U.S. Senate unanimously passes $2.2 trillion coronavirus rescue package

The 880-page measure is the largest economic relief bill in U.S. history.

The U.S. Senate late Wednesday passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.

The unanimous vote came despite misgivings on both sides about whether it goes too far or not far enough and capped days of difficult negotiations as Washington confronted a national challenge unlike it has ever faced.

The 880-page measure is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell appeared somber and exhausted as he announced the vote – and he released senators from Washington until April 20, though he promised to recall them if needed.

"The legislation now before us now is historic because it is meant to match a historic crisis,” said Minority Leader Chuck Schumer. “Our health care system is not prepared to care for the sick. Our workers are without work. Our businesses cannot do business. Our factories lie idle. The gears of the American economy have ground to a halt.”

The package is intended as relief for an economy spiraling into recession or worse and a nation facing a grim toll from an infection that’s killed nearly 20,000 people worldwide. Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said- “We’ve anticipated three months. Hopefully, we won’t need this for three months.”

Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4 trillion annual federal budget.

Insistently optimistic, U.S. President Donald Trump said of the greatest public-health emergency in anyone’s lifetime, “I don’t think its going to end up being such a rough patch” and anticipated the economy soaring “like a rocket ship” when it’s over.

The drive by leaders to speed the bill through the Senate was slowed as four conservative Republican senators from states who economies are dominated by low-wage jobs demanded changes, saying the legislation as written might give workers like store clerks incentives to stay on unemployment instead of returning return to their jobs since they may earn more money if they’re laid off than if they’re working. They settled for a failed vote to modify the provision.

Other objections floated in from New York Gov. Andrew Cuomo, who has become a prominent Democrat on the national scene as the country battles the pandemic. Cuomo, whose state has seen more deaths from the pandemic than any other, said, “I’m telling you, these numbers don’t work.”

Ardent liberals like Rep. Alexandria Ocasio-Cortez were restless as well, but top Washington Democrats assured them that a additional coronavirus legislation will follow this spring and signaled that delaying the pending measure would be foolish.

The sprawling measure is the third coronavirus response bill produced by Congress and by far the largest. It builds on efforts focused on vaccines and emergency response, sick and family medical leave for workers, and food aid.

Senate passage delivered the legislation to the Democratic-controlled House, which will most likely pass it Friday.

The package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion programme for small businesses to keep making payroll while workers are forced to stay home.

It includes a controversial, heavily negotiated $500 billion programme for guaranteed, subsidized loans to larger industries, including airlines. Hospitals would get significant help as well.

Six days of arduous talks produced the bill, creating tensions among Congress’ top leaders, who each took care to tend to party politics as they maneuvered and battled over crafting the legislation. But failure is not an option, nor is starting over, which permitted both sides to include their priorities.

The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.

A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks to an estimated $130 billion. Another $45 billion would fund additional relief through the Federal Emergency Management Agency for local response efforts and community services.

Democrats said the package would help replace the salaries of furloughed workers for four months, rather than the three months first proposed. Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time.

Businesses controlled by members of Congress and top administration officials – including Mr. Trump and his immediate family members – would be ineligible for the bill’s business assistance.

Europe is enacting its own economic recovery packages, with huge amounts of credit guarantees, government spending and other support.

Germany, Europe’s biggest economy, has agreed to commit over 1 trillion euros ($1.1 trillion) in fiscal stimulus and support – roughly 30% of that nation’s entire annual output. France, Spain and Italy have launched similar programs.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, or death.

In the United States, more than 55,000 people have been sickened and more than 1,000 have died.

Source: Read Full Article