Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss the worldwide economic policy response to the coronavirus outbreak and whether it will be enough.

President Donald Trump on Wednesday signed a $100 billion coronavirus aid package into law which includes provisions for emergency paid leave for workers as well as free testing.

The Senate passed a bill earlier in the day to expand paid leave and unemployment benefits in response to the coronavirus pandemic, part of a staggering response expected in the coming weeks to avoid economic calamity.

The chamber approved the bipartisan plan in a 90-8 vote. Two senators — Republicans Cory Gardner of Colorado and Rick Scott of Florida — did not vote while in self-quarantine after exposure to people who tested positive for the coronavirus disease known as COVID-19.

Some GOP lawmakers opposed the bill, arguing it could harm small businesses.

Senate Majority Leader Mitch McConnell said Wednesday that he would vote for the plan despite what he called “real shortcomings.” With the urgent need to take action, “I do not believe we should let perfection be the enemy of something that will help even a subset of workers,” he said.

On Tuesday, McConnell advised GOP senators to “gag and vote for it anyway,” saying Congress needed to rise above “our normal partisanship.”

For more coronavirus live updates:
https://www.cnbc.com/2020/03/17/coronavirus-live-updates.html

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