America’s $2tn stimulus plan
United States senators and the Trump administration have agreed on a significant economic stimulus bill. America’s $2tn stimulus plan is set to ease the strain on the economy during the global health pandemic.
“We have a deal,” White House official Eric Ueland said on Wednesday. The package agreed on is expected to be worth $2 trillion.
Mitch McConnell – the Senate’s Republican majority leader, is expected to speak on the Senate floor shortly about the agreement.
The text of the pact is expected to be available later on Wednesday.
Some perspective:
– Trump drove the economy over a cliff by ignoring the COVID-19, lying about it, calling it a hoax, and doing nothing
– millions will lose their jobs
– businesses will lose $trillions
– no amount of economic stimulus now will make Trump a winner
– he screwed us— John Oberlin (@OMGno2trump) March 23, 2020
The package is expected to include a $500bn fund to help hard-hit industries. And up to $3,000 direct payments to US families. There is expected to be $350bn for small-business loans, $250nm for expanded unemployment aid and $75bn for hospitals.
The package aims to cushion the economic blow from the pandemic that has killed more than 660 people in the US, shut thousands of businesses and thrown millions out of work.
Almost 100 million people – nearly a third of the population – have been ordered to stay at home.
The money at stake in the stimulus legislation exceeds what the US has spent on national defence, scientific research, highway construction and other programmes.
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