August 12, 2022

Washington considers actions to bolster U.S. economy as coronavirus cases mount

By Administrator_India

Capital Sands

As U.S. coronavirus cases rose steadily, the White House and Congress negotiated measures on Tuesday to bolster the U.S. economy and Americans’ paychecks against the outbreak’s impact, although there was no immediate sign of a deal.

The rise in the number of U.S. cases of COVID-19, a highly contagious and sometimes fatal respiratory illness, has concerned health officials and spurred calls within Congress for action to expand testing and avert an economic meltdown.

Almost three-quarters of U.S. states have confirmed COVID-19, with almost 1,000 cases in the United States and at least 30 coronavirus-related deaths reported. Washington state’s governor warned of tens of thousands more cases without “real action,” and New York’s governor deployed National Guard troops as a containment measure in a hard-hit New York City suburb.

“We had a good reception on Capitol Hill. We’re going to be working with Republican and Democratic leadership to move a legislative package,” Vice President Mike Pence, who is leading the White House’s coronavirus task force, told a White House briefing.

U.S. stocks rebounded in their largest daily gain since late 2018 on hopes that a government stimulus package was in the making.

A central feature of the administration’s legislative proposal is payroll tax relief, although the extent and duration of the proposal were unclear.

White House officials have also said the administration could undertake executive action to help small businesses and workers, including those who do not receive paid sick leave.

Trump is scheduled to meet with bank executives at the White House on Wednesday.

U.S. Treasury Secretary Steven Mnuchin, who is leading negotiations on behalf of Republican President Donald Trump, met with Democratic House Speaker Nancy Pelosi to discuss a possible deal.

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