Trump calls for $850bn coronavirus stimulus package
US citizens could be give $1,000 as part of ‘most dramatic stimulus effort since the Great Recession’

Donald Trump has called for an emergency $850bn (£702bn) economic stimulus package to deal with the devastating impact of the coronavirus pandemic.
Speaking at a press conference yesterday, the president said: “It’s going to be big, it’s going to be bold, and the level of enthusiasm to get something done, I don’t think I’ve seen anything quite like it.”
With talks between the White House and Congress expected to be fast-tracked, the package would constitute the “most dramatic stimulus effort seen since the Great Recession of 2009”, The Independent reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Washington Post explains that the plan “would be mostly devoted to flooding the economy with cash”, either through a payroll tax cut or some other mechanism.
Some $50bn (£41bn) will also be directed specifically to helping the airline industry, the paper adds.
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––
The $850bn package may come in addition to another $100bn-plus (£82.5bn) package that aims to provide paid sick leave, unemployment insurance and other benefits for workers impacted by the virus’ spread.
In what The Daily Telegraph labels a “sudden embrace of what has been a signature policy of left-wing politicians”, Trump also wants to hand Americans more than $1,000 (£825) in direct payments, as part of a further economic relief programme.
However, whether the massive cash injections will stave off economic catastrophe is not yet know. Reuters reports that “the coronavirus shockwaves rippling through US stocks are forcing investors to contemplate outcomes more dire than a recession”.
The news agency adds that these outcomes include several quarters of declining economic activity, a credit crisis or a depression.
“This market looks like it has already priced in most of a garden variety recession,” said Frances Donald, global chief economist at Manulife Investment Management. “It is now on top of that having to price in some probability of a credit crisis.”
Forecasters at Goldman Sachs and other banks are now projecting a steep economic contraction in at least the second quarter, as governments in the United States and Europe start shutting restaurants, closing schools and calling on citizens to stay home.
“But there is hope among some economists that economy will start expanding again later this year - depending in part on efforts to contain the virus” says Reuters.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Arts on prescription: why doctors are prescribing museums and comedy
In The Spotlight Stressed-out patients in Switzerland are being prescribed a trip to the museum to boost their mental wellbeing
By Chas Newkey-Burden, The Week UK Published
-
Shompole Wilderness Camp: reconnect with nature at this secluded retreat
The Week Recommends This luxurious family-run camp in southern Kenya has access to more than 350,000 acres of pristine savannah
By Sorcha Bradley, The Week UK Published
-
Liberation Day: will Keir Starmer surrender to Donald Trump's tariffs?
Today's Big Question After failing to secure exemptions for the UK, PM must decide whether to retaliate or not
By The Week UK Published
-
Law firms: Caving to White House pressure
Feature Trump targets major law firms tied to his past investigations
By The Week US Published
-
Rule of law: Are we in a constitutional crisis?
Feature Donald Trump defies federal court order to halt deportation flights to El Salvador
By The Week US Published
-
Trump 'not joking' about unconstitutional 3rd term
Speed Read The president seems to be serious about seeking a third term in 2028
By Peter Weber, The Week US Published
-
Why does Donald Trump want Greenland?
The Explainer Trump is not the only US president who has tried to gain control of Greenland
By The Week UK Published
-
What dangers does the leaked Signal chat expose the US to?
TODAY'S BIG QUESTION The White House's ballooning group chat scandal offered a masterclass in what not to say when prying eyes might be watching
By Rafi Schwartz, The Week US Published
-
Trump sets 25% tariffs on auto imports
Speed Read The White House says the move will increase domestic manufacturing. But the steep import taxes could also harm the US auto industry.
By Peter Weber, The Week US Published
-
'Even authoritarian regimes need a measure of public support — the consent of at least some of the governed'
instant opinion 'Opinion, comment and editorials of the day'
By Anya Jaremko-Greenwold, The Week US Published
-
Waltz takes blame for texts amid calls for Hegseth ouster
Speed Read Democrats are calling for Defense Secretary Pete Hegseth and national security adviser Michael Waltz to step down
By Peter Weber, The Week US Published