Australia (9news)

US approves historic $2tn stimulus deal

By March 28, 2020 No Comments
The Senate has approved an historic US $2 trillion stimulus package to provide a jolt to an economy reeling from the coronavirus pandemic.
It capped days of intense negotiations that produced one of the most expensive and far-reaching measures Congress has ever considered.
The final vote of 96-0 shows passage of the $2.2 trillion economic rescue package in response to coronavirus pandemic, passed by the Senate at the US Capitol in Washington
The final vote of 96-0 shows passage of the $2.2 trillion economic rescue package in response to coronavirus pandemic, passed by the Senate at the US Capitol in Washington(AP)
The legislation represents the largest emergency aid package in US history and the most significant legislative action taken to address the rapidly intensifying coronavirus crisis, which is overwhelming hospitals and grinding much of the economy to a halt.
It will next go to the House for a vote.
House Majority Leader Steny Hoyer announced Wednesday evening (local time) ahead of Senate passage that the House will convene Friday morning to consider the relief package.
The plan is to pass the bill by voice vote, a move that would allow the House to avoid forcing all members to return to Washington for a recorded roll call vote.
President Donald Trump has indicated he will sign the measure.
Key elements of the proposal are $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
The plan will deliver a massive infusion of financial aid into a struggling economy hard hit by job loss, with provisions to help impacted American workers and families as well as small businesses and major industries including airlines.
Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 – and an additional $500 per each child.
The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
In addition, the bill would provide a major amount of funding for hard-hit hospitals – $130 billion – as well as $150 billion for state and local governments that are cash-strapped due to their response to coronavirus.
With CNN
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