Massive stimulus during Covid-19 pandemic surpasses assistance during 2008 global financial meltdown. FMTNews US Covid19
Treasury Secretary Steven Mnuchin warns pandemic could drive unemployment worse than 2008 financial crisis.
“We don’t want people losing jobs and having no money to live,” Trump said at a White House press conference, adding that the package “is a substantial number. We are going big.” He warned Republican senators on Tuesday morning that the pandemic could drive US unemployment to 20%, a Republican Senate source told CNN.Speaking on Capitol Hill, Mnuchin said the package could surpass US$1 trillion, in addition to US$300 billion in deferred tax payments, making it among the largest federal emergency plans ever and far surpassing assistance during the 2008 global financial meltdown.
The Fed on Sunday slashed the benchmark borrowing rate to zero, ramped up purchases of Treasury debt, and repeatedly made massive cash infusions into financial markets. One mechanism is aimed at providing short-term funding to major financial institutions so they can push cash out to businesses and households.The more than US$1 trillion market for commercial paper “is critical to the plumbing of the financial system” and will allow firms to continue paying their bills and their workers, said economist Mickey Levy of Berenberg Capital Markets, who applauded the moves.
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