Senate Democrats are also urging President Trump to invoke the Stafford act in order to free up over $40 billion dollars for states in the disaster relief fund.
President Donald Trump plans to declare a national emergency on Friday over the coronavirus outbreak, invoking the Stafford Act to open the door to more federal aid for states and municipalities, according to two people familiar with the matter.
Trump is under increasing pressure to act as governors and mayors nationwide step up actions to mitigate the spread, closing schools and canceling public events. The president said he will hold a news conference at 3 p.m. in Washington.
The move would allow the government to martial additional resources to combat the virus, and also marks a symbolic turning point for the president, who has repeatedly compared the coronavirus to the seasonal flu and insisted that his administration had the outbreak under control.
U.S. stocks pared gains on the news, with the S&P 500 Index up about 2% at 11:30 a.m. in New York. The decree comes at the end of a week of wild swings in U.S. equities, with Friday’s advance following Thursday’s worst-since-1987 rout.