SCRAMBLE FOR SUPPLIES ON DAY 1 US set to go for $2tn stimulus to boost economy
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.
A couple celebrates Gudi Padwa — the Maharashtrian New Year — at Girgaum on Wednesday.