Feb 27, 2018

Trump admin. cutting aid to Cambodia over democracy concerns

Photo: Cheriss May / NurPhoto via Getty Images

The Trump administration on Tuesday said it would cut or suspend "several Treasury, USAID, and American military assistance programs" in Cambodia, citing "deep concern" over "recent setbacks to democracy. " The U.S. will continue "health, agriculture, mine clearance, civil society promotion and other programs."

The details: The White House said the U.S. has allocated more than $1 billion to help Cambodia economically, socially and politically for the past 25-years. Press Secretary Sarah Sanders told reporters that a recent election "fails to represent the genuine will of” the people. Last year, the country's highest court dissolved the main opposition party at the request of the ruling government — which claimed victory Sunday — removing the most significant challenge to authoritarian leader Hun Sen, per the New York Times.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213Map.
  3. Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
  4. Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
  5. Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
  6. Poll: 1 in 10 Americans believe the economy will never return to normal.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

DetailsArrowUpdated 23 mins ago - Economy & Business

Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's (R-Ky.) attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative that includes billions more for hospitals and states.

Go deeperArrowUpdated 24 mins ago - Economy & Business