Trump signs $2 trillion recovery plan as US virus cases skyrocket
US President Donald Trump signed into law the $2 trillion rescue plan to salvage a US economy crippled by the novel coronavirus, on a day the nation’s total count of COVID-19 cases surpassed 10 0 ,0 0 0 .
Trump’s signature brings an end to a dramatic, weeklong legislative saga on Capitol Hill and triggers the distribution of millions of relief checks of up to $3,400 for an average American family of four.
Hours earlier lawmakers in the House of Representatives united to green-light the mega-plan as the number of recorded deaths from the virus hit 1,693.
“I want to thank Democrats and Republicans for coming together and putting America first,” Trump said.
“This will deliver urgently needed relief to our nation’s families, workers and businesses. That’s what this is all about.”
The national rescue bill pumps $100 billion into hospitals and health facilities in critical need of medical gear like personal protective equipment and intensive care beds, creates a $500 billion loan reserve for large corporations including airlines, and provides $377 billion in grants to small businesses.
It also dramatically expands unemployment assistance, aid that will cushion the blow for a staggering 3.3 million people who filed jobless claims in the week ending March 21.
“Our nation faces an economic and health emergency of historic proportions due to the coronavirus pandemic, the worst pandemic in over 100 years,” House Speaker Nancy Pelosi told colleagues shortly before the chamber passed the measure.
Several lawmakers including top House Republican Kevin McCarthy hailed the bill as a critical lifeline for workers and small businesses. Treasury Secretary Steven Mnuchin pledged a speedy distribution of checks.
“Americans need that money now, they can’t wait for government to take three or four or six months like we normally do,” Mnuchin said on Fox Business Network, adding he expected direct deposits of the cash to arrive in three weeks.
US stocks sank on Friday despite the legislative breakthrough. The Dow Jones Industrial Average slid 4.1 percent, the broadbased S&P 500 shed 3.4 percent and the tech-rich Nasdaq tumbled 3.8 percent. The Senate had passed the huge bill earlier this week.
The vote in the House was notable for the implementation of social distancing rules that prevented lawmakers from all gathering on the floor, leading to unprecedented scenes of members sitting in the upper galleries to allow for sufficient spacing.
Pelosi said the $2 trillion rescue plan -- the third and by far largest coronavirus legislative measure -- will not be the end of government assistance to battered communities.