coronavirus relief bill passed

  • 8 min read
  • Nov 18, 2019

Senate Passes Coronavirus Relief Bill To Provide For Testing ...
Senate Passes Coronavirus Relief Bill To Provide For Testing …

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Government Trump and congressional leaders scrambled on Wednesday to assemble a massive stimulus package aimed at preventing the US economy from falling into the worst collapse since the Great Depression, because of concerns about a pandemic brought a lot of American life jammed.

$ 1 trillion rescue plan for the proposed rule, which is the basis for fast-moving negotiations on Capitol Hill, including sending two big checks for many Americans and devote $ 300 billion toward helping small businesses avoid mass layoffs. Priority is placed on also includes $ 50 billion to help save the airline industry and $ 150 billion to prop up the other sectors, which could include a hotel.

The White House examination of this proposal by Republican Senate leaders before engaging more fully with the Democrats, so the package is certain to grow in the coming days. Democrats, meanwhile, are targeting their own priorities, mostly aimed at shoring up the safety net and public health infrastructure, and send the money directly to the American taxpayer, while avoiding the bailout of the company. Rep. Maxine Waters (D-Calif.) The Federal Reserve proposed Wednesday has sent $ 2,000 for every American adults and $ 1,000 for every American child until the end of the crisis.

government stimulus package that could arise in unprecedented size and speed, stunting the $ 800 billion stimulus law passed during the Obama administration and the $ 700 billion Troubled Asset Relief Program valid during the Bush administration. All told, between some of the advanced legislative package on Capitol Hill and other actions the government has taken, the White House push economic plan that “more than $ 2 trillion and counting” to try and catch this coronavirus economic wrecking ball, a senior government official said. The official spoke on condition of anonymity to disclose details of the plan.

The Dow Jones industrial average fell 1,338 points on Wednesday, or 6.3 percent, almost wiping out all the remaining profit stock market during the entire Trump presidency. Trump told reporters Wednesday that under “worst-case scenario,” the unemployment rate could jump to 20 percent, twice the height of the financial crisis. A research note JPMorgan Chase expects the economy to shrink by 14 percent between April and June, the worst contraction in the history of post-World War II.

“People want to go big,” Trump said at a news conference when asked about the size of the payments directly to the United States. “Everyone seems to want to go big, and they want to get to the recovery.”

The global impact of the virus continues to skyrocket. Italy death toll rises coronavirus 475 on Wednesday, its biggest daily rise recorded in any country. the state of New York, meanwhile, has about 2,500 confirmed cases, more than all but 10 countries in the world.

As the US government continues to scramble and improve responsiveness, Trump ordered the Navy hospital ship to the countries on the coast. United States and Canada agreed to cover all their borders to “non-essential travel,” and Ford and GM announced they will temporarily halt production at their plant in North America. The more a business group that petitioned the White House and Congress to help the economy as the total number of confirmed cases in the United States approaching 8,000.

“The barriers most intense concentration is much greater than during the 2008 financial crisis,” said Bruce Kasman, Director and Head of Economic Research at JPMorgan Chase.

The Senate on Wednesday also decided to approve the House-passed bill that would spend $ 100 billion on leave, unemployment insurance, and free tests for people affected by the coronavirus. sound is sent legislation to Trump, who signed it into law Wednesday night. Which follows the passage of another law earlier this month an emergency spending package of $ 8.3 billion for the public health system.

But the attention on Capitol Hill focused on the next step, as lawmakers face the need for urgent action to pass a massive stimulus bill to stabilize the economy before they were forced to leave the job. Depending on top of the Capitol was the threat of coronavirus infection that hashas reached to Congress, with several congressional aides infected and the number of MPs announced a voluntary self-quarantine after coming into contact with infected individuals. Wednesday night brought news of the first two members of parliament who contract the disease. Reps Mario Diaz-Balart (. R-Fla) and Ben McAdams (D-Utah) said that they began to develop symptoms on Saturday night, less than 24 hours after they’d stood on the crowded floor of the house and as for coronavirus aid package.

Senate Majority Leader Mitch McConnell (R-Ky.) Announced a new process for voting Wednesday aimed at extending the time for people so senators do not congregate in the well of the Senate. He urged members to prepare for action.

“I want to repeat, once again, the Senate will stay in session until we complete the third phase, the next bill, and send it to the House. Republicans hope that, before long, to have a consolidated position together with the administration and we intend to sit down with our Democrat colleagues, see what we can agree, “McConnell said on the Senate floor. “I would recommend the senators to stay around, close. How long it takes to pass these measures are not clear, but as everyone knows we move fast because the situation demands it. “

The new $ 1 trillion Trump plans will trying to spend $ 500 billion to the cash payments to individual Americans, although some people will not qualify if their income is over a certain level. Ministry of Finance of the line said the funds will be paid in two equal amounts, the first on April 6 and then again on May 18. White House officials have observed making every $ 1,000 check, but those talks continue and the number could grow.

The White House discussions with the Republican Party will aim to spend $ 50 billion to help save the airline industry and $ 150 billion to prop up the other sectors, which could include hotels, among others. Some Democrats have raised concerns about how these funds can be used and has called to put restrictions on companies that receive emergency assistance to ensure that employees do not suspended executives pocket big bonuses. Proposals Treasury showed an “industrial secured loan facility airline” which would allow it to make loans directly to “US passenger and cargo airlines.”

Treasury will determine the interest rate and other terms of any loan, but they will includes batas’pada increase executive compensation until the repayment of the loan. ‘

Trump said Wednesday that the proper amount is in flux as the negotiations evolve on Capitol Hill.

“We came up with a number. Have not gotten there yet, but certainly the hotel industry, the cruise ship industry, the airlines – they’re all major candidates, “said Trump. It is unclear whether the president’s own hotel could stand to benefit from any bailout.

Republicans on Wednesday sought to resolve internal divisions over the proposed direct examination and other parts of government requests. Senator Lindsey Graham (RS.C.), skeptical of payment, working with Senator Mitt Romney (R-Utah) on a potential compromise in which the funds for the second direct cash payments will be used instead to increase unemployment benefits, Romney told reporters.

Sens. Josh Hawley (R-Mo.) And Rick Scott (R-Fla.) Also criticized the impetus for the bailout fund industry, with Hawley echoing demands of Democrats that they must incorporate the needs of workers.

“If you’re coming to me and just say, we just want a lot of taxpayers’ money, just give it to us, I will not do it,” Hawley told reporters.

Republican senators also work out the details of the cash payment plan and whether the examination should be more than $ 1,000, according to two people familiar with the internal conversation. Government officials have suggested $ 1,000 is the minimum for the payment of the proposed benefits.

Some Republicans say they are ready to do what they must, like it or not.

“The amount spent, whether it gives everyone pause? A little. But you know what? This needs to be done, “said Sen. Joni Ernst (R-Iowa).

The approach taken by McConnell and administrative negotiations among themselves and then look for a buy-in of the Democratic annoyed some Democrats. This contrasts with how the coronavirus final bill is negotiated, when McConnell stood on the sidelines as House Speaker Nancy Pelosi (D-Calif.) Work directly with Mnuchin.

“It’s a totally partisan approach. … That, to me, sends absolutely the wrong signal to the American public that we are really trying to function and put the country first, “said Sen. Mark Warner (D-Va.). Several bipartisan discussions are already underway, though, such as Sens. Marco Rubio (R-Fla.) And Susan Collins (R-Maine) work on the provision of small businesses with fellow Democrats.

One of the purposes of the decision of the White House to seek $ 300 billion for small businesses in the plan will help the company continue to pay employees, as there has been a wave of layoffs, especially in restaurants and other companies where the business suddenly terminated.

Read the document

This credit, which the Treasury is calling “Small Loan Business Interruption,” will come with a 100 percent government guarantee. borrowers who qualify will have 500 or fewer employees, and the loan amount will be targeted to finance six weeks of salary, up to $ 1540 per week per employee. The loans will come from the US financial companies but must support the US government. Ministry of Finance will have the power to issue regulations on interest rates and maturity of the loan.

The package does not, at this point, including some large tax cuts that Trump had sought only a couple of days ago. White House officials spun away from tax cuts after Democrats and Republicans largely panned the idea, and Trump expressed concern that it would take too long for these benefits to filter through the economy.

The White House also sent Congress a separate emergency funding request for $ 46 billion to “ongoing preparedness and response efforts” to coronavirus. It will include new funding for the Department of Defense, Department of Veterans Affairs, the Center for Disease Control and Prevention, and the National Institute of Allergy and Infectious Diseases.

Paul Kane and Seung Min Kim contributed to this report.

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