Nasdaq nearly 4 , will get back to the markets, theres a lot of News Headlines to go through, we will take you to that with our fox Business Team coverage, our reporters are set up, blake at the white house, hillary bonnet capitol hill, Edward Lawrence in washington. But blake has been the case, the news coming out at 1600 pennsylvania avenue what is the latest. One of the big pieces that came out was a phone call that happened earlier this morning between President Trump and the top democrat in the senate, Chuck Schumer tried to advance the tree and dollar rescue package that the white house hopes to get over to the president desk at some point next week. One area that the president and democrat agree on if money ends up going to big corporations making sure those can enter and use the money for stock buyback. The president said that he and schumer at this point really are not that far apart. I had a very good telephone conversation with some, we are working on various elements of the deal and the democrats are wanting something to happen in the republicans likewise are wanting something happen. And i think it will. Reporter the treasury secretary Steven Mnuchin said the tax filing deadline would be pushed back three months to jul. Both Steven Mnuchin and the president are still urging people to file now especially if they are your refund. People will have time and people will be able to hopefully by that time have people getting back to their lives, families and businesses who have the extra time to file with no interest or penalties are getting rid of interest and penalties. However, if you have refunds or credits you would like to claim, you may still file. Reporter i am told by the Treasury Department that we should get guidance here from the irs as it relates to the state tax returns that you have to file. Federal taxes, state taxes, two different systems and we expect to hear from the irs on that shortly. Connell thank you. Blake burman at the white house. Melissa you probably know but its the worst week for stocks since the financial crisis, lets go to susan lee with more on that. It was the worst week for the stock market since 2008 and on track for the worst month for the s p and the dow since 1987. There is a distortion effect of what we call a quadruple witching where futures and options expire and at one point we saw 60 more volume than usual. We did start off the day with hopes and optimism because the gains we saw in europe and asian side but then you sell the market continued to triple as a negative territory once andrew cuomo said nonessential workers should stay home and add to that the california stayathome order last night and thats why we sell these declines. But we did hear from President Trump and he says hes hopeful stocks will rebound. If you look at your stock market geniuses, some of whom are not geniuses but they think they are, a lot of people think i am right about that, once we defeat the virus, i think youre going to have a very steep like a rocketship, it will go up. We did see Oil Rebounding yesterday with the best day but today we see declines of 5 , we sell the Strategic Petroleum reserve with 20 million extra bells in texas said they might cap which might lift some of the oil pricing but good news, for workers because walmart says they are hiring 150,000 workers as amazon hiring 100,000 and paying bonuses, its good for the american workers. Melissa thank you for that. Connell a little perspective from steve forbes who joins us from his home office. Just on the stock market we might have backtoback games in six weeks, i dont know how important that wouldve been if it happened, not aggressively in the dow rent levels at the close, we have not had this close since november 30 of 201,619,173. How discouraging is that the way it ended, this crazy week. I think what underscores is that technical factors, there is still no confidence that washington is going to do enough aggressively and timely enough to prevent an Economic Contraction and serious economic harm. The builder putting through trying to get to the senate and congress right now, the trillion dollar package, i dont know why they dont just go to the Federal Reserve which under section 133 can set up a facility which is done for commercial paper and make loans industry neutral to companies that are solvent, go to the facility and get the money now. A straight loan above market Interest Rate instead of all the politics in choosing who gets it and who does not get it, make industry neutral and do it right now, they have the capacity to do it all in the permission of secretary mnuchin and from the Federal Reserve they could do that with a couple of phone calls, that we get relief out now and keep the politics out. Connell i want to talk more about that in a moment. Isnt there something that no matter what they do or the fed does or anybody does is a realization, there is no way out of this. Were trying to make it less bad or easier to bear or how you want to present, there is no real answer. This obviously what happens with this virus and the steps are taken on that but in the meantime that kind of facility would right away provide needed liquidity, needed credit to all companies that were otherwise solvent and face oblivion. The other thing they should do is tell Bank Regulators right away to call local Bank President and say what companies and customers are otherwise solvent, extend credit, dont cut off credit in that way local entities are not going to get cut off. We dont have time to go through the bureaucratic that is contained in this bill. This would provide instant credit to people who need it and otherwise be solvent. This is not stimulus, this is a lifeline to Small Businesses, Large Businesses so we can make sure we have something there on the virus crisis is over. Otherwise we will have wreckage and obviously none of us want that. Not at all, you want to talk about the bill. Stick around for a few minutes. Melissa providing relief to Senate Republicans a third round of those impacted by the coronavirus outbreak, Edward Lawrence is live in washington with the details. Reporter this afternoon there was a phone call between nancy pelosi, Chuck Schumer and Steven Mnuchin about all of this, Senate Majority leader Mitch Mcconnell wants to have a decision in an agreement in the next couple of hours so we can start the process and have a vote on monday, this is moving quickly, some pushback by democrats but not allowed upward, senator kevin cramer says this negotiation is being done the oldfashioned way. Member to member negotiation, not staff to staff and not majority leader to majority leader, member to member, putting in their ideas that there picking up from main street back home and i think thats a recipe that america wants to see. Republicans say that the package to help not only businesses but workers they want to help businesses so they have someplace to come back to, these can be direct payments, were talking about 1200dollar payments to workers going there out of direct deposit based on what you did on your 2018 taxes and if it bounces back, check will be issued, there is nothing the taxpayers have to do. One more thing that i have to pull out, its not been talked about, if youre affected by the coronavirus if you havent or have hardship, you can draw up to 100,000 of your retirement without a 10 penalty to cover the cost. This will include babysitting if youre a medical worker who has to go to work or on the flipside you can use it for rent or mortgage if you been affected by this. It could be immediately relief for people who need cash right now. On the business side theyre looking at Small Business loans that would turn into grants of those Small Businesses use it to avoid layoffs or business extensive like rent or mortgage. This is not 9 11, that was really bad, the meltdown in the financial market, that was terrible, this is indescribable. You are literally have shut down the economy for a period of time and no one can tell you how long itll go. There is a bailout for large sectors that will be loans, not ownership. This is the republicans say this would be worse if we do nothing. Melissa there are so many moving parts to this and the details have changed and you have stayed right on top of it. Thank you for that. We appreciate it. Steve forbes is back now as well. What do you think about this package, to me it looks really good, what concerns me is it looks like theyre going to get the first checks out in three weeks, that is not that soon. No, i wish with electronics they can get the checks out right away, the irs has records and social security, and they have ways of depositing cash, the sooner the better, yes there will be mistakes and people will try to commit fraud but most people need and need it now. They are moving on this, i supported and i also wish they would go for a tax holiday on the payroll tax which would make the cost of keep ente more on tr paychecks. Do everything, not just one thing. Melissa is concerning that the getting the checks out a couple weeks, ive not seen the details and they keep talking about programs for Small Business, in the meantime Small Businesses trying to make their payroll and make the rent in new york and they said nobody can be evicted for certain period of time, that was the new ordinance, the companies are making decisions when theyre trying to decide that theyre not going to spend every last dollar on payroll and not have anything when they come out on the other side, every second they are deciding what to pay and what not to while they wait for this money to come. I dont know obviously you hold out as much as you can but this is where the government can speed things up. Having the Federal Reserve and the regulators can bring the control in the other regulators together. Banks make those loans to solvent businesses, businesses that were solvent before the crisis and do it now. So you will not get gigged for an infection get gigged if you dont make the lifelong loans. They had the windows open to provide the needed cash so you dont have to worry about liquidity at local banks which theyre worried about because everybody is drawing their lines of credit, provide the cash, do it now and let owners know relief is immediately on the way and then they can csi every leave and knowing they can make decisions and knowing when the cash is going to arrive. Melissa the idea if you use the line of credit to make payroll or pay rent it could turn into a grant, thats a powerful thing because it gives you the incentive to keep the people on as a Business Owner you have to decide whether to conserve your cash to keep your business alive, it makes that part of the decision to pay your employees so much easier if you know itll be a grant and not eat into what you have. Thank you. Thank you for that. Connell another story that is getting a lot of attention on capitol hill, a group of senators that have come under fire, a number facing question overstock selloffs that came right ahead of the market in coronavirus selloff. To Hillary Vaughn in d. C. About what we know about this. Of the senators facing scrutiny senator richard burisma only when taking responsibility for making the cell himself on february 13th, he sold as much as 1. 7 million worth of investments divided over 30 different transactions per hes the chairman of the senate and Intelligence Committee and part of the question whether not he used information that he received an classified briefing about the virus and how it could potentially impact the market to shape his decision for his own personal investment. He explained, i relied fully on public news reports to guide my decision on stocks and febrile 13th in understanding the assumption that many can make in hindsight, however, i spoke this morning with the chairman of the Senate Ethics committee and asked him to open a complete review of the matter. Two other senators involved, inhofe and feinstein is bringing her husband for making the tray tweeting the quote, under senate rules i reported my husband financial transaction, i have no input in his decisions. Inhofe and leffler said they are not in charge of their own investments. First of all i did not give the briefings when i became the chairman, i invested myself of all stocks, i said get rid of all stocks that we have, put in mutual funds and no one can argue with that. That is false and cannot be true. If you actually look at the personal transaction reports that were filed, it notices at the bottom that im only informed of my transactions after they occur. Some are weeks. The president reacted to this news calling them all honorable people. I am sure we will heal her about this. Not to the numbers as we see today, we will give you some sort of update every day, more than 260,000 cases of the coronavirus worldwide. Of those, 15600 are here in the u. S. We are seeing an increase but not across the entire country in particular areas getting hit really hard. New york state, reporting a 130 increase. Just from yesterday morning, new jersey up 74 , louisiana where will take you later in the show, 71 increase, illinois 45. 5 and you get an idea why they are making these decisions. Melissa new york on pause, andrew cuomo regards everyone to stay home. Warning the spread is double the hospitals capacity as Health Professionals across the nation are really terrified about the shortage and supplies, were gonna talk to emergency room doctor in the dire conditions in his experience on the frontline. That is next. The unique challenges in that sector . 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Ill pass. Connell fox business alert, new information from the state of illinois, they issued a stay at home order for that state, it looks like its similar to what we seen in other states, they have different names in different states but california, new york, illinois similar. If you can stay at home, you stay at home, if you work in a business thats not essential, you dont go to work but you can get out get your food, medicine, go up by yourself and exercise, whatever the case may be. The Grocery Stores will remain open, cases have been going up, that is a john hopkins map worldwide at 258, but illinois is the place that they announce one more death where the cases have been going up and the governor taking and making a similar recommendation of what we have seen in other states. Melissa really scary. A dire situation on the frontline hospitals, the new york city on the verge of running out of protective equipment like the masks, disposable gloves and all of the protective gear frankly. Governor andrew cuomo addressed the issue earlier today pray heres what he said. If i had a new York State Defense production act i would use it. We need masks, if youre making clothing, figure out if you can make masks, i will fund it. I am doing everything that i can to increase the production, thats besides having people all over the globe trying to buy product. Melissa here now doctor calvin, an emergency room doctor and has worked with the majority of Hospital Systems in new york city and new york state, we are hearing from so many people that they cannot get the supplies that they need and at the same time, we had the Big Press Conference yesterday, the coronavirus update with the task force where they said theyre releasing williams of masks and all things from the government strategic reserve. I have been trying to figure out all day, how do you get your hands on that, is it not out yet, what breed are you getting on the situation . Thank you for having me. The situation on the ground as we were already running out of supplies even before the pandemic was even on our radar. So we were not getting enough equipment to begin with and any of her Hospital Systems and when the pandemic hit it was like running naked into a category 5 hurricane. We are doing our best to get as much as possible of what were being supplies in trying to raise the alarm bells and make sure we do not have nothing by next week and the earth some places that are not doing so. Melissa what is your Hospital Administrator say to you, do they say, were tried to get from the state or local companies, and turned to figure out where the bottleneck is. Because 3m says they produced millions, the government says theyre releasing millions and i swear i spent so much today trying to track down, why is it