Ahead of the 96-0 vote, Senate Majority Leader Mitch McConnell (R-Ky.) told lawmakers, "Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory."
The plan marks the largest rescue package in American history. The legislation covers an array of programs, including direct payments to Americans, an aggressive expansion of unemployment insurance, billions of dollars in aid to large and small businesses, and a new wave of significant funding for the health care industry.
The agreement is an expansion of a Republican legislative proposal issued last week, dubbed the CARES Act — the Coronavirus Aid, Relief, and Economic Security Act — to provide relief to virtually every rung of the U.S. economic ladder.
Among the deal's key provisions:
-The plan will rush financial assistance to Americans with direct checks to households in the middle class and in lower income levels, McConnell said. Previously, Republicans said this would amount to $1,200 to most American adults, among other payments.
-An extended unemployment insurance program for laid-off workers that will allow for four months of "full pay," according to Schumer, rather than the usual three months for most. It will also raise the maximum unemployment insurance benefit by $600 per week. It will apply to traditional workers for small and large businesses as well as those who are self-employed and workers in the gig economy. This was a key Democratic initiative, which Schumer dubbed "unemployment insurance on steroids."
-More than $150 billion for the health care system, including funding for hospitals, research, treatment and the Strategic National Stockpile to raise supplies of ventilators, masks and other equipment. Of that, $100 billion will go to hospitals and the health system and $1 billion to the Indian Health Service.
-$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic. $350 billion in the form of loans for small businesses impacted by the pandemic; some of those loans could be forgiven.
The House will take up the measure on Friday, according to House Majority Leader Steny Hoyer (D-Md.). To protect members from the risks of exposure, the House will hold a voice vote on the bill.
According to data compiled by Johns Hopkins University, the U.S. had 82,404 cases as of 6 p.m. ET Thursday, while China had reported about 81,800 cases. In China, where the epidemic started in December, almost 3,300 people have died, while in the U.S., the toll stands at about 1,200. In Italy, there have been about 8,200 deaths.
Since last year's IPO, Zoom Video Communications (NASDAQ:ZM), the new kid on the tech block, has seen its share price rise to levels that rival the stock price of veteran tech titan Microsoft (NASDAQ:MSFT). The popularity of Zoom's videoconferencing platform powers its success.
Microsoft also offers a rapidly growing videoconferencing product, although it's ancillary to the company's core business. This speaks to the demand for videoconferencing in today's connected world, particularly after the coronavirus pandemic required working and schooling from home.
Zoom's success Zoom's growth has been stellar on all fronts. It has lived up to its name, as revenue zoomed from $60.8 million in 2017 to $622.7 million for this most recent fiscal year, which ended Jan. 31.
Microsoft's strengths Microsoft, like Zoom, is experiencing tremendous growth across its lines of business. Its Teams videoconferencing unit saw daily active users grow from 44 million in March to over 75 million a month later.
But shelter-at-home requirements didn't just lead to a boom for videoconferencing. Businesses and other institutions require the IT infrastructure to support remote workers, which helped Microsoft achieve 15% year-over-year revenue growth to $35 billion in the company's third quarter (which ended March 31).
Microsoft's cloud computing solutions are what drive the company's revenue today. Organizations in all industries are shifting technology infrastructure to the cloud using vendors such as Microsoft. The cloud computing market tripled in the past three years and is estimated to grow to $163 billion by 2021.
Investors turned more cautious as increases in coronavirus cases cast doubt on a swift economic recovery. Several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with Covid-19 on Wednesday.
“We believe the market is pricing in quite a bit of good news and the rally is likely to take a breather in coming months as the recovery evolves,” Scott Wren, Wells Fargo’s senior global market strategist, said in a note. “We expect volatility in the coming months as we gauge how the reopenings are going and how consumer spending is progressing.”
New jobless claims data is set to come out Thursday morning, offering an update on the pace of the labor market’s recovery from the pandemic. Economist polled by Dow Jones expected a total of 1.30 million new filings for the week ending June 13, a decline from 1.54 million from the week prior.
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Trump wearing mask walked to helicopter Marine One which will fly him to Walter Reed Military Medical Center
The move, which appears to mark an escalation in the efforts to treat the president, is being made “as a precautionary measure,” a senior administration official told NBC News.
“President Trump remains in good spirts, has mild symptoms, and has been working throughout the day,” press secretary Kayleigh McEnany said in a statement to reporters at the White House.
“Out of an abundance of caution, and at the recommendation of his physician and medical experts, the President will be working from the presidential offices at Walter Reed for the next few days. President Trump appreciates the outpouring of support for both he and the First Lady,” McEnany said.
“Out of an abundance of caution, and at the recommendation of his physician and medical experts, the President will be working from the presidential offices at Walter Reed for the next few days. President Trump appreciates the outpouring of support for both he and the First Lady,” McEnany said.
The president’s transfer to the medical facility comes less than a day after he announced his diagnosis. First lady Melania Trump also tested positive for Covid-19.
Earlier Friday afternoon, the White House physician said Trump was “fatigued but in good spirits.” The physician, Dr. Sean Conley, also said Trump, 74, had been given an experimental antibody cocktail treatment, and was taking several nutritional supplements as well.
!******************************* Trump use experimental antibody cocktail drugs from Regeneron instead of his fav drug Hydroxychloroquine, thousands doses still sitting in the Fed's warehouse
Eli Lilly also has ties to the Trump administration. Alex M. Azar II, the secretary of the Department of Health and Human Services, is a former executive at the company.
During the pandemic, Mr. Trump has promoted a range of unproven or scientifically questionable treatments for the virus, and himself took hydroxychloroquine in the hopes that it could prevent infection. The Food and Drug Administration authorized hydroxychloroquine for emergency use this spring, then revoked its approval after concluding that the drug’s potential benefits did not outweigh the risks.
Mr. Trump has also enthusiastically endorsed the use of convalescent plasma and pushed for the F.D.A. to authorize the treatment for emergency use even though there is still not good evidence that it works. He suggested that injecting a disinfectant like bleach could help combat the virus, although later said he was joking.
Other treatments — an inexpensive steroid, dexamethasone, and remdesivir, an antiviral drug developed by Gilead — have been shown in clinical trials to help patients with Covid-19 who are sick enough to be hospitalized. Neither drug has gone through the rigorous F.D.A. approval process to determine that it is safe and effective, although dexamethasone is widely available for other uses, and remdesivir has received emergency authorization.
Mr. Trump in 2018 signed the Right to Try law, which allows patients and their doctors to directly request an experimental treatment from a company, without first seeking approval from the F.D.A., which typically approves the vast majority of such requests. The Right to Try law is rarely used, however, with most doctors and hospitals preferring to use the existing process of seeking agency approval.
Some ethics experts said it would not be surprising if President Trump were given the drugs on an experimental basis, given that they have passed safety trials.
!******************************* Attendees tested positive for Covid-19 nearly a week after attending SCOTUS announcement with no mask
The president of Notre Dame has tested positive for Covid-19 nearly a week after he attended a White House event where he was spotted without a mask.
Fr. John Jenkins tested positive and is now isolated with mild symptoms, according to a message from the school sent to members of the Campus Community Friday afternoon. "During self-quarantine this week, University of Notre Dame President Rev. John I. Jenkins, CSC, learned that a colleague with whom he has been in regular contact tested positive for COVID-19. Fr Jenkins was tested and found to be positive for COVID-19 too. As a result, he is entering an extended period of isolation as indicated by University medical personnel and county health officials," the message said. "My symptoms are mild and I will continue work from home," Jenkins said in the press release. "The positive test is a good reminder for me and perhaps for all of how vigilant we need to be. This comes nearly a week after Jenkins attended the announcement for the White House Supreme Court of the United States nominee Judge Amy Coney Barrett. He was seen at the announcement shaking hands and not wearing a mask. On Monday, Jenkins wrote a letter to his students titled "I regret my error of judgment in not wearing a mask," in which he apologized and said he would quarantine out of an abundance of caution in accordance with university protocols. "I know many of you have read about the White House ceremony I recently attended. I write to express my regret for certain choices I made that day and for failing to lead as I should have," Jenkins said in the letter.
Trump's Supreme Court nominee Amy Coney Barrett was diagnosed with coronavirus this summer
For weeks, President Trump has actively hyped the possibility that the antimalarial drugs chloroquine and hydroxychloroquine might prove to be miracle cures for covid-19, the disease caused by the coronavirus that has spread across the country. His promotion of the drugs — which are already broadly in use in the United States without having been proved to be unusually effective at treating covid-19 — has spurred questions about his motivation. Why promote these unproven drugs over and over instead of just continuing to allow them to be used? Why keep focusing on them overtly?
Trump was asked a version of that question specifically over the weekend.
“I want them to try it,” Trump said. “And it may work, and it may not work. But if it doesn’t work, it’s nothing lost by doing it. Nothing.”
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