The White House Office of Management and Budget submitted an emergency funding request to Congress late Tuesday for a further $45.8 billion — a sweeping request for brand spanking new funds and statutory authority across the federal to deal with the growing coronavirus pandemic.
The request came on an equivalent day the Trump administration presented a $1 trillion stimulus proposal on Capitol Hill . “With the pandemic growing, resource needs have also grown,” wrote Russell Vought, the acting OMB director, during a letter attached to the 118-page request that was sent to lawmakers late Tuesday night.
“The unprecedented mobilization the Administration has achieved has forced agencies to incur unanticipated costs. These costs must be met with a legislative response to make sure full operational capacity.”The request comes on top of the $8.3 billion in emergency funding gone by Congress just fortnight ago and underscores just how dramatically financial demands at federal agencies have grown during a matter of days.
The request is additionally viewed by the administration as coming in tandem with the large-scale economic stimulus negotiation, which is predicted to possess a tag north of $1 trillion and is currently underway on Capitol Hill .
The request “is not intended as a broad-based solution to the main economic dislocation wrought by the virus, neither is it the first means by which the federal plans to deal with the hardships of families, individuals, and communities who are touched by the disease,” Vought wrote. “We are currently in active dialogue with the Congress on additional proposals that talk to those broader, vital issues.”
The letter to Congress includes an in depth list of how the cash would be allocated across the administration, identifying many areas of need that White House officials say must be funded to properly answer the pandemic.Negotiators are getting to include the emergency funding request within the stimulus package currently being discussed, congressional aides tell CNN.
Those discussions come on the heels of two major pieces of legislation that lawmakers have pushed to deal with the growing crisis — and, all told, amounts to the foremost far-reaching economic rescue packages since the financial crisis in 2008.The discussed stimulus package — with its $1 trillion tag — would come with a primary wave of checks to Americans that might cost $250 billion, a source familiar tells CNN.
Treasury Secretary Steven Mnuchin earlier Tuesday confirmed the figure, saying that at the President’s request they’ve put a proposal on the table that might “inject a trillion dollars into the economy.”
“It may be a big number,” he said following the GOP weekly policy lunch Tuesday. “This may be a very unique situation during this economy.”He said it might be a mixture of loans, direct checks to individuals and creating liquidity for little businesses.
The remarkable measures being weighed highlight the challenge the virus has posed to the Trump administration because the price from the Covid-19 continues to climb and state and native governments pass on more aggressive social-distancing requirements.
As a result, the US stock exchange has suffered heavy losses and nearly 80 million jobs within the US economy are at high or moderate risk, consistent with analysis within the last week from Moody’s Analytics. That’s quite half the 153 million jobs within the economy overall.
That doesn’t mean that each one those jobs are going to be lost. But it’s probable that as many as 10 million workers could see some impact to their paychecks — either layoffs, furloughs, fewer hours or wage cuts, said Mark Zandi, chief economist at Moody’s Analytics.
The funding request also comes as Trump has dramatically altered his message over the past two days after weeks of playing down the crisis and insisting it might soon be over.Speaking from the White House briefing room on Tuesday, Trump denied he’d changed his tone, incorrectly suggesting he’d taken the outbreak seriously right along .
“I’ve always viewed it as very serious. There was no difference yesterday from days before. I feel the tone is analogous , but some people said it wasn’t,” he said, erasing the weeks he’d sought to downplay the seriousness of the virus and frame it as a far off problem.
Source: CNN News