President Donald Trump has donated his 2019 fourth-quarter salary to the coronavirus fight, Press Secretary Stephanie Grisham announced today.
Grisham said on Twitter today that the president sent his $100,00 paycheck to the Department of Health and Human Services. Trump has donated his $400,000 annual salary throughout his presidency, with previous donations going to the Office of the Surgeon General and the Department of Homeland Security.
While $100,000 may seem like a big donation, it is just a drop in the bucket compared to the estimated costs of curbing coronavirus. Last week, the president asked Congress to approve $2.5 billion toward coronavirus response efforts, with $1 billion going toward the development of a vaccine. Democratic Congressional leadership has proposed putting even more funds toward the virus fight, with Democratic Senate Minority Leader Chuck Schumer suggesting an $8.5 billion allocation.
Recent days have seen a spike in coronavirus cases in the U.S., with more than 100 cases and nine deaths. All fatalities have been confined to the state of Washington, but there have been infections reported in at least 15 states.
Worldwide, the coronavirus has infected more than 92,000 people, with 3,100 fatalities reported. The majority of the cases have been reported in mainland China, but the last two weeks have seen an uptick in infections outside of China, particularly in South Korea, Italy and Iran.
The virus has wreaked havoc on stock markets globally, with all three U.S. benchmarks falling into correction territory last week. The Dow took its biggest point loss since the 2008 financial crisis, with the S&P 500 shedding $3.4 trillion in market value.
Amid the evolving coronavirus situation, the Federal Reserve today announced it would slash its benchmark rate by half a percentage point — the first cut of this kind since 2008. The Fed lowered the rate to the range of 1% to 1.25%.
Meanwhile, concerns over the coronavirus have already led several footwear and fashion firms to issue revenue and profit warnings for the year, among them Skechers, Wolverine World Wide and Tapestry Inc. Companies say their fiscal-year bottom lines may be dented due to widespread store closures in heavily affected regions and decreased sales.
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