House Passes Coronavirus Stimulus Package

Rep. Thomas Massie (R-KY)
From CNN:

The House of Representatives on Friday approved a historic $2 trillion coronavirus response stimulus package, clearing the way for President Trump’s signature.

The far-reaching legislation stands as the largest emergency aid package in US history. It injects a massive financial boost into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.

Key elements of the package include sending checks directly to individuals and families, an expansion of unemployment benefits, money for hard-hit hospitals and health care providers, financial assistance for small businesses and $500 billion in loans for distressed companies.

The bill now heads to Donald Trump’s desk where he will sign it into law later today. As I previously reported, Rep. Thomas Massie went into the chamber with a pre-announced plan to call for a full vote by the House members. Because of that threat, hundreds of lawmakers were forced to return to Washington to ensure a quorum was present. When Massie asked for his voice vote, Rep. Anthony Brown, the presiding officer in the speaker’s chair, pointed out that not enough members stood up to back his request. House rules require one-fifth of lawmakers to stand up in support of such motions. Massie protested saying there was not a quorum of lawmakers present. And so, Brown called for a count of the lawmakers present in the chamber and galleries and found there were enough members present. “A quorum is present. The motion is adopted,” he ruled.

Stock Markets Surge Amid Optimism For COVID-19 Stimulus Package

The U.S. stock markets surged on the news that Congressional leaders are close to agreement on a stimulus package to help cope with the ongoing coronavirus threat. From Fox Business:

U.S. equity markets registered the strongest one-day rebound in history on Tuesday amid investor optimism that members of Congress will overcome their differences to reach a deal on a nearly $2 trillion COVID-19 stimulus package.

In the final hour of trading, gains picked up steam giving the Dow Jones Industrial Average a 2,112 point gain, the biggest ever, or 11 percent, while the S&P 500 gained over 9 percent and the Nasdaq over 8 percent.