Concerns over coronavirus : Senate approves historic $ 2 trillion stimulus plan

Concerns over coronavirus : Senate approves $ 2 trillion stimulus plan

Stimulus plan : Senate approves historic $ 2 trillion stimulus plan as concerns over coronavirus intensify

The Senate approved a historic $ 2 trillion stimulus plan on Wednesday to revitalize the economy shaken by the coronavirus pandemic and end a few days of intense negotiations, the most expensive and far-reaching measure ever considered by Congress one.

With bipartisan overwhelming support for legislation, a clear sign is that the vote was unanimously passed 96-0.

The legislation represents the largest emergency aid package in the history of the United States and is the most important legislative action in response to the rapidly intensifying coronavirus crisis, which has overwhelmed hospitals and paralyzed most of the economy.

It will then go to the House of Representatives to vote. House Majority Leader Stanley Hall announced Wednesday night before the Senate’s approval meeting that the House will meet on Friday at 9 am to consider a relief package.

The plan is to pass the bill by voice vote, a move that would prevent the House of Representatives from forcing all members to return to Washington for a recorded roll-call vote.

President Donald Trump has said he will sign the measure and post congratulations on Twitter after Senate approval.

see also : Coronavirus bill: Nancy Pelosi provides $300 million to migrants

The White House and Senate leaders reached an important agreement in the early hours of Wednesday. Senate Majority Leader Mitch McConnell officially announced the agreement in the Senate Chamber, calling it “the level of investment in our country in wartime.”

Latest update: Coronavirus pandemic changes our lives

The legislative text of the final deal was released ahead of a final vote on Wednesday night.

The main contents of the proposal include: Reserve $ 250 billion for direct payments to individuals and families, $ 350 billion in small business loans, $ 250 billion in unemployment insurance benefits, and $ 500 billion in non-performing corporate loans.

The plan will provide substantial financial assistance to a troubled economy that has been hit hard by unemployment and will provide terms to help affected American workers and families, as well as small businesses and major industries, including airlines.

Under the plan, individuals with adjusted gross income of $ 75,000 or less will receive a direct payment of $ 1,200 per person, and married couples with an annual income of less than $ 150,000 will receive $ 2,400-an additional $ 500 per child. The amount paid will be reduced based on income, singles will completely eliminate $ 99,000, and childless couples will completely eliminate $ 198,000.

In addition, the bill will provide substantial funding-$ 130 billion-to the hard-hit hospitals and $ 150 billion to state and local governments that are short of funds to deal with the coronavirus.

According to the office of minority leader Chuck Schumer, the bill also has a provision that will prevent Trump and his family, as well as other senior government officials and members of Congress from getting loans or investments from fiscal stimulus programs.

His communications director said in a series of tweets that some senators did not vote because of concerns about health during the corona virus outbreak, including Republican Senator Whip John Thune who missed the vote because he felt uncomfortable.

The tweets did not mention coronavirus or self-isolation, but said he returned to South Dakota “out of caution”.

Hard Negotiations

An agreement was reached after hard negotiations between congressional Republicans, Democrats and the Trump administration.

After two consecutive high-profile setbacks-Senate Democrats blocked procedural voting rights on Sunday and Monday because of opposition to a bill originally enacted by the Senate Republicans-the deal appeared to be imminent on Tuesday morning, but not until Wednesday morning.

Democrats have argued during the negotiations that they want more protection for American workers in the deal and oversee how the funds are allocated.

A proposal for a $ 500 billion loan to non-performing businesses, of which $ 50 billion was for passenger airline loans, has sparked heated debate among parties. Democrats initially argued that there was insufficient monitoring of how the money was paid, but the Trump administration agreed to set up a supervisory board and created a post of inspector general to review how the money was used.

Stimulus unemployment benefits have also been controversial.

On Wednesday afternoon, the plan met with a last-minute opposition from a group of Republican senators who believed it would stimulate unemployment and that it could trigger worker shortages and supply disruptions by providing some unemployed workers with more money than they earned.

South Carolina Republican Sen. Lindsey Graham said: “This bill will cost more than not working.” “Literally, this is inspiring us to provide what we need. Critical infrastructure takes people away from the workforce.

 

Fact Check

We strive for accuracy and fairness. If you see something that doesn’t look right, contact us!

Thanks for reading and remember to share this post on social media

 

 

REF:  CNN

Leave a Reply