Top Capitol Hill negotiators on Sunday closed a deal on a nearly $ 1 trillion COVID-19 economic package, ultimately providing overdue aid to businesses and individuals and providing money for delivery of vaccines to a nation that strives for them

The deal announced by Senate leaders will see most Americans receive temporary additional unemployment benefits of $ 300 per week and direct stimulus payments of $ 600, along with a new round of subsidies for hard-hit businesses and money for schools and colleges Health care providers and tenants prior to eviction

The House should vote on the legislation on Monday, a spokeswoman for the House Majority Leader Steny Hoyer, D-Md. said the House would pass a one-day emergency law to prevent the government from closing at midnight on Sunday, the Senate is also expected to pass Vote on Monday Legislators were eager to leave Washington and end a turbulent year

“There will be another major bailout for the American people,” said Senate Majority Leader Mitch McConnell, R-Ky, when announcing the deal for an aid bill that would be nearly $ 900 billion. It is full of targeted measures to help Americans who have waited too long ”


A breakthrough came late Saturday in a battle over the Federal Reserve’s emergency powers that was resolved by top Senate Democrat Chuck Schumer of New York and Conservative Republican Pat Toomey of Pennsylvania that resulted in a final round of negotiations / p>

The definitive deal is the largest spending measure yet.It combines COVID-19 relief with a $ 14 trillion government funding plan and many other independent measures related to taxes, health, infrastructure and education

The passage is drawing near as coronavirus cases and deaths rise, and evidence piles up that the economy is in trouble

Delayed decisions would limit the $ 300 per week Unemployment Benefit Bonus – half of the additional federal Unemployment Benefit granted in March under the CARES Act – to 10 weeks instead of 16 weeks as before the $ 600 direct stimulus payment most people is also half of the March payment, subject to the same income limits as a person’s payment after 75000 USD expires

US. President Donald Trump particularly supports the efforts to get more direct payments “GET IT DONE,” he said in a tweet late Saturday

It would be the first significant legislative response to the pandemic since Jan. The 8 trillion CARES law was passed practically unanimously in March

Legislation has been held up by months of dysfunction, posture, and malevolence, but the talks got serious last week when lawmakers on both sides finally came up against the deadline before leaving Washington for Christmas

Legislators had hoped to pass the bill this weekend and avoid the need for an emergency bill, but progress slowed on Saturday when Toomey pushed for a provision to shut down the Fed’s credit facilities to Democrats and that White House said it was too broad and tied the hands of the new Biden administration, but Republicans joined Toomey’s position

The Fed’s contingency programs lent small and medium-sized businesses and bought government and municipal bonds These bond purchases made it easier for these governments to borrow at a time when their finances were under pressure from job losses and healthcare costs as a result of the pandemic >

Treasury Secretary Steven Mnuchin said last month that these programs, along with two programs that bought corporate bonds, would complete by the end of the year, leading to an initial objection from the Fed to the post-Great Recession Dodd-Frank Bill The Fed can only set up emergency programs for financial auditing with the assistance of the Treasury Secretary

Toomey said the emergency powers were designed to stabilize capital markets at the height of the pandemic this spring, and anyway ran out of Democrats late in the month saying Toomey was trying to curtail the Fed’s ability to stimulate the economy, just now as President-elect Joe Biden prepared for office

The virus relief deal would bring businesses more than $ 300 billion in aid, plus the additional $ 300 a week for unemployment and government renewal benefits that would otherwise expire immediately after Christmas It included $ 600 in direct payments to Individuals; Vaccine distribution funds; and money for tenants, schools, the postal service and people in need of food aid

The State Funds Act would fund the agencies through next September This move should yield one final dollar 4 billion installments to Trump’s U.S.-Mexico border wall as a condition for winning his signature

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Global News

World News – CA – Congress seals 900 billion deal USD aid package including USD 600 direct payments

Source: https://globalnews.ca/news/7534552/coronavirus-us-relief-package-approved/