Home Tags Posts tagged with "us coronavirus stimulus package"

us coronavirus stimulus package

President Trump has signed into law the largest-ever US financial stimulus package, worth $2 trillion, as the country grapples with the coronavirus pandemic.

The House of Representatives passed the cross-party bill two days after the Senate debated its provisions.

On March 25, the number of Americans filing for unemployment surged to a record high of 3.3 million people.

As of March 27, the US has more confirmed cases of coronavirus than any other country, with more than 100,000 positive tests.

No Democratic lawmakers were invited to the historic signing ceremony, which was held at the White House, though the president thanked both parties “for coming together, setting aside their differences and putting America first”.

President Trump said the package was “twice as large” as any prior relief bill.

He said: “This will deliver urgently needed relief to our nation’s families, workers and businesses.”

Just before signing the act into law, President Trump invoked the Defense Production Act (DPA), which gives the president the power to force private industries to create items required for national defense.

Coronavirus: US Has Now More Confirmed Cases than Any Other Country

Coronavirus: Russia Postpones Vote on Vladimir Putin Staying in Power

Coronavirus: Prince Charles Tests Positive for Virus

President Trump said the order will compel General Motors (GM) to manufacture much-needed medical ventilators for the federal government.

Earlier in the day, President Trump tweeted that GM had promised to “give us 40,000 much needed Ventilators, very quickly “.

“Now they are saying it will only be 6,000, in late April, and they want top dollar,” he said, threatening to invoke the DPA.

During the bill signing, President Trump said that “tremendous [medical] supplies” would be coming soon, adding: “We’ve had great results on just about everything we’re talking about.”

On March 27, New York Governor Andrew Cuomo announced eight temporary hospitals to meet an expected surge in cases.

He said 519 people had died in the state – the worst-hit in the US – and there were 44,635 confirmed cases.

Democrats and Republicans in the Democratic-led House approved the stimulus package by voice vote on March 27 following a three-hour debate.

House Speaker Nancy Pelosi said: “Our nation faces an economic and health emergency of historic proportions due to the coronavirus pandemic, the worst pandemic in over 100 years.”

Members of the House had been ready to conduct the vote at their homes but were forced to return to Washington at the last minute after a Republican representative from Kentucky demanded a quorum of half the chamber be present.

Thomas Massie – who objected to the stimulus package saying it contained too much spending – also sought to delay proceedings by demanding a formal recorded vote, as opposed to a voice vote, but was overruled.

President Trump vented his fury at Thomas Massie on Twitter, calling him a “third-rate grandstander” and demanding he be thrown out of the Republican party.

The new law enables direct payments to individuals and companies whose livelihoods and businesses have been affected by the pandemic.

It seeks to deliver $1,200 to every American earning less than $75,000 per year and $500 to the parents of every child.

The law also gives money directly to state governments, and bolsters the unemployment benefits program.

Under the law, jobless benefits will be extended to those not normally covered, such as freelancers and workers in the gig economy.

It also offers loans and tax breaks to companies that face going out of business, as one in every four Americans is ordered to remain at home and only go outside for essential needs.

Officials across the US have closed restaurants, bars, cinemas, hotels and gyms in an effort to slow the spread of the virus.

Auto companies have halted production and air travel has fallen dramatically. According to economists, a fifth of the US workforce is on some form of lockdown.

With almost 1,500 virus-related fatalities, the US death toll remains lower than those in Italy and China. But there are virus hotspots in New York, New Orleans and Detroit.

Senate leaders and the White House have agreed on a stimulus package worth more than $1.8 trillion to ease the impact of coronavirus.

The stimulus reportedly includes payments of $1,200 to most American adults and aid to help small businesses pay workers.

Full details of the deal, which Congress is expected to pass, are not known.

Financial markets around the world rose on news of the deal.

President Donald Trump has said he hopes the US will shake off coronavirus within less than three weeks.

However, the top US infectious disease expert, Anthony Fauci, warned that “you have to be very flexible” about a timeframe for ending the crisis.

Meanwhile, New York Governor Andrew Cuomo warned the illness was spreading faster than “a bullet train” in his state, which is at the centre of the pandemic in the US.

After 802 deaths and 55,225 confirmed infections, the US is more than midway through a 15-day attempt to slow the spread of the virus through social distancing.

Around 19,000 people have died with coronavirus across the planet since it emerged in China’s Wuhan province in January, and more than 425,000 infections have been confirmed.

Southern Europe is now at the centre of the pandemic, with Italy and Spain recording hundreds of new deaths every day.

Governments around the world have responded by locking down societies in the hope of slowing the spread of the virus.

The stimulus agreement announced by Democratic and Republican senator leaders at 01:30EDT on March 25 includes tax rebates, loans, money for hospitals and rescue packages.

According to media, individuals who earn $75,000 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.

Coronavirus: California Puts 40 Million Residents Under Lockdown
Coronavirus: Two US Congressmen Test Positive for Covid-19

Senate Majority Leader Mitch McConnell described the package as a “wartime level of investment” in the US nation.

If passed, it would be the largest government economic stimulus in US history.

The agreement must still be voted through the House of Representatives and the Senate before President Trump signs it off but it enjoys cross-party support.

One factor that may delay its passage is the question of how voting will be conducted, given that some members of Congress are off with coronavirus or are self-isolating having come into contact with infected people.

New York Governor Cuomo dismissed the plan as “terrible for the state” and called the proposed $3.8 billion “a drop in the bucket, as to need”.

He said New York was facing a $15 billion revenue shortfall, and estimated that $1 billion has already been spent on the coronavirus response.

The details of the stimulus bill have not yet gone to the House, making some lawmakers wary of signaling their early approval.

If any member objects to unanimous consent, lawmakers will be asked to return to Washington and vote over the course of an entire day, in order to limit how many people are present on the House floor at one time.

President Trump said he hoped America could get back to normal by Easter, which falls on April 12 this year.

He told Fox News: “We’re going to be opening relatively soon…

“I would love to have the country opened up and just rearing to go by Easter.”

However, the president later sounded more cautious, saying: “We’ll only do it if it’s good.”

President Trump added that re-opening could be limited to “sections” of the country such as “the farm belt”.