets and "shadow banking" for nonbank lenders that were at the center of the crisis.
watch now
He's an advocate of a philosophy that has taken more prominence over the past couple of years called Modern Monetary Theory — essentially the belief that debt and deficits matter less in times of low inflation and that government spending should be used to address the widened wealth gap in the U.S. as the Fed keeps interest rates low. Some of the biggest backers include Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. While the theory has some prominent detractors such as economist Larry Summers, it is likely to become the de facto law of the land as the coronavirus economic impact intensifies. "The bank of Uncle Sam needs to be open, period," McCulley said.
What the spending will look like
Making that happen would take a variety of forms. McCulley sees programs run jointly between the Treasury and Federal Reserve as key, with the central bank expected to keep interest rates flowing and liquidity programs running. "Saying that too much central bank independence can be a problem is something that's considered to be heretic in my profession," he said. "That's essentially what I'm saying now." This week's stimulus is projected to be a combination of direct-deposit payments to individuals, extended unemployment benefits to the millions who will be displaced from the retrenchment of activity due to social distancing and business closings, and bridge loans to businesses that will be incentivized not to lay off workers. On top of that, the Treasury will offer guarantees to the Fed that Treasury Secretary Steven Mnuchin said would allow the central bank to leverage up to $4 trillion of liquidity for the business and financial system. The total price tag? Unimportant, at least as long as the nation suffers through an indefinite near-shutdown. "The dude who is unemployed now gets a check and has gotten himself an asset that he can cash and go a store," McCulley said. "He's gotten an asset but Uncle Sam has gone into a hole. I have no problem with that whatsoever." Still, there will be efforts to calculate the fiscal damage.
Most debt since World War II
Moody's Investors Service has been warning about deficit issues for some time, and said Friday that its previous scenarios are likely to look worse as government spending accelerates. "We previously projected that adverse fiscal dynamics would increase the deficit to around 6.3% of GDP by 2029, but the coronavirus pandemic introduces significant downside risk to our medium-term fiscal outlook," Moody's analyst Gabriel Agostini said in a report. "On the revenue front, a coronavirus-induced slowdown will remove workers from payrolls and weaken federal tax revenue intake. Combined with large sums of federal spending to support the economy, we expect the US fiscal deficit to rise to levels not seen since the 2008 global financial crisis, driving debt higher," he added.
watch now
Agostini noted that low borrowing costs will help alleviate some of the burden. The Fed a week ago slashed its benchmark interest rate to near-zero, and Treasury yields have been in historically low territory. But the fiscal balance sheet still will look worse than it has since World War II. During the financial crisis, the budget deficit as a share of GDP hit a high of 9.8%. Prior to that, the only worse period came during the war when the level hit 26.9% in 1943. A $2 trillion deficit, which seems conservative given the current scenario, would push deficit to GDP to 9.4%. A $3 trillion shortfall, which seems like not much of a stretch, would take the level to 14%.
Hopes for growth
Of course, the numbers are all fungible, and Mnuchin told Fox News that he expects short-term damage to the economy followed by "gigantic" growth in the fourth quarter of 2020. The administration's efforts, though, are more geared to what's happening now. "As fiscal policy loosens, the deficit does increase quite substantially in the near term," said Jeremy Lawson, chief economist at Aberdeen Standard Investments. "If the government isn't filling that gap in that period where the private sector is retrenching, it effectively doubles the size of the economic shock that is taking place." In fact, Lawson said monetary and fiscal authorities probably will have to step up their efforts. He particularly said the Fed needs to get more aggressive because while "it might feel like they're throwing the kitchen sink at this, at the moment you might say they're only throwing the tap." So as the shock of trillion-dollar deficits will now give way to the shock of multitrillion dollar deficits, there is little else for authorities to do except keep pumping. "By using your balance sheet during the bad times, what you can actually do is help the long-term health of the budget by assuring there is an economy that can return when the private sector is able to start spending again. Then the fiscal authority can unwind that stimulus, the temporary parts of it," Lawson said. "Yes, it looks like it's blowing a hole in the budget, but that's probably necessary from keeping a bigger one from being blown open later on."


cnbc--2020-03-23--Sen. Loeffler, NYSE owner CEO husband defend stock sales after her coronavirus briefing

Intercontinental Exchange , which owns other exchanges and clearing houses , said in a statement that the nearly 30 transactions involving the couple were `` in compliance '' with company policies .
The sales occurred before a sharp drop in the stock market indexes in recent weeks as the coronavirus pandemic wreaked havoc on the U.S. economy .
On Thursday night , reports said Loeffler and other GOP senators , Intelligence Committee Chairman Richard Burr of North Carolina and Oklahoma 's James Inhofe , along with California Democratic Sen. Dianne Feinstein , dumped shares worth up to $ 10 million @ @ @ @ @ @ @ private briefing to senators about coronavirus by Trump administration health officials .
Loeffler 's interview came a day after news reports revealed about nearly 30 trades since late January in accounts owned by her and Sprecher .
She said the trades were a mix of buys and sells , and that some of the trades were `` quite bullish . ''
`` I have no discretion over ... our portfolio . ''
`` We have no knowledge of these companies '' whose stocks were sold and bought , Loeffler said , referring to @ @ @ @ @ @ @ identify those third-party investment advisors by name after being asked to do so .
Instead , Loeffler said , those decisions involving nearly 30 trades were made by third-party investment advisors without any input by herself or her husband , Jeff Sprecher , chairman of the NYSE , and chairman and CEO of its holding company , Intercontinental Exchange .
`` I had no involvement in the decisions '' to trade the stocks , the freshman lawmaker said .
`` I am very confident that we have followed the letter and spirit of @ @ @ @ @ @ @ an interview on CNBC 's `` The Exchange . ''
Sen. Kelly Loeffler and her husband 's firm , which owns the New York Stock Exchange , defended on Friday the propriety of the couple 's sales of up to $ 3 million worth of stocks after she was privately briefed by federal officials about the coronavirus outbreak .
Sen. Kelly Loeffler , R-Ga. , her husband Jeffrey Sprecher participate in Loefflers swear-in reenactment for the cameras in the Capitol on Monday , Jan. 6 , 2020 .
`` Mr. Sprecher and Senator @ @ @ @ @ @ @ were executed by their financial advisors without Mr. Sprecher 's or Senator Loeffler 's input or direction , '' the firm said .
`` Such transactions are in compliance with Intercontinental Exchange , Inc. policies and procedures . ''
`` These were not transactions in ICE securities , and any transactions by Mr. Sprecher or Senator Loeffler in ICE securities have been executed through a Rule 10b5-1 trading plan that was approved by Intercontinental Exchange , '' the firm said .
`` Per ICE policy , all trading plans require a 30-day cooling @ @ @ @ @ @ @ plan is adopted to the date of the first transaction . ''
Loeffler reported in a disclosure filing this week a string of stock sales that began on Jan. 24 , the same day her Senate committee hosted the closed-door briefing about the spread of the coronavirus by Trump administration officials .
Over the next three weeks , Loeffler and Sprecher sold shares worth $ 1.25 million to $ 3.1 million , according to disclosure records .
But on Feb. 14 , accounts owned by Loeffler and Sprecher bought stock in Citrix , @ @ @ @ @ @ @ Oracle , the technology company .
Many Americans have been working remotely from home as companies closed or reduced staff at their physical offices due to the COVID-19 crisis .
Loeffler 's transactions were first reported Thursday by The Daily Beast .
Loeffler 's spokeswoman on Thursday called that story `` a ridiculous and baseless attack . ''
Despite the statements by Loeffler and Intercontinental Exchange , the controversy over the stock sales by her and the other senators is not likely to go away anytime soon .
The government advocacy group Common @ @ @ @ @ @ @ with the Justice Department , the Securities and Exchange Commission and the Senate Ethics Committee `` calling for immediate investigations '' of Loeffler , Burr , Feinstein and Inhofe `` for possible violations of the STOCK Act and insider trading laws .
The STOCK Act bars members of Congress from using inside information from their official positions for private gain .
Common Cause said the trades by the senators as alleged involved `` potentially criminal misconduct . ''
`` These Senators appear to have used classified intelligence briefings as stock tips and sold @ @ @ @ @ @ @ the markets , '' said Paul Ryan , Common Cause Vice President for Policy and Litigation .
`` These laws are on the books for a good reason , without them the potential to abuse the power of elected office for personal enrichment would be virtually unlimited . ''
The federal Securities and Exchange Commission had no immediate comment when contacted by CNBC .
Another group , Citizens for Responsibility and Ethics in Washington , filed a complaint with the Senate Ethics Committee asking for probes of Loeffler and Burr for possible violations @ @ @ @ @ @ @ job of a U.S .
Senator is to serve the American people , '' said CREW Executive Director Noah Bookbinder .
`` It appears that in a time of crisis , these senators chose instead to serve themselves , violating the public trust and abdicating their duty , '' Bookbinder said .
`` They must be immediately investigated . ''
Rep. Alexandria Ocasio-Cortez , D-N.Y. , called on Burr and Loeffler to resign , tweeting : `` It is stomach-churning that the first thoughts these Senators had to a dire & classified # @ @ @ @ @ @ @ this crisis . ''
`` They did n't mobilize to help families , or prep response .
They dumped stock , '' Ocasio-Cortez wrote .
In a statement Friday , Burr said his decision to off-load his stock was based `` solely on public news reports , '' including those from CNBC 's Asia bureaus about the spread of coronavirus .
`` Understanding the assumption many could make in hindsight however , I spoke this morning with the chairman of the Senate Ethics Committee and asked him to open a complete review of @ @ @ @ @ @ @ Burr said .
On Feb. 13 , one week before U.S. stocks began sliding , Burr sold more than $ 500,000 worth of shares in a single day .
The sales amounted to 33 individual transactions , and if they totaled the high end of the range that Burr reported , around $ 1.7 million , that would equal nearly all of his net worth .
Burr 's trades were first reported by ProPublica .
North Carolina 's other U.S. senator , Thom Tillis , who is also a Republican , said on @ @ @ @ @ @ @ , Senator Burr owes North Carolinians an explanation . ''
`` His self-referral to the Ethics Committee for their review is appropriate , there needs to be a professional and bipartisan inquiry into this matter , which the Ethics Committee can provide , '' Tillis said .

Sen. Kelly Loeffler and her husband's firm, which owns the New York Stock Exchange, defended on Friday the propriety of the couple's sales of up to $3 million worth of stocks after she was privately briefed by federal officials about the coronavirus outbreak.
At the same time, two good-government advocacy groups filed complaints against Loeffler, R-Ga., and other senators, in connection with their sales of stocks after that closed-door briefing on Jan. 24.
"I am very confident that we have followed the letter and spirit of the law," Loeffler said in an interview on CNBC's "The Exchange."
"I had no involvement in the decisions" to trade the stocks, the freshman lawmaker said.
Instead, Loeffler said, those decisions involving nearly 30 trades were made by third-party investment advisors without any input by herself or her husband, Jeff Sprecher, chairman of the NYSE, and chairman and CEO of its holding company, Intercontinental Exchange .
Loeffler did not identify those third-party investment advisors by name after being asked to do so.
"We have no knowledge of these companies" whose stocks were sold and bought, Loeffler said, referring to her and Sprecher.
"I have no discretion over ... our portfolio."
She said the trades were a mix of buys and sells, and that some of the trades were "quite bullish."
Loeffler's interview came a day after news reports revealed about nearly 30 trades since late January in accounts owned by her and Sprecher.
On Thursday night, reports said Loeffler and other GOP senators, Intelligence Committee Chairman Richard Burr of North Carolina and Oklahoma's James Inhofe, along with California Democratic Sen. Dianne Feinstein, dumped shares worth up to $10 million in the weeks after a Jan. 24 private briefing to senators about coronavirus by Trump administration health officials.
The sales occurred before a sharp drop in the stock market indexes in recent weeks as the coronavirus pandemic wreaked havoc on the U.S. economy.
Intercontinental Exchange, which owns other exchanges and clearing houses, said in a statement that the nearly 30 transactions involving the couple were "in compliance" with company policies.


cnbc--2020-03-24--Trump says businesses could reopen — soon — while fighting coronavirus

President Donald Trump suggested Monday that he wants to urge businesses to reopen — sooner rather than later — while the government works to fight the coronavirus pandemic .
`` At some point we 're going to open up our country , and it will be fairly soon , '' Trump said during an evening press briefing on the fast-spreading virus .
Asked whether `` soon '' could be a matter of weeks or of months , Trump replied , `` I 'm not looking at months . ''
The daily briefing at the White House came as U.S. officials @ @ @ @ @ @ @ rein in the spread of the coronavirus by implementing draconian emergency measures that threaten to cripple the economy .
Some administration officials have painted a harrowing portrait of the spread of COVID-19 in U.S. `` hot spots '' —especially New York City .
Deborah Birx , a member of Trump 's coronavirus task force , said at the briefing that data show the New York metro area has an `` attack rate '' five times higher than other areas of the country .
Birx would not directly say if she approved of Trump @ @ @ @ @ @ @ country '' when she was asked by a reporter .
`` We 're pulling all of the data pieces in now ...
I will never speculate on data .
I will have to see the data to really understand it , '' Birx said .
But Trump maintained that `` we can do two things at one time . ''
He suggested that some states , such as Nebraska , with low numbers of confirmed coronavirus cases might be able to ease off their restrictions more quickly .
The president also seemed to @ @ @ @ @ @ @ the virus , which on Monday topped 43,000 cases and more than 500 deaths in the U.S .
He said his administration has done `` really well '' in handling the outbreak and noted that other things , such as the flu and car accidents , produce higher death rates every year without derailing society .
`` You look at automobile accidents , which are far greater than what we 're talking about , '' Trump said .
`` It does n't mean we 're talking about telling people not to drive cars @ @ @ @ @ @ @ the virus — and the consequences of the extreme measures being implemented to combat it — have sent stocks drastically lower over the past month .
The Dow Jones industrial average , for instance , closed Monday at its lowest level since November 2016 , when Trump was elected president .
Some state leaders have forced nonessential businesses to shut down , prohibited large gatherings and ordered residents to stay in their homes .
The White House issued a list of guidelines earlier this month for Americans to follow for 15 days , @ @ @ @ @ @ @ their normal behaviors when it comes to eating out , shopping and socializing .
On Sunday night , Trump tweeted , in all caps , that `` at the end of the 15 day period , we will make a decision as to which way we want to go ! ''
The prescriptions in the White House guidelines are meant to promote so-called social distancing practices that can slow or prevent transmission of the disease — but are likely to have dire consequences for markets , employers and workers .
`` We ca @ @ @ @ @ @ @ the problem , '' Trump said at the presser .
The president 's own business empire also stands to suffer from the virus , as well : Mar-a-Lago , Trump 's oceanside resort in Palm Beach , Fla. , temporarily shuttered its doors in the peak of its season out of coronavirus concerns .
Meanwhile , lawmakers on Capitol Hill have passed multiple bills providing emergency funds to combat the spread of the disease and soften the blow for the millions of affected Americans .
But the largest stimulus package , which is @ @ @ @ @ @ @ trillion , has hit roadblocks in Congress as Republicans and Democrats lock horns over what should be included .
That massive funding bill again failed a key procedural vote in the Senate on Monday .
House Speaker Nancy Pelosi , D-Calif. , said her caucus would unveil a $ 2.5 trillion-plus legislative package that includes direct payments to individuals of $ 1,500 and up to $ 7,500 for a family of five .

President Donald Trump suggested Monday that he wants to urge businesses to reopen — sooner rather than later — while the government works to fight the coronavirus pandemic.
"At some point we're going to open up our country, and it will be fairly soon," Trump said during an evening press briefing on the fast-spreading virus.
Asked whether "soon" could be a matter of weeks or of months, Trump replied, "I'm not looking at months."
The daily briefing at the White House came as U.S. officials at every level of government scrambled to rein in the spread of the coronavirus by implementing draconian emergency measures that threaten to cripple the economy.
Some administration officials have painted a harrowing portrait of the spread of COVID-19 in U.S. "hot spots" —especially New York City. Deborah Birx, a member of Trump's coronavirus task force, said at the briefing that data show the New York metro area has an "attack rate" five times higher than other areas of the country.
Birx would not directly say if she approved of Trump's suggested plans to "reopen the country" when she was asked by a reporter. "We're pulling all of the data pieces in now ... I will never speculate on data. I will have to see the data to really understand it," Birx said.
But Trump maintained that "we can do two things at one time." He suggested that some states, such as Nebraska, with low numbers of confirmed coronavirus cases might be able to ease off their restrictions more quickly.
The president also seemed to try to play down the threat of the virus, which on Monday topped 43,000 cases and more than 500 deaths in the U.S.
He said his administration has done "really well" in handling the outbreak and noted that other things, such as the flu and car accidents, produce higher death rates every year without derailing society.
"You look at automobile accidents, which are far greater than what we're talking about," Trump said. "It doesn't mean we're talking about telling people not to drive cars."
Fears about the impact of the virus — and the consequences of the extreme measures being implemented to combat it — have sent stocks drastically lower over the past month. The Dow Jones industrial average, for instance, closed Monday at its lowest level since November 2016, when Trump was elected president.
Some state leaders have forced nonessential businesses to shut down, prohibited large gatherings and ordered residents to stay in their homes. The White House issued a list of guidelines earlier this month for Americans to follow for 15 days, which call on people to sharply limit their normal behaviors when it comes to eating out, shopping and socializing.
On Sunday night, Trump tweeted, in all caps, that "at the end of the 15 day period, we will make a decision as to which way we want to go!"
TRUMP TWEET
The prescriptions in the White House guidelines are meant to promote so-called social distancing practices that can slow or prevent transmission of the disease — but are likely to have dire consequences for markets, employers and workers.
"We can't have the cure be worse than the problem," Trump said at the presser.
The president's own business empire also stands to suffer from the virus, as well: Mar-a-Lago, Trump's oceanside resort in Palm Beach, Fla., temporarily shuttered its doors in the peak of its season out of coronavirus concerns.
Meanwhile, lawmakers on Capitol Hill have passed multiple bills providing emergency funds to combat the spread of the disease and soften the blow for the millions of affected Americans. But the largest stimulus package, which is expected to cost well over $1 trillion, has hit roadblocks in Congress as Republicans and Democrats lock horns over what should be included.
That massive funding bill again failed a key procedural vote in the Senate on Monday.
House Speaker Nancy Pelosi, D-Calif., said her caucus would unveil a $2.5 trillion-plus legislative package that includes direct payments to individuals of $1,500 and up to $7,500 for a family of five.


cnbc--2020-03-24--House Democrats introduce a $2.5 trillion coronavirus stimulus plan as Senate bill stalls

U.S. House Speaker Nancy Pelosi , a Democrat from California , speaks during a news conference on Capitol Hill in Washington , D.C. , U.S. , on Thursday , March 5 , 2020 .
House Democrats introduced a sprawling plan to blunt the economic damage from the coronavirus pandemic as efforts to pass a bill in the Senate hit roadblocks Monday .
House Speaker Nancy Pelosi said her caucus would unveil legislation Monday `` that takes responsibility for the health , wages and well-being of America 's workers . ''
The package would cost more than $ 2.5 trillion , @ @ @ @ @ @ @ aides Monday .
It would include , according to the summary : • Direct payments to individuals of $ 1,500 and up to $ 7,500 for a family of five .
• No cost-sharing for coronavirus vaccines and treatments , including for the uninsured .
• $ 500 billion in grants and interest-free loans to small businesses .
• Strengthened unemployment insurance , with $ 600 per week for people affected by coronavirus and eligible for unemployment benefits .
• $ 150 billion in funding for hospitals , community health centers and government @ @ @ @ @ @ @ in funding for schools and universities along with student debt relief .
• More funding for the Supplemental Nutrition Assistance Program and other food assistance programs .
• $ 4 billion in state election grants and a national requirement for 15 days of early voting and no-excuse absentee voting as fears grow about coronavirus spreading at crowded polling sites .
The legislation may serve more as a statement of principles for Democrats : Senate Republicans already supported a law to expand paid leave and unemployment insurance that originated with Democrats over the objections @ @ @ @ @ @ @ it underscores the gulf between the professed priorities of both parties as workers and companies desperately seek relief .
The Pelosi legislation appears to have many of the same goals as the Senate plan , but it remains to be seen how differently the packages are structured .
Congress has rushed to approve a relief plan as the global pandemic overwhelms health-care resources , wreaks havoc on the U.S. economy and forces widespread layoffs .
Compounding the urgency , two House members and one senator have tested positive for COVID-19 , forcing other @ @ @ @ @ @ @ of voting remotely .
After they blocked a vote on Sunday to move forward with the Senate Republican plan , Democrats have said the package does too much to lift up corporations damaged by the outbreak without going far enough to help the workers .
Senate Minority Leader Chuck Schumer continues to negotiate with the Trump administration as he tries to iron out disagreements , including oversight of Treasury Department relief to businesses and how much to strengthen unemployment insurance .
Schumer said Monday that the sides are `` very close '' to @ @ @ @ @ @ @ Senate GOP plan for a second time on Monday afternoon .
In unusually fiery remarks Monday , Senate Majority Leader Mitch McConnell accused Democrats of playing politics while the economy reels and health-care workers sacrifice their own safety .
The stimulus package , with a price tag expected to easily top $ 1.5 trillion , would be the third coronavirus relief plan passed by Congress .
Lawmakers may need to take even more action as the outbreak spreads , schools and businesses across the country shut down and hospitals and states express an @ @ @ @ @ @ @ continues to spread in the U.S. , as more than 35,000 Americans have tested positive for the disease and at least 470 people have died from it , according to data compiled by Johns Hopkins University .

U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) delivers a statement at the hallway of the Speaker’s Balcony at the U.S. Capitol March 23, 2020 in Washington, DC.
House Democrats introduced a sprawling plan to blunt the economic damage from the coronavirus pandemic as efforts to pass a bill in the Senate hit roadblocks Monday.
House Speaker Nancy Pelosi said her caucus would unveil legislation Monday "that takes responsibility for the health, wages and well-being of America's workers." The package would cost more than $2.5 trillion, according to a summary circulated by Democratic aides Monday.
It would include, according to the summary:
Direct payments to individuals of $1,500 and up to $7,500 for a family of five.
No cost-sharing for coronavirus vaccines and treatments, including for the uninsured.
Expanded access to paid family and medical leave.
$500 billion in grants and interest-free loans to small businesses.
Strengthened unemployment insurance, with $600 per week for people affected by coronavirus and eligible for unemployment benefits.
$150 billion in funding for hospitals, community health centers and government health programs.
$60 billion in funding for schools and universities along with student debt relief.
More funding for the Supplemental Nutrition Assistance Program and other food assistance programs.
$4 billion in state election grants and a national requirement for 15 days of early voting and no-excuse absentee voting as fears grow about coronavirus spreading at crowded polling sites.
The legislation may serve more as a statement of principles for Democrats: Senate Republicans already supported a law to expand paid leave and unemployment insurance that originated with Democrats over the objections of many GOP members. Still, it underscores the gulf between the professed priorities of both parties as workers and companies desperately seek relief.
The Pelosi legislation appears to have many of the same goals as the Senate plan, but it remains to be seen how differently the packages are structured.
Congress has rushed to approve a relief plan as the global pandemic overwhelms health-care resources, wreaks havoc on the U.S. economy and forces widespread layoffs. Compounding the urgency, two House members and one senator have tested positive for COVID-19, forcing other lawmakers to quarantine and consider the prospect of voting remotely.
After they blocked a vote on Sunday to move forward with the Senate Republican plan, Democrats have said the package does too much to lift up corporations damaged by the outbreak without going far enough to help the workers. Senate Minority Leader Chuck Schumer continues to negotiate with the Trump administration as he tries to iron out disagreements, including oversight of Treasury Department relief to businesses and how much to strengthen unemployment insurance.
Schumer said Monday that the sides are "very close" to reaching a deal. Democrats blocked the Senate GOP plan for a second time on Monday afternoon.
In unusually fiery remarks Monday, Senate Majority Leader Mitch McConnell accused Democrats of playing politics while the economy reels and health-care workers sacrifice their own safety.
The stimulus package, with a price tag expected to easily top $1.5 trillion, would be the third coronavirus relief plan passed by Congress. Lawmakers may need to take even more action as the outbreak spreads, schools and businesses across the country shut down and hospitals and states express an urgent need for supplies.
The outbreak continues to spread in the U.S., as more than 35,000 Americans have tested positive for the disease and at least 470 people have died from it, according to data compiled by Johns Hopkins University.
— CNBC's Kayla Tausche contributed to this report
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cnbc--2020-03-24--Senate coronavirus stimulus bill fails again

Democrats and Republicans continue to negotiate terms on a massive stimulus package , two Senate aides told CNBC .
The measure again failed a key procedural vote in the Senate on Monday afternoon , as there were major differences between the two parties over what to include in the final legislation .
The delay could make it difficult for Trump to sign a bill this week .
Senate rules mandate that a cloture vote has to `` ripen '' for one full day before it the Senate can vote , unless the currently quarreling Senate unanimously decides to hold a @ @ @ @ @ @ @ must vote for cloture in order to end debate and move the bill along .
The measure has a price tag of well over $ 1 trillion and is intended to limit the economic pain from the coronavirus outbreak .
The effort has taken on urgency as hospitals , workers , people , and companies have all pleaded they need cash quickly to cope with the crushing economic impact of the coronavirus .
Treasury Secretary Steven Mnuchin told CNBC that Monday `` we need to get this deal done today . ''
But @ @ @ @ @ @ @ disagreement .
The bill previously failed to clear a procedural hurdle in the Senate on Sunday and again Monday afternoon .
Senate Democrats have criticized the $ 500 billion fund that the Republican proposal sets aside for distressed businesses , calling it a bailout fund `` with no strings attached . ''
Democrats are also seeking enhanced unemployment measures and protections for workers .
GOP lawmakers slammed Democrats for seeking climate provisions within the measure , as well .
House Speaker Nancy Pelosi floated her own proposal for a stimulus bill Monday .
@ @ @ @ @ @ @ optimistic earlier Monday , seeing he believed the two parties could come to an agreement by the end of the day .
`` We 're very close to reaching a deal .
Very close .
And our goal is to reach a deal today , '' he said .
`` And we 're hopeful , even confident that we will meet that goal . ''
He said two parties had come to certain agreements about revisions to the Republicans ' bill , including adding more unemployment protections and adding more money to hospitals @ @ @ @ @ @ @ fighting hard and making progress '' on more funding for state and local governments .
Stocks cut their losses on Schumer 's optimistic words .
But the Dow Jones industrial average ultimately closed 3 % lower , at one point giving away all of its gains since President Donald Trump 's election .
After the second procedural vote failed , McConnell threw aside his usually placid appearance as he tore into Senate Democrats for the second straight day on Monday , accusing them of filibustering a deal the country needs immediately .
He @ @ @ @ @ @ @ list , rather than focusing on getting out a deal quickly .

Democrats and Republicans continue to negotiate terms on a massive stimulus package, two Senate aides told CNBC. The measure again failed a key procedural vote in the Senate on Monday afternoon, as there were major differences between the two parties over what to include in the final legislation.
The delay could make it difficult for Trump to sign a bill this week. Senate rules mandate that a cloture vote has to "ripen" for one full day before it the Senate can vote, unless the currently quarreling Senate unanimously decides to hold a vote sooner. Three-fifths of the Senate must vote for cloture in order to end debate and move the bill along.
The measure has a price tag of well over $1 trillion and is intended to limit the economic pain from the coronavirus outbreak. The effort has taken on urgency as hospitals, workers, people, and companies have all pleaded they need cash quickly to cope with the crushing economic impact of the coronavirus.
Treasury Secretary Steven Mnuchin told CNBC that Monday "we need to get this deal done today." But the talks have been marred by partisan disagreement. The bill previously failed to clear a procedural hurdle in the Senate on Sunday and again Monday afternoon.
Senate Democrats have criticized the $500 billion fund that the Republican proposal sets aside for distressed businesses, calling it a bailout fund "with no strings attached." Democrats are also seeking enhanced unemployment measures and protections for workers. GOP lawmakers slammed Democrats for seeking climate provisions within the measure, as well. House Speaker Nancy Pelosi floated her own proposal for a stimulus bill Monday.
Senate Minority Leader Chuck Schumer nonetheless was optimistic earlier Monday, seeing he believed the two parties could come to an agreement by the end of the day.
"We're very close to reaching a deal. Very close. And our goal is to reach a deal today," he said. "And we're hopeful, even confident that we will meet that goal."
He said two parties had come to certain agreements about revisions to the Republicans' bill, including adding more unemployment protections and adding more money to hospitals. He said the Democrats are "fighting hard and making progress" on more funding for state and local governments.
Stocks cut their losses on Schumer's optimistic words. But the Dow Jones industrial average ultimately closed 3% lower, at one point giving away all of its gains since President Donald Trump's election.
After the second procedural vote failed, McConnell threw aside his usually placid appearance as he tore into Senate Democrats for the second straight day on Monday, accusing them of filibustering a deal the country needs immediately. He accused Democrats of adding to their wish list, rather than focusing on getting out a deal quickly.