By the end of next week . All of it as the 11th hour gets underway on this wednesday night. Good evening again from our nbc news headquarters in new york. 237 days to go until the 2020 president ial election. With a number of coronavirus cases growing and the postponement of major events and the economic toll intensifying. Donald trump spoke from the oval office unveiling new travel restriction. The European Union failed to take the same precautions and restrict travel from china and other hot spots and as a result a number of large new clusters in the United States were seeded from those in europe. We will be suspending all travel from europe to the United States in the next 30 days and the new rules go into effect friday at midnight. There will be exemptions for americans that have undergone appropriate screenings. It will apply to the tremendous amount of trade and cargo and various other things. Anything coming from europe to the United States is what we are discussing. These restrictions will not apply to the united kingdom. At the same time we are monitoring the situation in china and south korea. Within the past hour the acting deputy secretary of Homeland Security posted a tweet saying the travel restrictions dont apply to american citizens or legal citizens or their families making it difficult to see how it will prevent the spread of the virus and the white house says the president misspoke and the ban does not apply to cargo either. The plan is one the president discussed hours after the World Health Organization declared the virus pandemic. Trump cancelled his visits to colorado and nevada. We are learning that coronavirus concerns prompted the nba to scrap its entire remaining season until further notice. We will have much more on that coming up. Actor tom hanks making headlines after posting on social media he and his wife, rita wilson, tested positive for the virus. We will be tested, observed and isolated for as long as Public Health and safety requires. The illness has spread to infect more than 120,000 people worldwide. This morning head of the National Institutes of allergy and Infectious Diseases and a key member of the White House Virus Task force offered this dire prediction in his testimony before the House Oversight committee. We will see more cases and things will get worse than they are right now. How much worse will get will depend on our ability to do two things. To contain the influx of people that are infected coming from the outside and the ability to contain and mitigate within our own country. Bottom line it is going to get worse. Was it a mistake to dismantle the office in the National Security council charged with Global Health and security . I would say we worked well with the oufs. It would be nice if the oufs were still there. A concern the president did not discuss tonight. Some hospitals and commercial labs are working to increase their screening for possible cases and many state and local officials are no longer waiting for federal help to protect their residents. New york state is going to take matters into their own hands. We are going to start to contract with private labs in the state to increase our testing capacity. Remember, we started several weeks ago. Cdc said they would do all of the tests and send them to atlanta. We said that was too little, too late. This will greatly increase our testing capacity. We are not in a position to rely on the cdc or the fda to manage this testing protocol. This puts more pressure on Financial Markets as the dow shed almost 1,500 points. That essentially marked the end of an 11year stock rally and the start of a bear market reflecting a 20 drop from recent highs and futures were down significantly. The president offered up broad outlines of a stimulus package tonight. I will soon be taking Emergency Action which is unprecedented, to provide financial relief. This will be targeted for workers that are ill, quarantined or caring for others due to coronavirus. Effective immediately, the fda will begin providing economic loans. I am asking congress to increase funding by an additional 50 billion using Emergency Authority i will be structuring the treasure repartment to defer tax payments without interest or penalty for certain businesses and individuals negatively impact and provide americans with immediate payroll tax relief. Hopefully they will consider this very strongly. Nancy pelosi is expected to unveil legislation tomorrow. Nbc news reports the house will likely pass that bill. As for the impact that the crisis is having on our daily lives, there are new developm t developments hourly. March madness will go on but without vfans in the arena. Seattle Public Schools will close for a minimum of two weeks tomorrow. And tomorrow the containment zone begins. Officials say they hope it will control the spread of the coronavirus in what has become the largest cluster of illness in the United States so far. Here is our white house correspondent. Robert costa, National Political reporter for the Washington Post and austin former chairman of the council for president obama and a professor of economics at the university of chicago. Welcome to all of you. Anita, the president made a number of announcements this evening. He did not declare a state of emergency. There is a state of emergency that continues to be in effect in america because of the border, the southern border. But that is as far as the president has gone and suggested that Jared Kushner is in charge of it and he is studying it more. The president is expected in the next few days or weeks to declare a very limited emergency that would free up 40 billion that is sitting there that the government has for disaster relief. He wants to free up some of that money. The thinking is that he wants to go ahead and act quickly. He was on the hill yesterday. He didnt hear anything that would make him think they would quickly accept his ideas for relief and he wanted to get funds freed up so he could go ahead and do that. Robert, you were reporting this evening about the fact that the president had a shouting match with his pressure secretary about the measures that the fed and others have taken. This is his fed chief jay powell who he put in to place. He is very, very frustrated with the fed and thinks more can be done. He is unhappy with the Federal Reserve and chairman powell on monday afternoon. While the president was in the oval office. He lashed out. You need to try to get him to lower rates if at all possible to see if you can have a conversation with him to stimulate the economy. The president knows he is being stymied on capitol hill about his payroll tax cut. The virus relief bill, paid sick leave, food security, free testing. Unemployment benefits. Speaker pelosi tonight after the president s speech trying to take the lead on the legislative answer to all of this. Austin, the dow was down another 1,400 and some odd points today and are off 20 from recent highs putting the dow into the bear market, the s p is not far behind. The president has what one might say a unhealthy preoccupation with stock market and interest rates. What do you make of this . The market is responding even after the president s announcement were lower. What do you make of what has to be done from the perspective of the government whether it is a stimulus or what the house is proposing . I think two things. The first is as we have spoken many times. When crisis hits, the only asset that you have is your credibility. I think when you see the stock market plunging the way that it did today and this evening, it is a judgment about the credibility of the white house. We have had the president of the United States going out and saying people are finding that when they get sick they can still go to work. We only have 14 cases. Soon that will go down to zero. When the president says that. When people cannot be tested, no amount of stimulus is going to be sufficient. The reason that the economy is going into this tailspin is that people are afraid. H they are withdrawing from the economy. If you gave them a 1,000 payroll tax cut they are not going to spend it. The greatest economic stimulus comes from slowing the rate of the spread of the virus. We have seen south korea succeed at it by finding the people that are sick and saying stay isolated for 14 days. They have been able to slow the spread of the virus and their economy will rebound in a rapid basis. The longer we pretend there are not cases here saying we are going to block cargo boxes from europe and that is going to help us without doing the testing, the more fear will be generated in peoples minds and the worse that the economy will get. This thing has developed quickly. I want to go back to really the last week of february. The last couple of days of finish when the president started to first talk of coronavirus. Lets listen. We are finding very little problem. Very little problem. You treat this like a flu. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history. One day it is like a miracle. It will disappear. We will be suspending all travel to europe from the United States for the next 30 days. Hundreds of thousands of people get better by sitting around and some of them go to work. If you are sick or not feeling well. Stay home. The democrats are politicizing the coronavirus. This is their new hoax. We must put politics aside. Stop the partisan ship. Unify together as one nation. This becomes a complicated call to arms for the president. He has been the one saying the democrats are politicizing it. Talking about the media blowing it out of proportion. Now the president has to step up and do something unusual, an Oval Office Address saying lets come together and take great actions to solve this. The leaders around the country outside of the white house that are dealing with this in an interview this week with larry hogan, a republican, he said he is deeply concerned about the mixed messages coming out of this administration. He said he had a 90 minute meeting with Vice President pence who said one thing and the president was talking in an entirely different way. That is a sitting governor dealing with cases in his state. On capitol hill they are expressing concern, democrats and republicans about how the president is handling it. There is concern that the president s intent is too attuned to the stock market and his reelection campaign. And the rate cut did not have the desire effect in the market. Nothing the president is doing is having an effect. You have competing plans. The president s plans. The democratic plan thats come out. Who reconciles this . This hasnt been a white house and congress that managed to come together. But at this point it is necessary. This is the problem. This has been the problem on a variety of issues. We never have been in this place before but on so many policy punishes, the democrats and the republicans on capitol hill cant agree with the white house. That is not going to be the case. Everybody believes something needs to be done. You are seeing the president say he will act union llaterally. The president is in this place where he is talking about how this is not that big of a deal and it is going to go away as you played. But he has to show that he is doing something. Tonight he showed that he is doing something while he is trying to down play parts of it exactly for his reelection and for his popularity. What will happen in the future. The trump campaign. They are aware now that this will probably be the issue that he will be judged on in the next few months up until the election. He said all travel from europe to the United States will stop. Not even cargo will go there and a correction came out saying cargo will go and actually it is just not americans coming to the United States. I wasnt clear the virus makes the distinction all that well. Right. This is exactly what i mean. If the president gets up and says something and three minutes after he says it no what he said is not what the policy is, it under mines your credibility. What also undermines your credibility, on one hand to say we need a big stimulus and this afternoon the secretary of hhs was reached. The president has a plan to cut 700,000 off of food stamps. Yes. They do intend to cut them off of food stamps. We need relief but we are going to have a filibuster to hold up paid sick leave for allamericans. Something is go to have to give. They are going to have to start telling the truth, doing tests and have a stimulus and an Antivirus Program or they are going to have to declare that we do not care. All that we want to do is to make the problem seem as small as possible. Thank you for kicking that off for us tonight. Coming up, the latest medical advice on how to protect yourself from what is officially a global pandemic. Bernie sanders said he will be at sundays defeat despite decisive defeats in yesterdays primaries. The 11th hour is just Getting Started on a wednesday night. The sleep number 360 smart bed is on sale now. Can it help keep me asleep . Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. And now, save up to 600 on select sleep number 360 smart beds. 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Estimates on the mortality rate ranged from below 1 to 3. 4 . Higher than the seasonal flu. As the New York Times points out even a disease with a relatively low death rate can take a huge toll if enormous numbers of people catch it. The doctor is a senior scholar at John Hopkins University. This is what people are trying to figure out. Even the mortality rates are greater than the flu. We dont understand how we get to the numbers. This coronavirus, covid19 is more infectious than the flu. Definitely. Definitely seems to be spreading in a pattern similar to the flu. It is going to attack more people than the flu. There are antibodies people develop but this is a Novel Coronavirus and it will attack a large percent of the population, maybe 50 or more. You were talking about viral load. Carriers have a lot of the virus. When you think of how infectious you are to other people, how much virus that you shed. It is a higher viral load in your nasal secretions than say s. A. R. S. This is more like the common cold and that is why we are seeing an accelerated spread all over the world. From an Infectious Disease perspective is the policy . Identify and isolate the cases so they dont spread. Similar to what happened in south korea. They have a low death rate. If you allowing people to be out there with this it will get into people that are higher risk. It is not containable through travel bans or airport screenings. Nonamericans traveling from europe. There are dozens and dozens of countries now. What is the Public Health thing that has to be done better . We keep hearing of not enough testing kits or diagnosing or nontest screening. Is that in your opinion the issue . When you look back you will say the diagnostic kits were botched in the United States even though it is one of the best pandemic prepared country. We dont know where it is spreading or have a good idea of the denominator. There is restrictive testing criter criteria. We thought of it as a travel related illness. The issue is that there is a different way to solve it. I thought the president took a good tone. I dont think that travel bans are the solution. The antiviral red tape, some of the economic policies may be a good thing. It is hard to say exactly what will happen. I want to see increased diagnostic testing. More hospital preparedness. Acceleration of vaccine development. Good Public Health. Do you think i think there terror more than a million kits out there now. Are you expecting to see a pop in the number of diagnosed cases . Definitely. The cases that were undiagnosed. We will see cases go up and this is what we want to find. We want to find them so we can isolate them. We dont want to not know. Thank you for joining us. A senior scholar at the John Hopkins University for health security. Coming up businesses are closing doors and layoffs are on the way. The growing impact of covid19 you might not have seen when the 11th hour continues. 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