Donald Trump’s government proposes $859b in coronavirus economy cheques for individuals

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The US Government has proposed to send US$500 billion (AUD$859 billion) in cheques to individual Americans as part of a USD$1 trillion (AUD$1.7 trillion) economic support package.
In a memorandum issued today, the Treasury has called for two $250 billion cash infusions to individuals.
The first set of checks issued would start from April 6, with a second wave in mid-May. The amounts would depend on income and family size.
The US Government is proposing to send USD$500 billion-worth in cheques to individual Americans to support the nation’s economy through the coronavirus pandemic. (AP)
The Treasury plan, which requires approval by Congress, also recommends US$50 billion (AUD$85bn) to stabilise the airlines, US$150 billion (AUD$257bn) to issue loan guarantees to other struggling sectors, and US$300 billion (AUD$515bn) to for small businesses.
The plan appears to anticipate that many of the loans would not be repaid.
The plane comes as analysts have warned the country is surely entering a recession, the government is grappling with an enormous political undertaking with echoes of the 2008 financial crisis.
Trump has also announced the country will close its border with Canada for all ‘non-essential’ traffic amid the coronavirus pandemic fallout. (AP)

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At the Capitol on Wednesday, Senate Majority Leader Mitch McConnell prepared his colleagues for unprecedented steps to deal with the epidemic’s body slam to the economy.
“I will not adjourn the Senate until we pass a far bolder package,” McConnell said. “We aren’t leaving until we deliver.”
Economists have so far doubted that the massive economic rescue package being drafted would enough to stop millions of jobs losses, even if in the short term.
Meanwhile, Senate Democrats produced their own $750 billion proposal, which includes $400 billion to shore up hospitals and other emergency operations in response to the global pandemic and $350 billion to bolster the safety net with unemployment checks and other aid to Americans.