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Trump: US 'May Be' Headed Toward Recession

Trump: US 'May Be' Headed Toward Recession
The president and members of his coronavirus task force over the weekend in a White House briefing. (Tasos Katopodis/Getty Images)

Monday, 16 March 2020 04:20 PM

President Donald Trump says the United States “may be” headed toward a recession as the economy continues to be battered amid the coronavirus outbreak.

Trump spoke to reporters Monday at a White House briefing as cases in the U.S. continue to spike.

The president says his administration’s focus is on stemming the virus. Once the spread of the virus is stopped, Trump said he believes the U.S. economy will see a “tremendous, tremendous surge.”

The Dow Jones Industrial Average was down more than 11% Monday afternoon, shedding some 3,000 points in its worst day since 1987.

The president also is pledging federal support for airlines struggling because of the pandemic, saying he’s “going to back the airlines 100%.”

Trump also says governors that need ventilators, respirators, masks and other equipment for medical professionals should first try to acquire the items on their own before turning to the federal government for help.

The chairman of the U.S. Senate Finance Committee, Chuck Grassley, said on Monday that lawmakers are putting together another economic relief package to help Americans who need cash and provide stimulus for industries during the coronavirus crisis. 

A coronavirus relief bill passed by the House last week and supported by the president remains hung up, with reports that Texas Republican Rep. Louie Gohmert is keeping it from proceeding to the Senate for a vote. It was reported that he had complained about the House leadership pushing through changes without providing sufficient review time.

Still unclear was whether the Senate's 53 Republicans will coalesce around a wide-ranging measure approved early on Saturday by the Democratic-controlled House of Representatives.

That multibillion-dollar bill requiring paid sick leave for some workers, expanded unemployment compensation and nearly $1 billion in additional money to help feed children, homebound senior citizens and others, has White House backing.

Without the permission of all 100 senators to move quickly, Senate Majority Leader Mitch McConnell likely would have to gather a supermajority of at least 60 votes for the House bill to clear procedural hurdles.

© Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


   
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The Latest on the coronavirus pandemic, which has infected more than 169,000 people and killed more than 6,500. The COVID-19 illness causes mild or moderate symptoms but most people, but severe symptoms are more likely in the elderly or people with existing health problems....
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Monday, 16 March 2020 04:20 PM
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