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WASHINGTON (AP) — President Donald Trump is turning to a 1950 law to boost private production of supplies needed to confront the coronavirus pandemic. Trump says he'll invoke the Defense Production Act. That law was signed by President Harry S. Truman during the Korean War. It gives the president broad authority to mobilize the resources and production of private companies to meet the needs of the national defense. That could be especially important for the U.S. government as it braces for a surge in coronavirus cases and shortfalls in medical supplies. The law has been invoked multiple times by presidents of both political parties during emergencies, including blackouts, war and hurricanes.
WASHINGTON (AP) — The Senate has approved — and President Donald Trump has signed — a $100 billion-plus bill to boost testing for the coronavirus and guarantee paid sick leave for millions of workers hit by it. Lawmakers and the White House have already turned their focus to the administration's far bigger $1 trillion plan to stabilize the economy as the pandemic threatens financial ruin for individuals and businesses. The centerpiece of Trump's economic rescue plan is to dedicate $500 billion to start issuing direct payments to Americans by early next month. The amounts would depend on income and family size. It would also funnel cash to businesses to help keep workers on payroll.
JEFFERSON CITY, Mo. (AP) — Applications for jobless benefits are surging in some states as coronavirus concerns shake the U.S. economy. The sharp increase comes as governments have ordered millions of workers, students and shoppers to stay home as a precaution against spreading the virus that causes the COVID-19 disease. In some states, the demand for help may outstrip the ability to pay claims. The U.S. Labor Department says 21 states began the year with unemployment insurance fund balances below the levels recommended to stay solvent in a recession. States are expected to get some help from the federal government.
WASHINGTON (AP) — The Agriculture Department says it will appeal a judge’s ruling that it would be “arbitrary and capricious” to move forward during a global health crisis with food stamp changes that could force hundreds of thousands from the program. Federal Judge Beryl Howell, in a ruling late last week, stopped a set of changes that would have taken effect on April 1, On Wednesday, an Agriculture Department spokesperson responded to an Associated Press query with a terse email, saying only that “USDA disagrees with the court’s reasoning and will appeal its decision.”
BANGKOK (AP) — Shares in Asia have fallen, with Japan's benchmark failing to hold onto early gains after the latest selloff on Wall Street. Stocks fell in Tokyo, Sydney and Seoul in early trading Thursday. Markets have been skidding as fears of a prolonged coronavirus-induced recession take hold. The Dow industrials lost more than 1,300 points, or 6.3% on Tuesday. The Dow has now lost nearly all of its gains since President Trump's inauguration. Wednesday's losses deepened after a temporary halt was triggered in the early afternoon. Even prices for investments seen as very safe, like longer-term U.S. Treasurys, fell as investors rushed to raise cash. The price of oil fell 24%, dropping below $21 per barrel for the first time since 2002.
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