White House seeks USD 850 billion economic stimulus for virus response

The White House was asking Congress on Tuesday to approve a sweeping emergency stimulus package to help businesses and taxpayers cope with the economic fallout of the coronavirus pandemic.

It's the most far-reaching economic rescue package since the Great Recession of 2008.

Treasury Secretary Steven Mnuchin planned to outline the roughly USD 850 billion package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week.

Senate Majority Leader Mitch McConnell, opening the Senate on Tuesday morning, promised swift action.

"The Senate will not adjourn until we have passed significant and bold new steps above and beyond what the House has passed to help our strong nation and our strong underlying economy weather this storm," McConnell said.

Bigger than the 2008 bank bailout or the 2009 recovery act, the White House proposal aims to provide a massive tax cut for wage-earners, USD 50 billion for the airline industry and relief for small businesses.

Two people familiar with the request described it to The Associated Press on the condition of anonymity because they weren't authorized to speak publicly.

The White House hopes the measure will pass quickly, possibly this week, an enormous political undertaking as the administration scrambled to contain the economic fallout of the severe disruptions to American life from the outbreak.

White House officials offered senators a preliminary briefing late Monday at the Capitol, saying they want the plan approved by Congress as soon as possible, suggesting in a matter of days.

"ASAP," White House economic adviser Larry Kudlow said late Monday. "There's an urgency."