Coronavirus: Donald Trump and the United States Congress agreed on a fiscal stimulus plan valued at USD 2 billion

The United States Congress and the Donald Trump administration agreed on Tuesday a massive $ 2 trillion stimulus package to cope with the economic consequences of the coronavirus.

Republican Mitch McConnell -leader of the Senate Majority-, Democrat Charles E. Schumer -leader of the Senate Minority- and Steven Mnuchin -secretary of the Treasury and the main negotiator of the White House- They said they expected an impending resolution.

According The Washington PostThe package would extend extraordinary – and unprecedented – taxpayer assistance to potentially millions of US and foreign companies that have been hit by the rapid economic crisis. It would also extend one-time cash payments to most Americans in an effort to flood the economy with money.

The bill was processed in Congress without public hearings or formal review. It is unclear how effective the measures would be to stem the sudden downturn in the economy.

Optimism for a positive vote prompted theThe New York Stock Exchange, which closed Tuesday with strong gains and the Dow Jones, its main indicator, shot up 11.37%, its best day since 1933.

The massive package is a broad effort to protect the American economy, help households, and strengthen the health system amid the mounting crisis.

During project discussions there were moments tensile. The Democratic opposition, which recalls the excesses of those who benefited from the 2008 crisis rescue plan, raised greater supervision of loans granted to large companies which, according to her, resemble gifts for managers. In addition, Democrats contend that the initial proposal did not cover enough to provide health care and unemployment aid to Americans, nor does it restrict a $ 500 billion proposal for “illegal lobbying funds” for corporations.

The head of the Republican majority in the Senate, Mitch McConnell, criticized “an absolutely stupid obstruction” by the opposition.

After being passed in the Senate, the final version of the bill will need the green light from the Lower House. Nancy Pelosi, Speaker of the House of Representatives and Leader of Democrats in Congress, said that you can “cross the line” soon, noting that Democrats will push to “more fairly” distribute state aid between employers and workers . “I think a lot of progress has been made,” he told CNN. “Many of the provisions have been vastly improved,” he added.

Mnuchin had assured on Monday that the measures would benefit workers, however justifying “a special provision” for air transport, which he considered a strategic sector for the country.

Democrats want the bill to prevent corporations from using taxpayer funds to buy back shares or increase pay to executives, which some Republicans, including Trump, publicly oppose.

The coronavirus infected more than 52,000 people and left more than 675 dead in the United States, according to unofficial accounts.

As the United States prepared for a wave of the sick and millions of people were confined at home to avoid a spike of infections that could overwhelm hospitals, the most ambitious federal intervention of the modern era tested whether Washington could act quickly. to manage the pandemic at home.

With information from AFP and AP

Written by Argentina News

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