U.S. President Donald Trump on Friday called on Congress to approve a $251 billion small business fund to help the coronavirus-hit economy.
Stressing that the U.S. had “the biggest” stock market increase since 1974 in only four days this week, Trump said on Twitter: “We have a great chance for the really big bounce when the Invisible Enemy is gone!”
“Democrats are blocking a 251 Billion Dollar funding boost for Small Businesses which will help them keep their employees. It should be for only that reason, with no additions,” he said in a separate Twitter post. “We should have a big Infrastructure Phase Four with Payroll Tax Cuts & more. Big Economic Bounceback!”
“Congress must go back to DEDUCTIBILITY by businesses if Restaurants, Clubs & Entertainment is expected to flourish (like never before)!” the president urged.
The pressure is building on the Congress as Republicans and Democrats are seeking different remedies to the economic bludgeoning caused by the coronavirus.
Democratic House Speaker Nancy Pelosi is eyeing a phase four coronavirus package after Congress returns to session, arguing the previous relief packages signed by Trump, including the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, for failing to address the needs of workers.
According to data released Thursday by the U.S. Labor Department, 16.8 million Americans filed for unemployment in the past three weeks as one in 10 workers have lost jobs. Roughly 151 million people were on payrolls in the last monthly jobs report.
The U.S. has the highest number of confirmed coronavirus cases worldwide — almost 466,300, according to the data compiled by Johns Hopkins University in Maryland. The fatalities neared the 17,000 mark, while more than 26,500 people recovered.
Overall, the virus has spread to 185 countries, infecting over 1.6 million people since it first emerged in the Chinese city of Wuhan late last year. (Agencies)
