SCRAM­BLE FOR SUP­PLIES ON DAY 1 US set to go for $2tn stim­u­lus to boost econ­omy

Hindustan Times ST (Mumbai) - - FRONT PAGE - Bloomberg [email protected]­dus­tan­times.com

The Trump ad­min­is­tra­tion struck a deal with Se­nate Democrats and Repub­li­cans on a his­toric res­cue pack­age with more than $2 tril­lion in spend­ing and tax breaks to bol­ster the hob­bled US econ­omy and fund a na­tion­wide ef­fort to stem the coro­n­avirus.

“At last we have a deal,” Se­nate Ma­jor­ity Leader Mitch Mccon­nell said early on Wed­nes­day on the cham­ber’s floor. “I’m thrilled that we’re fi­nally go­ing to de­liver to the coun­try.”

Se­nate Demo­cratic leader Chuck Schumer, who en­gaged in marathon ne­go­ti­a­tions with Trea­sury Secretary Steven Mnuchin, called it an “out­stand­ing agree­ment”.

The leg­is­la­tion was still be­ing drafted and there were few de­tails on all the pro­vi­sions agreed to, es­pe­cially re­lated to the spe­cific terms of the bailout and loan terms for com­pa­nies. Law­mak­ers are await­ing a fi­nal text of the bill ahead of a vote that Mccon­nell promised would be held later in the day.

It would still have to pass in the

THE STIM­U­LUS IN­CLUDES A $500 BIL­LION FUND TO HELP HARD-HIT IN­DUS­TRIES AND DI­RECT PAY­MENTS TO MIL­LIONS OF US FAMILIES

House be­fore it gets to Pres­i­dent Don­ald Trump’s desk.

House Speaker Nancy Pelosi, who had con­sulted with Schumer through­out the ne­go­ti­a­tions, has pre­vi­ously in­di­cated she would act to move the bill quickly.

“This bi­par­ti­san leg­is­la­tion takes us a long way down the road in meet­ing the needs of the Amer­i­can peo­ple,” Nancy Pelosi had said in a state­ment on Wed­nes­day.

PRATIK CHORGE/HT

A cou­ple cel­e­brates Gudi Padwa — the Ma­ha­rash­trian New Year — at Gir­gaum on Wed­nes­day.

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