President Trump on Friday declared a national state of emergency in response to coronavirus, freeing up billions in federal funds to assist with state and local response to the pandemic.
“The action I am taking will open up access to $50 billion of very important — a large amount of money — for states and territories in our shared fight against this disease,” he said.
Trump said the administration is also working to expand testing capacity.
“No resource will be spared, nothing whatsoever,” he said.
Trump brought a series of health industry CEOs to the podium to give remarks on their response to the crisis. Trump also said that the government will waive student loan interest during the crisis.
Stocks rallied as Trump spoke, and the Dow Jones Industrial Average finished up 9.3% on the day.
Senate Democrats had urged Trump on Wednesday to make the emergency declaration, which allows states and municipalities to access FEMA funding.
The Trump administration has been working with Speaker Nancy Pelosi on a coronavirus response bill. However, it is not clear that a deal between the two sides is imminent.
Pelosi held a press conference on Friday to lay out the House bill, which she said would pass the chamber later on Friday. The bill includes mandates for free testing, paid sick leave and family medical leave for those with the virus. Trump, meanwhile, continued to call for a payroll tax holiday, which Democrats have resisted.
“We don’t think they’re giving enough,” Trump said at the press conference. “They’re not doing what’s right for the country.”