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The Daily

A Historic Stimulus Bill

The Daily

The New York Times

Daily News, News

4.4102.8K Ratings

🗓️ 26 March 2020

⏱️ 30 minutes

🧾️ Download transcript

Summary

To rescue the American economy in the coronavirus crisis, Congress is on the verge of adopting the most expensive stimulus bill in U.S. history. But how much is the battle over this measure being influenced by the last financial crisis? Guest: Julie Hirschfeld Davis, the congressional editor of The New York Times. For more information on today’s episode, visit nytimes.com/thedaily. Background reading: The bill promises a $1,200 payout to millions of Americans, increased jobless aid and grants to save small businesses from permanent closure. Here’s what it means for you.

Transcript

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0:00.0

From New York Times, unlike of a borrow, this is Daily.

0:10.1

Today, to rescue the American economy,

0:14.5

Congress is on the verge of adopting the most expensive stimulus bill in U.S. history.

0:20.6

Julie Davis, on how much the battle over that bill, is being shaped by the last financial crisis.

0:32.5

It's Thursday, March 26th.

0:38.8

Breaking news tonight, the coronavirus forcing millions more Americans into virtual lockdown.

0:43.6

We're pressing the pause button on the American economy. We've never done that before.

0:46.8

Unemployment could reach 20 percent. We've seen huge drops in business for the airline's hotel.

0:51.7

Majority Leader Mitch McConnell has canceled the Senate's recess.

0:55.3

The Senate will instead stay in Washington, D.C. to work on legislation and response to the coronavirus.

1:01.2

Lawmakers could send President Trump an emergency spending bill today from the concern is,

1:05.7

are they just going to help the big guys again?

1:07.6

So Julie, we have talked on the show about how the White House is approaching this pandemic.

1:19.0

So now we want to turn to Congress. How would you describe Congress's approach to this pandemic?

1:25.3

So Congress's chief role in this is that they control the purse strings. They control federal money.

1:30.6

And they sort of went into this in a lot of ways the way most Americans did, not actually recognizing

1:37.5

that the response was going to have to be quite as large as that's turned out to have been.

1:43.0

And it ended up that they have basically passed now three pieces of major legislation

1:51.2

to be able to get money to where it needs to go to respond to not just the public health crisis itself,

1:57.2

but also the huge economic devastation that has followed.

2:02.3

Okay, so let's talk about these three pieces of legislation that have dominated Congress's

2:07.7

response to the pandemic. Let's start with the first one from a few weeks ago.

...

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