Congressional negotiations on an economic stimulus package were in disarray and a congressman was in the hospital Monday as the U.S. coronavirus death toll raced toward 500.
Stock futures pointed sharply lower hours ahead of the opening bell on the New York Stock Exchange, scheduled to begin trading Monday with its iconic trading floor shut down for the first time in NYSE's 228-year history.
Senate Majority Leader Mitch McConnell said the Senate would vote again Monday morning to take up the stalled stimulus bill that Democrats blocked Sunday evening. Critics said the plan was too generous to big corporations and too stingy for working families.
The COVID-19 totals were grim. U.S. reported more than 35,200 confirmed cases, trailing only Italy and China. The national death toll reached 471 across 34 states, the District of Columbia, Puerto Rico and Guam. Globally, more than 14,700 people have died of the virus and 341,365 people have been confirmed to have it, according to the Johns Hopkins University data dashboard.
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Stimulus package hits speedbump
McConnell, R-Ky., blasted Democrats for opposing the GOP-crafted rescue package and scheduled another vote Monday, saying he hoped they would have a “change of heart” after the U.S. financial markets opened Monday morning. The GOP plan, estimated at $1.4 trillion, includes $1,2000 checks for most Americans, plus more money for businesses. In all, the stimulus could total $2 trillion. Senate Minority Leader Charles Schumer, however, said the bill failed to provide funds that hospitals, cities, states and medical workers need to combat the crisis.
“The legislation had many, many problems. At the top of the list, it included a large corporate bailout provision, with no protections for workers and virtually no oversight,” Schumer said.
Stock market appears headed for another tumble on Monday
Due to COVID-19 concerns, the New York Stock Exchange planned to function virtually starting Monday. Stocks were poised to extend historic losses after posting their worst week in years. Futures for the Dow Jones industrial average tumbled 600 points early Monday, while Standard & Poor’s 500 futures also were markedly lower. The economic signs were gloomy, with U.S. unemployment aid applications projected to surge to more than 2 million in the latest week, Goldman Sachs analysts forecast.
St. Louis Federal Reserve President James Bullard predicted the U.S. unemployment rate could reach 30% in the coming months, a level worse than the peak of the Great Depression in the 1930s.
– Jessica Menton
Utah Rep. Ben McAdams hospitalized with 'severe shortness of breath'
Hours after Sen. Rand Paul announced he had tested positive for the virus, Rep. Ben McAdams, D-Utah, was hospitalized with "severe shortness of breath," his office said in a statement Sunday night. McAdams is one of two members of the House of Representatives to be diagnosed with the coronavirus.
McAdams said he received oxygen "as I struggled to maintain my blood oxygen at appropriate levels" but now was feeling "relatively better" and was off oxygen. The Utah Democrat said he expected to be released "as soon as the doctors determine it is appropriate."
Two members of Utah's delegation of Congress, Sens. Mitt Romney and Mike Lee, said they would self-quarantine after coming into contact with Sen. Rand Paul, R-Ky., who announced Sunday he had tested positive for COVID-19. Paul said he felt fine.
– Nicholas Wu
More than 100 million Americans in lockdown
The dramatic measures initially taken by the San Francisco Bay Area and then California to prevent further spread of the virus are expanding across the nation. Ohio, Louisiana and Delaware were among the latest states instituting stay-at-home orders on Sunday, mandating their residents not to leave the house except for essential activities such as purchasing groceries and medicines, seeking medical treatment and exercising. Philadelphia did the same. Also Sunday, Los Angeles Mayor Eric Garcetti, citing "too many people packing beaches, trails and parks," shut down sports and recreation at city parks and closed parking at city beaches.
"That doesn’t mean gather elsewhere," Garcetti said on Twitter. "This is serious. Stay home and save lives."
Washington, New York and California to receive federal medical aid soon
President Donald Trump announced new actions to help Washington state, California and New York, saying FEMA would be funding "100% of the cost" to deploy the National Guard to those states to assist governors in combating the spread of the virus.
He also directed FEMA to supply, among other things, four large federal medical stations with 1,000 beds in New York, which has by far the largest number of COVID-19 cases in the country with more than 15,000. Trump also said those hard-hit states would received medical equipment and supplies, such as respirators and protective equipment, that have been in high demand as the crisis escalates.
Canada refuses to send athletes to 2020 Olympics in Tokyo
The International Olympic Committee announced Sunday that it is considering the possibility of postponing the 2020 Tokyo Olympics and will make a final decision over the next four weeks.
The Canadian Olympic and Paralympic Committees decided they did not want to wait.
In a dramatic move Sunday night, Team Canada said it would not send Olympic or Paralympic athletes to the Games if they are held this summer, due to the ongoing coronavirus pandemic. The country's Olympic and Paralympic Committees also urged the IOC and International Paralympic Committee to postpone their respective Games by one year.
While other national Olympic committees — including Brazil and Norway — have released statements calling on the IOC to postpone, Canada is the first nation to threaten not to send a delegation if the Games go on as scheduled.
– Tom Schad
Pompeo travels to Kabul
U.S. Secretary of State Mike Pompeo arrived in Kabul on Monday on an unannounced trip to Afghanistan at a time when world leaders and diplomats are cutting down on travel because of the coronavirus pandemic. Pompeo rushed to Afghanistan as part of efforts to salvage a peace deal between Washington and the Taliban aimed at pulling all U.S. troops out of the country.
Pompeo has cancelled at least two domestic U.S. trips because of the outbreak, including one to a now-cancelled Group of Seven foreign ministers meeting in Pittsburgh. It will now take place this week by video conference. Washington's peace deal with the Taliban was struck at the end of February but it has been severely marred by political feuds and violence, including a contested presidential election between incumbent Afghan President Ashraf Ghani and his chief political rival Abdullah Abdullah.
– Kim Hjelmgaard
New York Gov. Andrew Cuomo predicts 80% of state could get virus
New York state on Tuesday will begin testing drugs that could be used to combat the coronavirus, Gov. Andrew Cuomo said. The Food and Drug Administration has shipped 70,000 doses of hydroxychloroquine, 10,000 of Zithromax and 750,000 of chloroquine to the state, Cuomo said. President Donald Trump has expressed optimism that these drugs may help be a “game changer” in treating the virus. Cuomo credited the FDA for moving expeditiously to provide the drugs.
Cuomo said up to 80% of state residents could become infected with the virus, though the vast majority would have mild symptoms.
“The president ordered the FDA to move and the FDA moved," Cuomo said. "We are all optimistic that (the drugs) could work. I’ve spoken with a number of health officials and there is a good basis to believe that they could work.” Cuomo said the number of confirmed COVID-19 cases in New York had risen to 15,168, and the death toll in the state is 114, both highest in the nation.
– Lorenzo Reyes
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How many cases of coronavirus in US?
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Contributing: The Associated Press
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2020-03-23 11:48:45Z
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