Trace Gallagher: Trump Rescue Package Could Top $1 Trillion

RUSH TRANSCRIPT Everyone I ░░░░░░░░ Trace Gallagher with continuing ░░░░░░░░ here in Los Angeles ░░░░░░░░ the coming hours we ░░░░░░░░ be looking at several ░░░░░░░░ developments which seem to ░░░░░░░░ as fast moving as ░░░░░░░░ Coronavirus itself Among the ░░░░░░░░ headlines the president announces ░░░░░░░░ economic rescue package that ░░░░░░░░ top 1 trillion as ░░░░░░░░ vows to go big ░░░░░░░░ what he calls the ░░░░░░░░ enemy But will it ░░░░░░░░ big enough to ward ░░░░░░░░ fears of a recession ░░░░░░░░ massive unemployment As shops ░░░░░░░░ restaurants shut down And ░░░░░░░░ how long can our ░░░░░░░░ s hospitals survive the ░░░░░░░░ shortages of blood and ░░░░░░░░ On a day when ░░░░░░░░ Americans should have been ░░░░░░░░ on the Democratic primary ░░░░░░░░ we were instead focused ░░░░░░░░ the race to stop ░░░░░░░░ deadly virus And now ░░░░░░░░ in our nation s ░░░░░░░░ city are being warned ░░░░░░░░ shelter in place order ░░░░░░░░ be needed Through it ░░░░░░░░ Wall Street bounced back ░░░░░░░░ with guarded optimism we ░░░░░░░░ gradually gearing up to ░░░░░░░░ the hidden enemy I ░░░░░░░░ our economy will come ░░░░░░░░ very rapidly If we ░░░░░░░░ this right our country ░░░░░░░░ the world frankly will ░░░░░░░░ rolling again pretty quickly ░░░░░░░░ day we will be ░░░░░░░░ possibly appear and say ░░░░░░░░ we won Trace As ░░░░░░░░ mentioned earlier there are ░░░░░░░░ fast moving headlines concerning ░░░░░░░░ coronavir are planning to ░░░░░░░░ the next few hours ░░░░░░░░ that we have reporters ░░░░░░░░ by here and abroad ░░░░░░░░ begin with White House ░░░░░░░░ Kevin Corke live in ░░░░░░░░ Kevin what do we ░░░░░░░░ about the trillion dollar ░░░░░░░░ package the Trump Administration ░░░░░░░░ preparing to roll out ░░░░░░░░ hit the nail on ░░░░░░░░ head About a trillion ░░░░░░░░ trace and White House ░░░░░░░░ told me I made ░░░░░░░░ all through the evening ░░░░░░░░ is a matter of ░░░░░░░░ the right thing and ░░░░░░░░ right by the American ░░░░░░░░ in their hour of ░░░░░░░░ It is also a ░░░░░░░░ as you well know ░░░░░░░░ congressional lawmakers to set ░░░░░░░░ their differences and simply ░░░░░░░░ out a plan to ░░░░░░░░ to combat the impact ░░░░░░░░ the Coronavirus We are ░░░░░░░░ about big dollars perhaps ░░░░░░░░ for consumers within the ░░░░░░░░ couple of weeks bailouts ░░░░░░░░ the hotel and airline ░░░░░░░░ Now this could cost ░░░░░░░░ you pointed out upwards ░░░░░░░░ a trillion dollars It ░░░░░░░░ be the largest bailout ░░░░░░░░ U S history cash ░░░░░░░░ consumers immediately billion dollar ░░░░░░░░ especially for the industries ░░░░░░░░ have been absolutely devastated ░░░░░░░░ the impact of the ░░░░░░░░ And of course it ░░░░░░░░ cost an awful lot ░░░░░░░░ money Here is the ░░░░░░░░ on that We don ░░░░░░░░ want people losing their ░░░░░░░░ or not having money ░░░░░░░░ live When they were ░░░░░░░░ very well just four ░░░░░░░░ ago So we are ░░░░░░░░ big and that is ░░░░░░░░ way it will be ░░░░░░░░ on Capitol Hill there ░░░░░░░░ very sharp disagreement over ░░░░░░░░ best to move forward ░░░░░░░░ no surprise it falls ░░░░░░░░ again mostly along party ░░░░░░░░ The president has said ░░░░░░░░ will sign this bill ░░░░░░░░ the Senate passes it ░░░░░░░░ Schumer saying Let s ░░░░░░░░ this Mitch McConnell by ░░░░░░░░ way Senate minority leader ░░░░░░░░ it is his intent ░░░░░░░░ the Senate will not ░░░░░░░░ until they have passed ░░░░░░░░ and bold new steps ░░░░░░░░ and beyond with the ░░░░░░░░ House has already passed ░░░░░░░░ the idea trace is ░░░░░░░░ do what they can ░░░░░░░░ to help the market ░░░░░░░░ Treasury secretary statement notion ░░░░░░░░ could see unemployment spiked ░░░░░░░░ around 20 Motivation enough ░░░░░░░░ said to try to ░░░░░░░░ something done as soon ░░░░░░░░ possible We were checking ░░░░░░░░ the night here in ░░░░░░░░ to see if something ░░░░░░░░ get done We got ░░░░░░░░ late that nothing would ░░░░░░░░ tonight so they will ░░░░░░░░ back at it tomorrow ░░░░░░░░ we all watched together ░░░░░░░░ hope for the sake ░░░░░░░░ the American people they ░░░░░░░░ figure it out trace ░░░░░░░░ The 20 number s ░░░░░░░░ by Steven mnuchin raised ░░░░░░░░ lot of eyebrows Kevin ░░░░░░░░ thank you.