Published: Thu, March 26, 2020
Markets | By Otis Pena

US Senate passes historic $2 trillion bill to stimulate US economy

US Senate passes historic $2 trillion bill to stimulate US economy

Overnight, the US Senate unanimously voted to approve a historic $2.2tn stimulus package to rescue the spiraling economy and rush financial assistance to workers, businesses and a healthcare system almost stretched to capacity as cases of the coronavirus sweep across the country.

The Senate, where Republicans have a narrow majority, is scheduled to have a vote on the proposal in the afternoon; the bill is likely to pass there, but the timeframe is not clear for a vote in the lower chamber, which is now on recess due to the coronavirus. The goal of the legislation is to shore up the us economy and civil society during the COVID-19 coronavirus pandemic.

Lawmakers were still negotiating details midweek, but expected to vote the bill into law within days.

"Let us marshal this government into action".

Negotiations between the two parties and the White House seemed to hit a stall on Sunday when McConnell called a procedural vote on the bill - which the Senate Democrats voted against.

Second-ranking House Republican Steve Scalise was urging his fellow Republicans to vote to pass the package, his communications director said.

A companion appropriations package ballooned as well, growing from a $46 billion White House proposal to $330 billion, which dwarfs earlier disasters - including Hurricane Katrina and Superstorm Sandy combined.

Several Republican senators had insisted the bill needed to be changed to ensure that laid-off workers would not be paid more in unemployment benefits than they earned on the job. "This is a proud moment for the United States Senate and the country". About half are in NY state.

The US ambassador to London has said China had endangered the world by suppressing information about the coronavirus outbreak thus allowing it to spread far beyond the Communist republic's borders.

Coronavirus: Spanish Soldiers Find Bodies of Elderly Patients in Retirement Homes
On Monday it emerged 20 people at a nursing home in France were found dead with a "possible link to COVID-19". Spain is the worst affected country in Europe after Italy , which has recorded more than 6,000 deaths so far.

The state has around 30,000 confirmed cases, he added, with 285 deaths.

"The arrows are headed in the right direction", Cuomo told reporters.

Senate leaders and the Trump administration agreed to a historic bill to alleviate the economic impact of the coronavirus pandemic by flooding the economy with a 13-digit sum of money.

House Speaker Nancy Pelosi had consulted with Schumer throughout his negotiations with Treasury Secretary Steven Mnuchin.

"At last, we have a deal", Senate majority leader Mitch McConnell, R-Ky., announced from the Senate floor early Wednesday.

More than $150 billion for the health care system, including funding for hospitals, research, treatment and the Strategic National Stockpile to raise supplies of ventilators, masks and other equipment.

Trump tweeted Wednesday that four hospitals being built in NY with federal assistance "are moving along very well, ahead of schedule".

"We have the anguish of the American people wondering about the future of their health, the health of their loved ones and of the economy necessitates us to do all we can to help them and help our country", he said.

Trump had voiced hope Tuesday that the country could begin to reopen in a few weeks, but his top infectious disease advisor, Anthony Fauci, said the timetable would need to remain "very flexible".

Like this: