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Senate Passes $2 Trillion Aid Package As U.S. Coronavirus Deaths Exceed 1000 | TODAY - YouTube
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first let's get you caught up on the
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very latest while most of us were
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sleeping the Senate voted unanimously to
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pass that historic 2 trillion dollar
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economic relief package a House vote is
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expected tomorrow meantime the
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coronavirus has now blamed for more than
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1,000 deaths in the US with more than
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68,000 cases overall just compare that
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to one week ago when there were only
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nine thousand cases a major area of
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concern this morning the state of
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Louisiana the governor says it now has
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the fastest rate of cases in the world
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and there is an unsettling new warning
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from the nation's top infectious disease
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expert dr. Anthony found she now says
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there's a strong chance the virus could
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become seasonal we'll have complete
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coverage so we're gonna start things off
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with NBC's Tom Costello hey Tom good
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morning I hold a good morning to you so
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that massive two trillion dollar
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economic stimulus package now goes to
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the house even if the House passes it
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quickly it could take some time to move
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the way its way through and that means
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money ending up in American bank
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accounts could take a few weeks however
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the hope is that it will provide help
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for months meanwhile the president right
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now reiterating his desire to get the
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economy moving by eastern this morning
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the largest economic rescue package in
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US history is one step closer to
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delivering a desperately needed
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financial injection to both American
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workers and businesses devastated by the
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coronavirus crisis on this vote the yeas
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are 96 the nays are zero the Senate
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unanimously passing its version of the
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bill overnight I'm proud to announce
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tonight not a single senator voted
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against there's two trillion dollar
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rescue bill the measure includes
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forgivable loans for small businesses
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that would allow them to maintain
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workforces and cover other expenses like
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rent and utilities 500 billion dollars
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has been earmarked to help big
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businesses that have been crippled like
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the airline industry we need to get this
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money into the American economy and
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American workers ordinary Americans also
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getting help direct cash payments will
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be made to individuals making less than
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ninety nine thousand dollars a year and
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couples earning less than $198,000 New
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York Governor Andrew Cuomo says the
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massive rescue package does not do
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enough to help his state which remains
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the epicenter of the outbreak in the
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u.s. it would really be terrible for the
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state of New York
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meanwhile as the president calls for
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Congress to quickly pass the legislation
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he's also calling for much of the
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country to reopen quickly he hopes by
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Easter we want to get back and the
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people want to get back we want to get a
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country going again so how quickly
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should you expect to see the money in
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your bank account well the hope is that
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that they will use direct deposit first
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of all it has to go through the house
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then it has to be approved and signed by
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the president even in a fast-track
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situation that will take a few the
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process the entire process of getting
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money directly deposited into bank
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accounts will likely take a few weeks if
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you don't have direct deposit through
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the IRS it will take a little bit longer
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for you to actually get a check so that
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not hold it back to you all right Tom
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Costello leading us off thank you
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Congress is not alone in stepping up to
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try and rescue this economy the Federal
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Reserve the nation's central bank is
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taking emergency measures to help
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businesses and Americans alike cutting
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interest rates buying up hundreds of
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billions of dollars of debt and offering
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trillions and loans to banks and joining
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us now in a rare and exclusive live
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interview is Jerome Powell who is
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chairman of the Federal Reserve mr.
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chairman good morning to you it's good
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to have you with us good morning thank
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you Savannah what the Federal Reserve
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doesn't exactly print money but as one
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writer put it you do have the ability to
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conjure money out of thin air my
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question to you is simple is there any
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limit to the amount of money the Fed is
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willing to put into this economy to keep
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it afloat is it a blank check Savannah
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we in certain circumstances like the
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present we do have the ability to
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essentially use our emergency lending
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authorities and the only limit on that
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will be how much backstop we get from
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the Treasury Department we're required
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to get full security for our loans so
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that we don't lose money and so the
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Treasury puts up money as we estimate
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what the
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this might be but essentially the answer
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to your question though is no we can we
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can continue to occur do to make loans
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and really the point of all that is to
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support the flow of credit in the
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economy to households and businesses so
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you're saying no it's not a blank check
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but yes you're prepared to spend an
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unprecedented amount we certainly are
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it's not a blank cheque in the sense
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that we we are limited by the ability to
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take losses and and but but I would say
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that the number effectively one dollar
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of loss absorption of backstop from
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Treasury is enough to support ten
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dollars worth of loans so really the
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answer is we will we what's happened is
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all over the world investors have pulled
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back to very very less risky things
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that's understandable but what that's
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meant is that many places in the capital
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markets which support borrowing by
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households and businesses I'm talking
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about mortgages and car loans and things
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like that have just stopped working so
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we can step in and replace that lending
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under our emergency lending powers and
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we will do that we will look wherever
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there is in the capital markets where
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credit is not flowing we have the
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ability in this unique circumstance to
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temporarily step in and provide those
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loans and we will keep doing that
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aggressively and forthrightly as we have
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been the president has said he would
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like to see the country raring to go by
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eastery what's the country back open
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public health experts have resisted that
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time line can the economy handle a
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months-long shutdown if that is what the
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public health emergency requires and
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demands well this is a unique situation
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so I think this is people need to
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understand this is not a typical
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downturn what's happening here is people
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are being asked to close their
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businesses to stay home from work and to
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to not engage in certain kinds of
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economic activity and so they're pulling
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back
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and at a certain point we will get the
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the spread of the virus under control
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and at that time confidence will return
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businesses will open again people will
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come back to work so you you may well
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see you know significant Rises and
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unemployment significant declines in
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the activity but there can also be a
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good rebound on the other side of that
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and that's actually one of the main
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things we're trying to do by assuring
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the flow of credit in the economy and
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keeping rates low is to assure that that
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rebound when it does come is as vigorous
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as possible I guess the issue though
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that's been sort of raised in these
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recent days is is the Cure worse than
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the disease is shutting down the economy
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for the sake of public health doing
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lasting damage to the economy that may
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not be recoverable so I I guess you're
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not a doctor you're an economist but
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where do you come down on that debate is
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it better to solve the public health
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crisis and then let the economy bounce
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back or do you think we should rush into
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opening the economy back up because
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frankly the damage being done is worse
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so that of course is not we're not an
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expert we're not experts in pandemics
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over here we don't get to make that
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decision I would say though you know
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that we would tend to listen to the
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experts dr. foutch you said something
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like the virus is going to set the
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timetable and that that sounds right to
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me I think the sooner we get the spread
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of the virus under control people will
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regain confidence when they become
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confident that is the case then they
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will very willingly open their
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businesses up go back to work the
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consumer will be spending so I think the
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first order of business will be to get
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the get the spread of the virus under
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control and then resume economic
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activity as you well know a recession is
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a technical term it means two straight
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quarters of negative growth we've
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already had one quarter put it bluntly
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do you think we are already in recession
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do you think it is inevitable that we
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will be in recession you know we may be
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we may well be in a recession but again
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I would point to the difference between
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the this and a normal recession this
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isn't there's nothing fundamentally
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wrong with our economy quite the
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contrary the economy performed very well
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right through February we've got 50 year
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low in unemployment for the last couple
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of years so we start in a very strong
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position this isn't something that's
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wrong with the economy this is a
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situation where people are being asked
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to step back from economic activity
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close their businesses stay home from
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work so in principle if we get the
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get the virus spread under control
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fairly quickly then economic activity
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can resume and and we want to make that
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rebound as vigorous as possible yeah a
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lot of people say that after a recession
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like this you could see a big bounce
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back we didn't see that in 2008 you know
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it wasn't like that the average
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recession where you see a drop and then
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you see a big bounce back it was a slow
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and sluggish uncertain recovery after
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2008 but I think I hear you saying that
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once this public health issue is
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resolved you expect a robust bounce-back
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what I'm really saying is we don't know
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and and the sooner we get through this
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period and get the virus under control
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the sooner the recovery can come there's
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no other x we don't have comparable
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experiences to go back and look at we
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know that economic activity will decline
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probably substantially in the second
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quarter but I think many expectant and I
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would expect the economic activity to to
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resume and move back up in the second
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half of the year very hard to say
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precisely when that will be and it will
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really depend on on the spread of the
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virus the virus is going to dictate the
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timetable here when we see some of the
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actions that the Federal Reserve has
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been taking in their extraordinary and
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in some cases unprecedented I think some
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people will feel really kind of relieved
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and heartened and others might be feel a
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little worried what are the risks
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associated with taking some of these
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bold actions pumping so much money into
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the economy I mean one issue of course
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would be worrying about inflation or is
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there a long-term risk to the actions
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being taken now you know we don't really
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see that what we see though is what we
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see is small medium and large businesses
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are not able to borrow through their
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normal channels to some extent and so we
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step in and replace that that's a very
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healthy thing that's a positive thing
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we're providing relief we're providing
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stability to get us we're trying to
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create a bridge from our very strong
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economy to another place of economic
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strength and that's what our lending
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really does it's very broad it's a cause
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across small medium and large businesses
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will want we are already helping state
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and local governments and just places
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where we're we're in where credit is not
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being offered where it should be offered
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we're we're really just it's really just
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a question of liquidity and
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credit availability we can step in and
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make that happen and that's a very
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positive thing and an appropriate thing
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to do in this highly unusual situation
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we're in the other issue that comes up
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is of whether or not you might run out
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of ammo run out of bullets and and and
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to that point all right are you sorry
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that you didn't raise interest rates a
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little more when the economy was strong
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so you'd have more cushion now when it
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comes to this lending we're not going to
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run out of ammunition that doesn't
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happen you know we set the interest
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rates in time at what we think is the
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right giving the economy the right level
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of support if we'd raised interest rates
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more it would have been higher than we
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thought an economic growth would have
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been a little bit slower so it wouldn't
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have mattered in the end so I we really
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are always setting our interest rates at
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the level we think is appropriate and
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we've cut them to zero now we still have
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room to policy room in other dimensions
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to support the economy but the main
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thing we're doing now is is really with
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our lending programs that's the the
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principal thing we're doing now to
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support the economy is through that
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channel and if I'm sitting at home right
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now and I lost my job or I'm a
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restaurant owner and I laid off every
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single one of my workers or I own a nail
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salon and I had to close up shop does
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anything the Federal Reserve doing right
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now help me yes well so keeping rates
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low will will reduce the interest burden
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on people keeping the flow of credit
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will will will help people principally
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though I would look to the legislation
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that passed last night or this morning
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really which is going to direct aid to
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small medium and large businesses to low
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and moderate income communities to the
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unemployed to state and local
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governments to the healthcare system
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that's really where the immediate relief
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is going to come from the help from the
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Fed will be when the economy begins to
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rebound then we'll be there to make sure
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that that that rebound is as as strong
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as possible
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mr. Chairman I have to ask you I'm sure
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you're aware the president has been
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quite critical of the Fed and of you
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personally I'm not going to get into all
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of it but he is in tweets called you
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clueless called the Fed pathetic
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slow-moving does what the president says
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affect you and what you do does
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make your job harder or do you just
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ignore it you know my colleagues and I
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here are totally focused on our mission
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of serving the American people we know
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that what we do is important for all
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Americans and we try to do the absolute
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best to serve them in a way that is
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completely non-political nonpartisan and
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just to serve all Americans that's our
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only focus we don't let anything else
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get into our thinking and I think you
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know that's just the way it always is at
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the Fed that we have a very strong
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culture that's deep in our DNA and and
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that just is the way it's always going
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to be and finally sir I in about 10
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seconds I have left you know we went
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back and looked this shows been on the
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air 60 plus years I think it's been 30
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years since we had a Federal Reserve
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Chairman on live maybe longer maybe
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never it's so rare to have an interview
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like this I just was curious why you
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decided to speak out and what is the
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message you want to send to Americans at
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this very difficult time
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so really the message is is this that
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this is a unique situation it's not like
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a typical downturn we've asked people to
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step back from economic activity really
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to make an investment in our public
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health they're doing that for the public
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good and this bill that's just passed is
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going to try to provide relief and
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stability to those people the Federal
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Reserve is working hard to support you
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now and will and our policies will will
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be very important when the recovery does
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come to make that recovery as strong as
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possible all right Federal Reserve
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Chairman Jerome Powell sir I know these
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are busy times I appreciate your time
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this morning thank you thank you
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Savannah all right and we'll send it
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back to you Jota in the studio all right
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Savannah thank you time now why don't we
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get a check of the weather mr. Roker is
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looking at some storms hey al morning
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yeah and we're looking at some
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springtime warmth I mean crazy warm
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good morning Hoda and good morning let's
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show you what we've got going on for
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today this building will heat that's
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coming up out of the Gulf record highs
[924]
likely today from Midland to Houston
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over to Baton Rouge and up into Little
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Rock
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then as we move into tomorrow that
[930]
warmth spreads to the east and from
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Lubbock all the way to Tallahassee
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Atlantic temperatures anywhere from 10
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to 20 degrees above average into next
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week things cool down a bit by Monday in
[940]
Washington DC will be down to 64 73 in
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Charleston 64 in st. Louis and with all
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that warmth it has been a paucity of
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snow for Boston on into New York and
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also all the way down to Washington DC
[953]
where it's been some of their least
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amount of snow for the winter so far
[956]
this year
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you
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