With the economy reeling, US President Donald Trump on Friday declared a national emergency to stem the damage from the coronavirus, unlocking $50 billion in
federal spending while also unveiling plans to stockpile oil and waive interest payments on student loans.
"The action I am taking will open up access to up to $50 billion... for states and territories and localities in our shared fight against this disease," Trump said. Oil prices have fallen into the low $30 range from more than $50 a barrel a month ago amid concerns about falling demand and a spat between Russia and OPEC that prevented producers from reaching an agreement to cut output.
However, there was no immediate word on an agreement from the White House. Treasury Secretary Steven Mnuchin discussed the planned stimulus bill with Pelosi numerous times over the past two days, including while Trump was speaking. The fear surrounding the pandemic has pushed Wall Street indices into a bear market, while efforts to contain its spread shut down Disneyland and Broadway, and led major sports leagues to cancel or postpone their seasons.
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