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Senior Republicans portrayed the legislation as a largely bipartisan, yet right-of-center package, and Democrats argued that they wrested the measure away from one that shortchanged workers and lacked accountability over corporations.

Both sides claimed credit for the bill.

“The major advantage that we had is, this is a crisis. And the Republican philosophy of little government, let the private sector do everything, diminish government, just doesn’t work,” Schumer said in an interview with The Washington Post. “So we sort of naturally had the upper hand.”

e has persisted and produced an intelligent explanation of the mechanisms that produced the crisis and the response to it. We continue to live with the consequences of both today.

By 2007, many were warning about a dangerous fragility in the system. But they worried about America’s gargantuan government deficits and debt

it was not a Chinese sell-off of American debt that triggered the crash, but rather, as Tooze writes, a problem “fully native to Western capitalism — a meltdown on Wall Street driven by toxic securitized subprime mortgages.”

After 48 hours of intense bipartisan negotiations over a huge economic stabilization plan to respond to the pandemic, Republicans were insisting on a vote later that day to advance the package. Mr. Schumer, the Democratic leader, suspected Republicans would present Democrats with an unacceptable, take-it-or-leave it proposition and then dare them to stand in the way of a nearly $2 trillion measure everyone knew was desperately needed. As soon as he arrived at the Capitol, the choice was clear: Democrats would have to leave it.

In the end, Democrats won what they saw as significant improvements in the measure through their resistance, including added funding for health care and unemployment along with more direct money to states. A key addition was tougher oversight on the corporate bailout fund, including an inspector general and congressionally appointed board to monitor it, disclosure requirements for businesses that benefited, and a prohibition on any of the money going to Mr. Trump’s family or his properties — although they could still potentially benefit from other provisions.

What was worse, the corporate aid came with little accountability over dollars to be doled out unsupervised by the Treasury Department — a red flag to Democrats after the 2008 Wall Street bailout, and one that would be particularly hard to accept given President Trump’s disdain for congressional oversight.

To stop the spread of the coronavirus, state and local governments have shut down as much of communal life as possible. People are also social distancing, staying out of public spaces to slow transmission of the disease. But this has destroyed demand for goods and services, putting the United States on the path to a recession that could easily become an outright depression.

policymakers have to go beyond stimulus or bailouts for select industries. They have to take responsibility for economic life on a scale not seen since the New Deal.

Bailouts are more controversial, but they could be worthwhile if the government offers cash with strings attached. To receive assistance, in Senator Elizabeth Warren’s view, companies would be forced to maintain their payrolls, provide a $15 minimum wage, bring worker representatives onto corporate boards and end share buybacks, among other requirements.

With large areas of the US shut down, stock markets crashing, industries facing collapse and soaring unemployment, the US government is set to pass the most expensive bailout in US history in attempts to save the US economy.Democrat and Republican leaders of Congress, along with White House officials, have been scrambling to make a deal in around-the-clock negotiations and finally announced early on Wednesday that they have reached an agreement. The Senate is expected to vote on the bill on Wednesday.

The bill is worth about $2tn, which will go to businesses, corporations and directly into the pockets of Americans. It has six main components: Direct payment to most Americans. $250bn to bolster unemployment insurance. $350bn in loans for small businesses that may be forgiven if firms use them to keep workers on payroll. $500bn in aid for hard-hit industries and states and $50bn for airlines. $130bn in aid to hospitals. $150bn to help state and local governments.

There has been some compromise. Republicans agreed to some major changes from their original bill. More money will be given to large companies in hard-hit industries, but Democrats have also pushed for strict oversight of the loans. More aid will also be given to the healthcare sector and more funds will be earmarked for unemployment insurance after pushes from Democrats.

Germany: Merkel ally regrets manner of critic's departure

A top official in Chancellor Angela Merkel's party says he's not surprised by the departure of a hard-line conservative lawmaker who had increasingly been at odds with the German leader, but regrets the manner of it.

She argued that Merkel's government has exceeded its mandate by allowing large numbers of migrants in and eurozone bailouts to Greece and by accelerating Germany's exit from nuclear power.

Game Change the movie shows a Palin of almost unfathomable ignorance. Staffers discover that she has never heard of the Federal Reserve and does not know why there are two Koreas; she answers a prep question about the military alliance with Britain by saluting John McCain’s excellent relationship with Queen Elizabeth. Efforts to instruct her send Palin into what one staffer describes as a “catatonic stupor.” And when Palin emerges, she is seized by the grievances that defined her public message from the autumn of 2008 onward. In those dying days of the campaign, she discovered the idea that would shape the final month of the campaign and the rest of her career: the divide between the “real” America—the America-loving America—and the despised rest of the country.

By luck or by some deep political instinct, Palin launched her attack on the credentialed urban elite at exactly the hour that this elite was discrediting itself as at no time since the urban crisis of the 1960s.

It was the mighty brains of Wall Street who first enabled the financial crisis—and then escaped scot-free from the disaster, even as ordinary Americans lost their jobs, homes, and savings. Palin was speaking to and for constituencies who had steadily lost ground through the previous decade—and who now confronted personal and national disaster. Meanwhile, the people asking for bailouts—and the people deciding whether to grant bailouts—boasted résumés that looked a lot like Obama’s private school/Columbia/Harvard Law School pedigree. That is, when they weren’t outright Obama supporters and donors. And at the same time, the position of America in the world—and of the white majority within America—seemed in question as never before. There, too, Obama could be made to represent every frightening trend: the flow of immigrants (12 million of them between 2000 and 2008, half of them illegal); the rise of non-Western powers like China and India; the deadly threat of terrorism emanating from people with names like “Barack,” “Hussein,” and—give or take a consonant—“Obama.”

Washington (CNN)Welcome to CNN's fact check coverage of the eleventh Democratic presidential debate from Washington, DC, ahead of the nation's third super Tuesday, where primaries will be held in Arizona, Florida, Illinois and Ohio on March 17.

As Vice President, Biden campaigned with New York Democratic Gov. Andrew Cuomo in 2015 to increase the state minimum wage to $15 an hour.

Asked whether he would order a national lockdown to combat the coronavirus pandemic, Biden took a swipe at Sanders' "Medicare for All" proposal. He pointed to Italy, saying that its single-payer health care system hasn't worked to stem the outbreak there.

The US has agreed on a $2tn stimulus package, the largest economic stimulus in US history, in response to the economic impacts of Covid-19. While corporations will be the biggest recipients of the bailout, some of that money will be paid directly to Americans hit by the pandemic.

Congress will spend about $250bn for checks up to $1,200 per person that will go directly to taxpayers.

To be eligible for the full amount, a person’s most recently filed tax return must show that they made $75,000 or under. For couples, who can receive a maximum of $2,400, the cutoff is $150,000.

New York, San Francisco, Los Angeles, Chicago – cities across the US are closing down because of the Covid-19 epidemic. The economic impact is already dire. Millions are probably already out of work, and economists are certain we are heading for recession. Donald Trump has a solution: get back to work. But it is a solution that many think will make matters worse, leading to the loss of even more lives and a deeper economic crisis.

The administration is now reportedly considering easing some physical distancing directives in order to halt the collapse of the economy.Many experts think that’s a terrible idea.The result would be “an open door to chaos”, said Professor Michael Greenberger, a former counselor to the United States attorney general and now director of the Center for Health and Homeland Security at the University of Maryland.

Greenberger said he could understand the desire to support the economy but that such short-term thinking could be devastating.“There are no two ways about this. The shutdown of the economy is damaging. It is a balancing of risks. I think we will be in worse shape in the public health sector and the financial sector if we just unthinkingly send people back to business as usual.”

When a $700 billion plan to rescue banks came up for a vote in late September 2008, two-thirds of House Republicans voted against it, despite the urging of their own leaders and a president of their own party, George W. Bush. The bill failed and the stock market tumbled before the plan was revived and passed, though a majority of House Republicans still opposed it.

A few months later, when a new Democratic president, Barack Obama, proposed an $800 billion follow-up stimulus plan, not a single House Republican supported it. The party opposed to big government, deficit spending and meddling in the free markets had stood its ground, for better or for worse.

are Republicans now embracing big-government solutions?

For many young and working class people across the country, the Bernie Sanders campaign brought hope for the first time in their lives.

I cannot vote for him.

, I have seen firsthand how desperately Americans need his life-saving policies. I cried with folks who had lost everything because of pharmaceutical industry greed, natural disasters and crushing student and medical debt.

the Obama team also consciously built his reelection on a narrative designed to be as inspiring as the one that lifted him to victory in 2008, albeit in a different way. This year’s narrative turned on the sheer range and scale of obstacles Obama faced — the story of a leader who perseveres relentlessly in the face of extraordinary conditions to improve the future of the middle class.

Obama’s original victory was improbable enough. But consider the extraordinary hurdles he overcame to win reelection.

Obama guru David Axelrod is a believer in the centrality of storytelling to politics — he has been described as “the keeper of Obama’s narrative.” Faced with terrible economic conditions and an implacable opposition, Obama’s brain trust knew Obama would only survive if he ran a scorched earth campaign designed to tear apart his opponent. But the Obama team also married this to an uplifting narrative about Obama that appropriated the very economic and political obstacles he faced.

the Main Street economy is failing while Washington is piling a soaring debt burden on our descendants, unable to rein in either the warfare state or the welfare state or raise the taxes needed to pay the nation’s bills. By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth.

we are now state-wrecked. With only brief interruptions, we’ve had eight decades of increasingly frenetic fiscal and monetary policy activism intended to counter the cyclical bumps and grinds of the free market and its purported tendency to underproduce jobs and economic output. The toll has been heavy.

a zombie idea is a proposition that has been thoroughly refuted by analysis and evidence, and should be dead — but won’t stay dead because it serves a political purpose, appeals to prejudices, or both. The classic zombie idea in U.S. political discourse is the notion that tax cuts for the wealthy pay for themselves

the big question: How did we get into the mess we’re in? The financial crisis of 2008 and its painful aftermath, which we’re still dealing with, were a huge slap in the face for free-market fundamentalists. Circa 2005, the usual suspects — conservative publications, analysts at right-wing think tanks like the American Enterprise Institute and the Cato Institute, and so on — insisted that deregulated financial markets were doing just fine, and dismissed warnings about a housing bubble as liberal whining. Then the nonexistent bubble burst, and the financial system proved dangerously fragile; only huge government bailouts prevented a total collapse.

What about responding to the crisis? Four years ago, right-wing economic analysts insisted that deficit spending would destroy jobs, because government borrowing would divert funds that would otherwise have gone into business investment, and also insisted that this borrowing would send interest rates soaring. The right thing, they claimed, was to balance the budget, even in a depressed economy.

it’s none too soon to begin asking the question: what have we learned about economic policy in this crash that should inform our thinking for the next downturn? 

Let’s start with the safety net since it’s a fixture of advanced economies and serves the critical function of catching (or not) the most economically vulnerable when the market fails

For many of today’s conservatives, the increased use of a safety-net program is proof that there’s something wrong with the user, not the underlying economy.

Trade unions say the country cannot bear another round of austerity.

Three days of a general strike paralysed public transport and slowed the public sector and the media.

Greece agreed to a third rescue package worth €86bn (£60bn) last year.