Trump Administration Pitches $850-Billion Coronavirus Stimulus Package

U.S. Treasury Secretary Steven Mnuchin will ask Senate Republicans for an $850-billion stimulus package on Tuesday intended to tackle the economic impact of the coronavirus pandemic, The Wall Street Journal reported, citing two people familiar with the matter.

This plan includes roughly $50 billion for the struggling airline industry, the newspaper said. 

Mnuchin already discussed the outline of the measure with Senate Republicans at a Capitol meeting Monday, WSJ said. 

It's expected Mnuchin will also urge lawmakers to approve legislation passed in the House aimed at making testing for the coronavirus more widely available and providing paid leave to workers who are affected, the report said. 

The shares of several industrial companiesw were trading higher Tuesday, rebounding from Monday's crash. The stocks may also potentially be getting a boost from expectations of government stimulus. 

On Monday, President Donald Trump said he would back the airline industry 100%. 

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White House photo via Wikimedia.