>> SHAPE THE BIPARTISAN AGREEMENT ON THE LARGEST RESCUE
PACKAGE IN HISTORY WHICH WAS
SEALED LAST NIGHT A FEW MINUTES
AFTER ONE IN THE MORNING WHEN
LEADER McCONNELL AND I CAME TO
THE FLOOR TO ANNOUNCE WE HAD AN
AGREEMENT.
AGREEMENT. IT WAS NOT A MOMENT OF
CELEBRATION, BUT RATHER ONE OF
NECESSITY.
NECESSITY. >> Bill: THERE WAS SENATE
MINORITY LEADER CHUCK SCHUMER’S
EARLIER SAYING HELP IS ON THE
WAY FOR AMERICANS AFTER THE
CHAMBER APPARENTLY REACHED A
DEAL ON THIS MASSIVE AID
PACKAGE, AND IT IS MASSIVE.
STOCKS ARE BACK IN THE GREEN FOR
THE SECOND DAY, ONE DAY AFTER
THE DOW HAD ITS LARGEST EVER
SINGLE POINT GAIN EVER AND IT
COULD BE UP 15 PERCENTAGE POINTS
IN TWO DAYS.
WHITE HOUSE ADVISOR LARRY KUDLOW
WITH ME NOW, BUT TO SEE YOU HERE
AND GOOD AFTERNOON.
I UNDERSTAND THERE’S A GLITCH IN
THE LANGUAGE.
THE LANGUAGE. IT CAN BE WORKED OUT WERE NOT AT
THE MOMENT?
THE MOMENT? REPUBLICANS SAY WE HAVE AN ISSUE
WITH IT.
WITH IT. >> IT WILL BE WORKED OUT.
IF IT’S WHAT I THINK IT IS, HE’S
REFERRING TO, UNEMPLOYMENT
COMPENSATION?
COMPENSATION? >> Bill: YES, THE INCENTIVE TO
LAY OFF WORKERS I GUESS THERE IS
A CORRECTION TO LANGUAGE.
HERE’S WHAT’S IN IT.
$500 BILLION IN ASSISTANCE FOR
CORPORATIONS.
CORPORATIONS. 15 AND A HALF BILLION IN FOOD
STAMPS, 130 BILLION FOR
HOSPITALS.
HOSPITALS. 150 BILLION FOR LOCAL
GOVERNMENTS AND WARTY 6 BILLION
FOR THE AIRLINES.
WHERE DO YOU START?
>> THE TOTAL PACKAGE IS
$2 TRILLION IN DIRECT ASSISTANCE
AND ON TOP OF THAT WE ARE GIVING
THE FEDERAL RESERVE THE
RESOURCES TO PUT UP AS MUCH AS
$4 TRILLION TO STABILIZE
FINANCIAL MARKETS AND BACKUP
LOAN GUARANTEES AND HELP SOME
DISTRESSED INDUSTRIES.
DISTRESSED INDUSTRIES. THIS IS ALL ON A SHORT-TERM
BASIS BECAUSE THIS WILL BE WEEKS
AND MONTHS, NOT YEARS.
SO WHEN YOU ADD THE TWO TOGETHER
YOU ARE LOOKING AT $6 TRILLION
PACKAGE BILL WHICH IS ROUGHLY
30% OR 31% OF GDP AND IT IS THE
LARGEST MAINSTREAM FINANCIAL
ASSISTANCE PLAN AND HISTORY OF
THE UNITED STATES.
>> Bill: LET ME STOP YOU RIGHT
THERE.
THERE. I’VE BEEN LISTENING TO YOU FOR A
LONG TIME, LARRY.
LET’S THINK ABOUT WHAT YOU JUST
OUT THERE.
OUT THERE. LARRY, WHAT WILL THIS DO TO GET
THE GREATEST ECONOMY IN THE
WORLD AFLOAT?
WORLD AFLOAT? >> LOOK.
>> LOOK. THE ASSISTANCE GOES TO
INDIVIDUALS, FAMILIES, AND WE
ARE TRYING TO KEEP PEOPLE OFF OF
UNEMPLOYMENT SO THE SMALL
BUSINESS ASSISTANCE AS IS
CONTINGENT ON HOLDING PAYROLL
STUDY.
STUDY. SO ON THAT POINT WE ARE
GUARANTEEING LOANS TO THE SMALL
BUSINESSES, TAKING UP THEIR
EXPENSES AND LOST REVENUES.
WE WILL TRY TO MAKE UP FOR THAT.
HERE IS A VERY CHALLENGING
ECONOMIC STORY RIGHT IN FRONT OF
US WHICH IS BEGINNING NOW.
INDIVIDUALS, LOOK.
INDIVIDUALS, LOOK. THERE’S $500 BILLION OF
ASSISTANCE, DIRECT CHECKS AS
WELL AS UNEMPLOYMENT
COMPENSATION WHICH REALLY EQUALS
WAGES IN SOME STATES THAT MAY BE
A ABOVE, AND I THINK THAT’S WHAT
THE GLITCH IS ABOUT.
SO THIS IS A WIDESPREAD PACKAGE
AND WE ARE TRYING TO DO THE BEST
WE CAN TO CUSHION THE ECONOMIC
CONSEQUENCES OF THE VIRUS.
THAT’S WHAT WE ARE TRYING TO DO.
>> Bill: WHAT’S THE CHANCE WE
COME BACK IN A COUPLE OF MONTHS
AND SAY, YOU PUT WHAT IN THE
BILL?
BILL? >> I’M NOT SURE QUITE WHAT YOU
MEAN ON THAT, BUT I THINK
THAT -- >> Bill: I KNOW YOU
AND FELLOW REPUBLICANS, YOU ARE
BANGING ON THE UP OBAMA
ADMINISTRATION FOR A LONG TIME
ABOUT SHOVEL-READY JOBS AND
GREEN ENERGY DEALS.
A LOT OF THAT WENT INTO THE
RECOVERY ACT THAT WAS PASSED IN
FEBRUARY OF 2009.
WHEN YOU PULLED BACK THE
CURTAIN, A LOT OF PEOPLE DIDN’T
LIKE WHAT WAS BEHIND IT.
ARE WE GOING TO FIND A LOT OF
THAT, OR SOME OF THAT IN THIS?
>> I DON’T THINK SO.
I MEAN THERE ARE NO SHOVEL-READY
JOBS AND THERE IS NO GREEN NEW
DEAL.
DEAL. THIS IS AIMED DIRECTLY, TARGETED
DIRECTLY AT INDIVIDUALS, AT
FAMILIES, AT SMALL BUSINESSES.
THAT’S THE KEY POINT AND IT IS
TARGETED DIRECTLY AT THEM EITHER
THROUGH DIRECT ASSISTANCE, TAX
INCENTIVES OR BOTH.
AND LET’S NOT FORGET THE
FEDERAL RESERVE PIECE BECAUSE IT
QUESTIONS THE ENTIRE ECONOMY AND
STABILIZES THE FINANCIAL
MARKETS.
MARKETS. WE ARE SEEING BETTER TRADING AS
YOU NOTED IN THE STOCK MARKET
WHICH IS A GOOD SIGN.
THERE ARE CREDIT MARKET ISSUES
BUT WE ARE HELPING EVERYBODY.
DON’T FORGET, YOU HAVE DEFERRED
INCOME TAX PAYMENTS.
THAT’S A NEW WRINKLE ON THIS
KIND OF STORY.
FOR AT LEAST THREE MONTHS.
YOU HAVE DEFERRED PAYMENTS ON
INTEREST AND PRINCIPAL FOR
STUDENT LOANS AND THAT HAS BEEN
A BURDEN.
A BURDEN. IF THE YOUNGSTERS AREN’T WORKING
WE WANT TO HELP THEM OUT.
IN FACT GENERALLY SPEAKING, LET
ME SAY THIS.
GENERALLY SPEAKING IF YOU ARE
NOT WORKING, EITHER BECAUSE YOU
ARE SICK OR BECAUSE YOU GET LAID
OFF, THIS IS NOT A FUNCTION OF
THE ECONOMY PER SE.
THIS IS A FUNCTION OF THIS
MASSIVE EXTERNAL PROBLEM CALLED
THE CORONAVIRUS.
THE CORONAVIRUS. AND THIS IS ALSO TEMPORARY
RELIEF.
RELIEF. WE BELIEVE, AND I HOPE
PRAYERFULLY THIS COMES TRUE, WE
BELIEVE WE ARE TALKING ABOUT
WEEKS AND MONTHS, NOT YEARS.
SO BIG DIFFERENCES FROM THE
PRAYER PACKAGES.
PRAYER PACKAGES. >> Bill: WE GOT 40 SECONDS,
LIGHTNING ROUND.
LIGHTNING ROUND. WHAT’S THE JOBS NUMBER LOOK
LIKE?
LIKE? >> VERY LARGE NUMBERS INCREASE.
>> Bill: IS IT MILLIONS?
>> I’M NOT AT LIBERTY TO SAY,
BUT IT WILL BE A BIG INCREASE IN
EVERYONE IN THE MARKET KNOWS
THAT.
THAT. >> Bill: WILL THE HOUSE PASSED
THIS?
THIS? >> I BELIEVE IT WILL.
IN ONE WEEK.
BILL HEMMER, AND ONE WEEK WE PUT
THIS PACKAGE TOGETHER WITH THE