We had reached that 2000 level at 20,000 level. Coming back up against that. Tohink volatility is here stay. That might be the least most can say. Some peoplehear saying raise the possibility markets. He something suggested sec close the earnings this quarter. She said, most companies now are even being able to report quarterly guidance. They are just pulling their forecast. They even dont know the forecast. And try tocome out find a forecast for the s p 500 onearnings per shared growth year over year basis. Think of all the concerns. We will not get those answers or so untilmonth the 1st quarter ends. We start to get reporting for sole of those companies. Are some good winners today. There are few that i should mention that does remain in the healthcare space. This is interesting. Theyre working with pfizer on a potential vaccine. Trials looking for human early this summer. Early vaccine they are working on. Theainly some good news in markets. Appreciate that report. Now to chicago, well talk to shes anrine baker, expert in healthcare policy. Thank you so much for joining us. What do we need now . We need to worry about ensuring that we have the beds and personnel available to treat people who need treatment right away. Thats expanding equipment and about reducing unnecessary need making surem and that people have the information they need to know when to seek stay at home to all optionalg care. David talk to us about the equipment issue. Heard this from various sources. Where are we on that . I think theres a question getting equipment to the right place and producing more equipment than we are now. Theres a real challenge in of having people come to work in a safe way to produce be availablet, to to care for patients versus keep people socially largeed and avoiding gatherings. Smarter allocation getting resources to the right place. David how difficult is it to produce more equipment . Do you know . It varies a lot from equipment. O respirators thatactic requires equipment. Masks thatasic face are cheaper to produce. I think theres a wide range. David what is the risk that we in this country . If you can assess it. Thee seen that video of overwhelmed hospitals over there in italy. Starting, may be the to slow little bit. Risk we can overwhelm our hospitals . This is a substantial risk. At theions we take individual level and local level make a huge difference whether we end up looking like italy or spread out the cases to ability to meet that. We need leadership, of course, right thingsat the to do. We need local grassroots, communitybased mobilization to adhere to those recommendations. Choices that individuals make everyday every minute to slow transmission. We can do that, theres a real hope that ewith dont look like italy. Thats the, direction were heading. David thats why we have the lockdown andnd curfews in effect to effectuate what youre talking about. Of new york,vernor andrew cuomo come out in op ed times sayingrk we need the army corps of come in Start BuildingHospital Capacity. I dont know what timeline realistic in. Expanding capacity seems warranted. To the extent we can slow down the transmission of the disease. That means we have more time to bill up capacity. Be withe measures will us for a longer time. Thats the real cost that we pay lives ande human suffering thats spreading out the case. David its not just physical capacity but Human Capacity in workers. E what did we learn from the chinese experience about how big risk is for Healthcare Workers in dealing with the patients . To the goes back question of Safety Equipment and space to spread people out. We talk about capacity, its not just the hospitals. You can build a hospital very saw in china. It takes much longer to train or a doctor or nurse or Healthcare Worker. Having equipment available so the Healthcare Worker can protect themselves because we to allfford for them ill. Having a little bit more room to slowerr cases so theres transmission, both among patients and from patients to vital for workers is maintaining that Healthcare Worker capacity that we so need. Ately david we have a fairly decentralized Healthcare System in this country. Andis done at the state local level. Who needs to exercise leadership . Rely upon the local level or come from the federal government or the state . Reliable robust information to come centrally. I dont think we can have Health Systems trike rate,ecast transmission trying to you wants the understand the every vacation of implementation of reaction to guidelines has to happen at the local level. Were sof you know, destrailized. There are 50 medicaid programs. So many Different Health insurers with overlapping population and independent anditals and hospital chains and physicians who are associated with different systems that we need decentralized levers to adhere to those best practices. Need as much guidance as we reliableally with about the best practices. David thank you so much us. Erine for being with cath ridge baikrer at university of chicago. Return toto washington. Kevin, were wait for the senate to pass this bill that extend sick pay and pay for testing and like that. Report that has white house thinking about combining that together with the stimulus. On what do we know . 850 billion, thats sources that ive been on the phone with. Virtually all morning as we to try to figure out the timetable for the economic stimulus. 850 billion dollars is the the economicms of stimulus. Treasury Steve Mnuchin as well speakerrer of the house nancy polosi trying to grapple with. There are couple of issues in of not necessarily political sticking point. In terms of executing when precisely this stimulus would most likely be needed. The argument for the if everyone is hunkering down for the next two even needed inat the sense with everyday be able to purchase it. Worth noting to see how different states are responding. Gavin newsomvernor he has issued a temporary relief payingfor individuals their mortgages. Hes required that utilities be issuing weekly getrts so that folks can confidence that facilities will go on. Grappling with various ideas for how to maintain this economic at a very uncertain time. As of the legislation that is its way to through congress that make the test free for the coronavirus as well as two weeks of paid sick leave, that im told is virtually clock conversation between Speaker Pelosi, leader mcconnell and the treasury department. Much for theyou so reporting from washington. Hats Kevin Cirilli we begin with u. S. Retail sales they fell last month by most in a year. They were down one watch one percent. Sign Consumer Spending began to slow before the coronavirus hit the economy. Likely to numbers are show a deeper decline. Mayor bill de blasio saying the city had been forced order. Helter in place all residents to confine themselves in hair homes. Cnn, her telling couldnt rule it out. New York Governor Andrew Cuomo has no plans to do so. Now to saudi arabia, the kingdom is escalating Oil Price War with russia. The saudi will start exporting more than 10 Million Barrels a may. Tarting in thats the most ever. The fight sending the price of brent crude down below 30 a barrel. It forced Energy Companies to announce big spending cuts. With american profootball and tom brady leaving the new patriots. The quarterback became unrestricted free agent. He tweeted his football journey will take place elsewhere. Is 42 years old. He played 20 seasons for the pats. Day onnews, 24 hours a air and powered by more than 2700 journalist and analyst, in than 120 countries. This is bloomberg. David coming up, many Grocery Store shelves are empty. We talk with a head of one of wholesalers ind the country. Steve spinner of united natural food. Thats coming up next. Is bloomberg. David people across the country has been rushing to super foods and stock up on other supplies. United National Food is a Wholesaler Distributor of groceries. Ceo steven spinner. Great to have you with us. Give us a sense how stress the system is out there. Lot of people report going to markets and not finding what they want. Good morning, david. Theou said, unify is wholesaler. We sent outside over 2000 trucks the Food Supply Chain moving delivering to over 30,000 retailers. Very likely if you been to a Grocery Store, that product flowed through w. Of our warehouses. You can tell you that you might imagine the demand is through the roof. Im so incredibly proud of our team. They take their role in this seriously and they recognize the Important Role they play in ensuring that our to get accessinue to the much needed products. Were operating as a company with safety at the forefront in do. Ything that we were urging everyone to buy responsibly. Theres product for everyone. Were communicating with state, local and federal officers including fema and fda to ensure remains in tact. We have a seat at the table to fed. America the volume that were doing over the last couple of weeks is grayer than the volume we did in our busiest week last year. Week prior to thanksgiving. Our folks are coming to work to anybodye, we havent test positive for the virus. Were getting the job done to of our ability. David there are shortages in dont find, we things on the shelves. Is that because we dont have enough food or other products to there. Is it because we have trouble distributing it . Is it just getting it stocked on the shelves and people are taking it off so fast . Product is available. Working. Actures are the retailers are working. The supply chain is working. We have inventory. Obviously there are categories that are short on allocation. Supplies, sanitizing, materials areype really tight. Will likely be tight for quite some time. Available. I think that the difficulty is getting it out into the retailers hand and out into the consumers hand. The constrainf and supply chain and workforce to do that. Coming to work, unions are helping. Our teams are helping. Nonunion folks are helping. Markets,in some of the demand is on the way down, were working closely with our friends to puter industries their folks to work. David what about regionally. There geographic difference about supply of food and other products . No. The demand is skyrocketed around everything with geography and and canada. David i know youve been talking with the white house. What are you telling them and what are you hearing back from them . At the table. Eat were telling them to keep the roads open. Manufactures, wholesalers, retailers are working as workforce. Ensure the states play their and keep the states aware of the need to ensure that these workers dont get confused by sheltering at home curfews. I think two more comments ill to buyncourage consumers responsibly. Hoarding is not going to help. Theill further complicate supply chain. Food is available. Well be in good shape. Different sizes and different brands and flavors. There is product available. The shelf. T to i know also from a consumer perspective, with lot of the schools closing or have closed, certainly the government to expand s. N. A. P. And ebt in order to make Funds Available it. Those folks who need david you said demand is up substantially. Make you can quantify that. Long can you keep this going . Can you keep this going owl the way through the 2nd quarter . To. Think we have we got contingency plans place to our 59 Distribution Centers. Were getting access to additional workforce where the ing. Nd is declin thats terrific. Americans generally rise to the occasion. Seeing that around our Distribution Center and other with our union friends. Think thatis yes, i the product will remain available. Workforcegive our some rest, which were working on doing. Think that we will. Ise to the occasion david how do you make sure youre not spreading the disease. For all sorts of different now, who have to go to various locations. They go from place to place. Up any singlet place. You say fortunately you dont have any workers testing positive. What precautions are you taking youre not picking up the virus . Safety is first and foremost to us. Very rigid distance continuity plan. Very rigid operating procedures cleanliness and hygienes and social distancing. Were doing lot of things that heard of in Office Buildings in terms of getting the workforce way down in the building. Especially in the buildings where we have to stay open. We continue to prioritize advance food safety, temperature point to point supply disinfecting, social distancing. The majority of our products are susceptible tot contamination. Were gong lot of education with our drivers. Education with our Warehouse Associates and our Office Associates and i know doing the same. As long as we follow those we willes, i think that terrifically minimize the risk of contamination. David thank you so much for time. Really interesting. Unitedspinner, ceo of natural food. Still ahead here, the latest on the markets. Highs ase near session hopes rise out of response from washington. David this is balance of power time now to get check of the markets. Down, up. When i woke up early, there were up and then they went in the red, now theyre doing all right at the moment. The name of the game. Youre looking at 80 handle on the vix. Alltimeht around record high. Stocks are up around 4 . We know how that can change. Is a risk on tone. Youre seeing some optimism that fed is restarting commercial paper facility. Thats concerns about company shortterm credit and potentially maybe stimulus of d. C. Ut that 850 billion package to the hill. About they were talking this stimulus. To senatorsking today. Part of the stimulus is Airline Industry. Airlines had really tough time. 200 billion. Reportedly u. S. , airlines are asking for nearly 60 billion. If you look at Airline Stocks today, they dont seem to be believing that stimulus is coming any time soon. Down about 6 and boeing, which has asked for help from the u. S. Government is down by 14. That stock is at its lowest since back in 2013. Them asking for help. The question is will they get it. Even if the u. S. Government them with shortterm questionedty, they are facing a be worse thanll 9 11. Even funding aside, theres a question of when exactly demand will recover. David its not just right now getting paper aircraft. Its not clear it will be that of air demand. Same problem for hotels and cruise lines. Real tourisme issues. Even beyond that for the retailers, restaurants, those are some of the worst performing stocks in the s p 500. You have cities across the u. S. Telling people to stay where they are. To malls. Going you can see stocks in restaurant quarter. This is after the worse day for the apparel sector ever yesterday. Just continues. David thank you so much for that report on the markets. To a globalponding pandemic. We speak with brock long former fema administrator about the measures u. S. Is taking and what more it can do. Is bloomberg. York, this isw balance of power. President trump on friday declared a national emergency. In doing so, he enlisted the help of fema in responding to the growing crisis caused by the coronavirus. Welcome now the former administrator of fema who served under President Trump and alabamas emergency management. He now advises on how to handle emergencies. Thank you for being with us. Good to have you. There is so much fema can do. The president said he wants to use fema. What sorts of things can fema do . They handle natural disasters. This is something different. Right. For Public Health emergencies, which has been declared along with a national emergency, those are two separate things. Fema plays a vital role behind the scenes. Right now hhs is the primary agency in charge in playing the role of instant command. Fema is a secondary responder, and they are providing planning, technical expertise. It will be providing under the new Emergency Declaration reimbursement for state and local expenditures. But they also help with playing a vital role in coordinating logistical movements of testing kits to future vaccines. David what have we learned from past disasters that can be applicable here from your experience . You did this job in alabama and at a federal level. Brock unfortunately, our nation does not have a true culture of preparedness. It is something i implement it is one of the priorities when i was a minister. Anwas administrator. Administer a first line of defense and overall readiness. Personal action is what is most important. The federal government cannot make people whole. Cannot make households whole after a disaster. You have to be able to control your own destiny to the degree you can rather than being reliable on federal aid. , Everybody Needs to be heating the 15 days. I hear a lot of people about saying there are only so many cases in this state or that state. We dont need to pretend we all need to pretend the virus is here and in our communities. If not, more drastic action will be needed to be taken by the federal government in weeks to come. David what about assessing the level of damage . I assume at fema we had the hurricane come through and we first figure out how many people have been displaced and how much damage has been done. Do we need to get our arms around testing and get that done to know how big of a problem we have . Brock the virus is with us regardless of the test. The test will give epidemiologists more Critical Data they need to understand the arus is transmitting at greater rate or curving off in the future. Right now, again, it goes back to heeding the warnings and doing things we are being asked to do. David that all is very sensible and important advice on trying to limit what is right now an unknowable extent. Just assume it is everywhere. Dont try to be cute about where it is or isnt. At the same time, we are warned by the governor of new york, andrew cuomo, that we may be overwhelmed with our hospitals. Is that something fema can help with . Brock yes. Here is the thing about the Hospital System and all the separation tactics. In my opinion, the greatest need is to push back the Tipping Point. But our hospitals could potentially collapse. There is only so much equipment that is really available readily available. They would move the strategic to hospitalskpile as needed. Here again, these are not new resources constantly being restocked. The supply chains that support the Public Health industry are incredibly weak. Which is something we have to go back in and bolster in the future. The separation tactics are designed to push the Tipping Point back to delay the number of people and reduce the number of people that will have to go to hospitals to seek attention. David no doubt in anybodys mind, the best defense is to have fewer people with the virus. That was back to staying at home and not associating with other people too closely, those things. But at the same time, we could have a real problem here. Again, coming back to governor cuomo, he said maybe we should have the army corps of engineers stepped up and build new hospitals. We saw china in wuhan build that hospital in no time. Is that feasible . Did you ever use the army corps of engineers for Something Like that . Brock it is an integral part of the National Response plan framework. It has never been done. We are charting new ground. There is unprecedented separation tactics being implement it by the federal government and state and local level. Fema has contracts for temporary housing and shelters and tent cities, that type of thing. Here again, we have to make sure we are deploying those in the right manner. Look. All disasters are federally supported and locally executed and state managed. A lot of the activity, governors can control. They need to take action they see they can take and not waiting on the federal government to do things. The federal government plays a large role in helping states and local governments fill any gaps they may have come over the, people, technical expertise, or funding to pay for this. I think that is something being lost. Governors and local decisionmakers should be doing what they think they need to do in conjunction with guidance from the cdc, but taking care of their own communities and not waiting on the federal government. David talk to us about corporations. You advise companies on how to deal with it. What should and can they be doing as a corporation . Brock right now, we are really having to advise a number of our clients. Particularly the private sector clients on continuity of operations. How do businesses continue to meet their Mission Critical essential functions when they are facing a crisis like a virus . When they have staff reductions . When they cannot get their hands on necessary resources they need to push their products and services to other people . What do they do if they are denied access to their building or more drastic measures are taken to lockdown in the future . These are elaborate plans. Unfortunately, a lot of businesses whether small or large, they dont want to spend the time on a blue sky day when nothing is happening and they take a bigger hit as a result. They are more vulnerable to these types of disasters. What we are try to do is advise our community on how to reduce theimpact and sustain mission and meet their Mission Essential functions while we are all going through this together. David the state and local role in this, we are seeing increasingly restaurants close down, bars close down. Restaurants can only do takeout or carry out. Given what you said, we have to do everything we can to slow down or stop the virus. Can we nationally be shutting down the restaurants and bars . Brock i cannot answer that question. Obviously, the Small Businesses in this country are the essences of our community. This will be a much tougher financial hit for them to be able to overcome. That is tough. We will have to find ways of trying to continue to produce revenue under different circumstances, which is not easy. But right now, the goal is saving lives and protecting people. This movement of 15 days is necessary to push back the Tipping Point or breaking point of the Hospital Systems, but also making sure we slow the spread toward drastic action does not have to be taken in the future. David if you could get one piece of advice, this a be the federal or state or local level, to say to do this differently from what you are doing now, what would it be . Brock pretend the virus is in your community. Practice good hygiene. Wash your hands. Check on your neighbors. Love your neighbors as you love yourself. That this virus may not impact you severely, but you can pass it along to others that can be compromised and actually die from this virus. Love your neighbors, yourself. Take care of each other and heed the warnings. David not a bad rule for life, the golden rule. Works out in different circumstances. Do you think we are doing everything we can do right now . Brock right now, we are trying to strike the right medium. Look. The federal government is in a tough spot when it comes to you lockdown the whole country. Several things collapse. Either doing way too much or overkill. If we did this a month ago, the federal government would be accused of overkill. Right now, trying to strike the right balance. Flattening the curve virus distribution or infection rate. David thank you so much for being with us. Now we are going to the white house to President Trump and a briefing from the task force. Pres. Trump i appreciate you all joining us. Last night, the fda announced Ground Breaking new policies to further increase testing. Substantially so. All states can now authorize tests developed and used within their borders in addition to the fda. The states are very much involved. They have been involved in the beginning. We are stepping up as much as we can. The testing procedures are going well. Within a short time, all the private labs will kick in. This has never been done before. Going to bes incredible if it is done properly. These are great companies. These are among the greatest companies in the world actually. So the states are going to be dealing through themselves and with local government and local positions, local everybody. They are also dealing with us. We have a tremendous testing capacity. Today, we are announcing a dramatic expansion of our medicare teleHealth Services. Medicare patients can now visit any doctor by phone or videoconference at no additional cost, including with commonly used Services Like facetime and skype. A historic breakthrough. This has not been done before either. In addition, states have the authority to Cover Telehealth Services for their medical patients. By doing this, the patient is not seeing the doctor per se but they are seeing the doctor. There is no getting close. During this time, we will not paaorce applicable hi penalties so doctors can greatly expand care for their patients using telehealth. So the penalties will not be enforced. We encourage everyone to maximize the use of telehealth to limit exposure to the virus. Successful a very method of communication, but never used on a scale like we are going to use in telehealth. Able to also better maintain Hospital Capacity by doing this. Spoker this morning, i with executives from americas fast food industry, wendys, mcdonalds, all of the big ones, burger king. And they were great. Talking about the pickups in light of yesterdays guidance you heard to avoid eating or jerking at bars, restaurants, or public food courts. We discussed the Important Role of the drive to pick up and Delivery Service can play in the weeks ahead. That is happening. They have been fantastic. They have been absolutely fantastic. They have been doing it already. They are keeping it open. Smaller staffs. Very capable people. Very capable companies. They are doing pickups. For 15 ourtion guidance yesterday encourages people to take action for 15 days. Now it is a 14 day period. We are asking everyone to work at hom if possible, postpone work at home if possible, postpone travel. We can protect the health of our people, and we can protect our economy. Because i think our economy will come back rapidly. 15 days from yesterday. We will see what happens after that. If we do this right, our country in the world frankly, but our country can be rolling again pretty quickly. Pretty quickly. We have to fight that invisible enemy. I guess unknown but we are getting to know it a lot better. Today, the senate has taken up coronavirus legislation that includes free testing for those who need it as well as paid sick leave and family medical leave for workers affected by the virus. We are also committed to getting Small Businesses the support they need. One of the things we talked about with the fast food operations, we spoke to the chairman and ceos of all the companies, but one of the things we discussed is exactly that. Getting Small Businesses support and the flex ability they need for themselves and their workers. That is being worked on right now. At my direction, secretary mnuchin is meeting today with senators on additional stimulus packages. I can tell you he is meeting with them late until the night last night. For a big part of the day yesterday. Tremendous things are happening. Great spirit. Tremendous spirit. I can say that for republicans and democrats. I can say that with respect to governor cuomo, we had a great talk this morning. We are both doing a really good job. We are coordinating it. We agree different states need different things. We agree on that 100 . We had a very good talk. We are right down the same track. It is going to be very successful. New york has a pretty big problem. I guess it would be the number one hotspot. No fault of anybody. Just the way it is. We are working closely together. We are also getting fema very much involved. They have been involved, and now we are getting them to a different level. They will have everything ready. We are dealing with the army corps of engineers, should that be necessary. We have them working in some other casesndby in per been my conversation with andrew cuomo was a very productive one and a good one. I appreciate that. We are giving relief to affected industries and Small Businesses. We are ensuring that we emerge from this challenge with the prosperous and growing economy because that is what will happen. It is going to pop. One day we will be standing up here possibly and saying we want. We won. We will say that. We are going to win. I think we are going to win faster than people think, i hope. Later today, i will beat with leaders from the Tourism Industry as well as Industrial Supply retailers and wholesalers to discuss their critical roles. I met with the Department Store people, all the retailers, the big ones, including walmart and others. It was a great meeting. They are stocking up their stores like they have never stopped them before. We are trying to get people to buy less if that is possible. Buy less. Dont take everything. Just buy what you need for a while. They will stay open for all hours of the day. They have been fantastic. We are taking aggressive action now as one nation and one family so america can rebound stronger. Frankly, stronger than ever before. We recognize that while Many American workers can work from home, many others cannot. Many of our health care providers, first responders, and men and women of the food service and manufacturing are showing up. And standing up to provide us with the goods and services we need. We want people to stay home where they can. But in many cases when you talk about food service and manufacturing items in particular, they are going in. They are practicing all the safety rules and regulations we talk about. With that, i would like to just introduce our Vice President mike pence to say a few words and i will make some other introductions. Thank you very much. Pentz thank you v. P. Pence thank you. The president has initiated a whole of america approach. The president s interactions today and through the course of this day with leaders in the industry around the country reflect that we are bringing the for weight of the government and economy to bear. I know i speak on behalf of the president when i say how inspired we are at the way the American People have stepped up and the way american businesses large and small have stepped up. It has truly been inspiring. Our task force met this morning. We continue to focus on President Trumps priorities of testing, prevention, and supplies. In that category, i am pleased to report that while testing is available in all 50 states as the president just indicated, swift action of the fda at the encouragement of governors around the country, now state Health Authorities can authorize labs in their state and expand existing testing capabilities. But also in connection with the we have now, continued to expand the public and private partnership the president forged with vast commercial laboratories around the country, increasing access to the highvolume, high throughput coronavirus testing. That is greatly expanding access even as we speak. Also, our task force received a report this morning on the progress that the u. S. Public Health Service and fema are making working closely with state governments, and also partners in the private sector like cvs, target, walgreens, and walmart, to expand remote testing sites around the country. We will have a few report later this week as those come online. It is reportedly under people understand that testing is happening all over the country, but all of our Health Experts wanted me to tell the American People, you do not need the results of testing to know what you should do. President trumps 15 day coronavirus guidelines are advice for every american in every community. They are the result of the best guidance of the cdc and our Health Experts. As the president said, we continue to urge every american over the next 15 days to put into practice the principles in the president s coronavirus guidelines. By every american practicing these principles, we believe that we can slow the spread of the coronavirus. In fact, our experts have told our task force that if every american acts on the president s coronavirus guidelines, we could see a substantial reduction in the spread of the coronavirus. But as the president said, it will take all of us to do it. If you feel sick, stay home. If someone in your house tests positive, keep the entire household home. Especially if you are a person with an Underlying Health condition. We urge you to stay home and practice social distancing from people. No social gatherings of more than 10 people. Use drivethrough as the president discussed with leaders in the industry today. Every american especially practicing common sense and good hygiene. To the American People as a whole, the risk of serious illness remains low. But we are asking every american to partner with us in this effort to slow the spread of the virus and especially to be mindful of seniors or others with serious Underlying Health conditions for whom the threat of the coronavirus can be very significant and very real. As i said, the president has continued to push our task force to bring a whole of government and whole of america approach. Continue to be inspired by our nations governors and businesses. We spoke yesterday with the leaders of every broadcast network in america that will soon be unveiling a Public Service campaign using cdc guidelines. And specifically as we work on the issue of supplies, meetings yesterday with department of defense officials about excess supplies, the president and i will be meeting today to speak about supply chain for hospitals. We would make one specific request. That is we would urge Construction Companies to donate masks toentory of n95 your hospital and forego additional orders of those industrial masks. Because of what the president asked to be included in legislation moving through the congress today, those industrial masks that they use on construction sites are perfectly acceptable for Healthcare Workers to be protected from a respiratory disease. But we are asking Construction Companies that our president knows very well from his background to donate their masks to their local hospitals and also forgo making additional orders. At the president s direction, we will continue to do whatever it takes. We will continue to marshal the best of the American People, the best of all the people behind me, the people behind them, our state and local officials. We will get through this. We will get through this together. Thank you. I want to thank chad wolf and homeland security. The job they did at the airport was incredible. They screen thousands and thousands of people. Ohare got backed up a little bit. But they got them out. Everybody was screened and screened very carefully. They did not want to rush it. I think it was 13 airports. It was an incredible thing. They had a big surge also from the u. K. And ireland. Smoothly. Very they did a fantastic job. They worked long hours and did a fantastic job. I would like to introduce steven mnuchin. I will ask him to leave because he is going to the hill. He has been working hard with the senate and with the house on a very big bold package. It will be big and bold. The level of enthusiasm to get something done i dont think i have ever seen anything quite like it. Steven mnuchin, please. Sec. Mnuchin thank you, mr. President. I would like to announce some very significant actions the president has approved today. The first i would say is earlier today, i sent a letter to fed chairman powell approving his 3. Uest to use 13 the fed will be setting up a special purpose vehicle, which the treasury will invest 10 billion in from one of our funds. That will enable the fed to guarantee the purchase of a1t1 commercial paper going forward. That is a 1 trillion market. It is critical to american workers. It is critical to american business. And it is critical to american savers who have a lot of that money in money market funds. We heard loud and clear the liquidity issues. This is very significant. I dont think we will need to use it all, but we have the ability to have the fed purchase up to 1 trillion of commercial paper if needed. That has already created significant stability in the market today. The second thing i would say is we previously talked about differing irs payments. The president earlier this morning authorized me to announce this program. I have previously announced we would differ 200 billion. The president suggested we increase that to 300 billion, which we will be doing. Let me be clear on the specifics. We encourage those americans who can file their taxes to continue to file their taxes on april 15. Because for Many Americans, you will get tax refunds. We dont want you to lose out on those tax refunds. We want you to make sure you get them. Many people do this electronically, which is easy for them and easy for the irs. Irs,u owe a payment to the you can defer up to 1 million as an individual. The reason why we are doing 1 million is it covers a lot of passthroughs and Small Businesses. 10 million to corporations interest free and penalty free for 90 days. All you have to do is file your taxes. You will automatically not get charged interest and penalties. Of course, any american has the right to extend their taxes. We are not taking that right. The president has asked us to go to 300 billion. That is also an enormous amount of liquidity in the system. The third thing is the president and i worked on a very significant economic stimulus plan. Thank you for being available last night and throughout this morning. I will be presenting that to the republicans in the senate this morning. And also discussing that with the house. We look forward to having bipartisan support. We are now working with the senate to pass this legislation very quickly. These will be payments to Small Businesses. We have talked about loan guarantees to Critical Industries such as airlines and hotels. And we also talked about a stimulus package to the american worker. You can think of this as Something Like payments to the american workers. Hank you do you mean direct payments to americans . Or are you talking about a payroll tax holiday . Sec. Mnuchin although the president likes the idea of the payroll tax holiday, what we peopleard from many in the president that we can consider this, the payroll tax holiday would get people money the next six to eight months. We are looking at sending checks to americans immediately. When we have heard from hardworking americans, Many Companies have now shut down. Americans need cash now at the president wants cash now. I mean now in the next two weeks. How much . Sec. Mnuchin i will be previewing that with republicans. They may be bigger than what is in the process. What help are you going to give to airlines . Sec. Mnuchin i have had discussions with all the airline ceos this week. The airline ceos have had conversations with the senate. Was up with a subset of the republican senators last night. I discussed that with them. This is worse than 9 11. For the Airline Industry, they are almost ground to a halt. Although we do not want people to travel unless it is critical, we want to maintain critical trouble the right to have domestic travel. Is not enough . Sec. Mnuchin i will not comment on the specifics. There are a lot of workers. It is strategically important to us. We will be working with congress. Pres. Trump the Airline Industry will be in good shape. Go ahead, please. There is talk about 1000 checks to every american, increasing support among republicans and some democrats for that. Would you support that going to everyone . Or would you support some income restriction on who gets a check . Sec. Mnuchin i think it is clear. We have need to send people who make 1 million a year checks. That is one of the ideas we like. We will preview that today and talk about details afterwards. Pres. Trump i think we are going to do something that gets money to them as quickly as possible. That may not be an accurate way of doing it because obviously some people should not be getting checks for 1000. We will have a pretty good idea by the end of the day what we will be doing. How would the mechanics of this work . We have been talking about a payroll tax holiday, some 500 billion worth was floated to me today. How would the idea of sending the people to check work . Would that be an advance on what they would pay . Sec. Mnuchin we want to make sure americans get money in their pockets quickly. We want to make sure Small Business owners have access to funds. We want to make sure that hotels, airlines we have an entire package. We will be laying out the details today. Pres. Trump there are four different ways you can do it. You can hear me well enough i imagine. Right,at home, you are those are important people. Come to think of it, especially real people. We have four or five ways we can do itfou ways do it. Four ways in particular. Payroll tax is one way. It comes over a period of months, many months. We want to do something much faster than that. We have ways of getting money out very quickly and accurately. Can you talk about the timeline . How quickly do you think you can get this done . Sec. Mnuchin the president has instructed me that we have to do this now. So this is now. Within a week . Sec. Mnuchin the senate is in session right now actively. We will continue to have conversations with the house. I have spoken to Speaker Pelosi once today. This is stuff that has to be done now. The president has instructed me that this is no fault of american workers. For medical reasons, we are shutting down part of this economy and will use all the tools we