Published 11:32 IST, March 25th 2020
Trump administration, Senate agree on $2 trillion coronavirus stimulus bill
The Senate leaders have reached with US President Donald Trump's administration on the $2 trillion emergency package on March 25 to support US economy.
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Despite partisan differences in United States, Senate leaders have reached with US President Donald Trump's administration on $2 trillion emergency pack on March 25 meant to support businesses in country who have been affected by deadly coronavirus outbreak. Senate majority leader Mitch McConnell claimed that trillion-dollar bill will provide "urgent relief" to "small responders" including ors who require country's support. bill will w go to House where Democrats have introduced ir own proposal which y deem more "effective".
Both Congressional and US President Donald Trump administration negotiators had signalled on March 24 that y are back on track to clinch a bipartisan agreement on a nearly trillion-dollar emergency stimulus pack to soften blow of coronavirus outbreak on US ecomy. Even though timeline for final pass of bill which Democrats claim to have many flaws, has slipped, Trump had said that Congress has to pass bill “with nsense” or else American “workers will be hurt”.
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US President is under pressure to rectify country’s ecomic outlook and increasing number of Americans losing ir livelihoods amid crisis of coronavirus pandemic. Senators will t vote until March 25 but negotiators might be er to at least anunce a “deal in principle” before markets open back up.
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Effect on US market
According to an international news ncy, crashing of bill is also likely to have a significant impact on stock markets when y open. Senate majority leader Mitch McConnell blasted Democratic opposition and even warned m of ecomic devastation that lies ahead if Congress fails to act swiftly.
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“Our nation cant afford a game of chicken,” warned Senate Majority Leader Mitch McConnell, “ tion that we have time to play games here with American ecomy and American people is utterly absurd. We need to signal to public that we’re ready to get this thing done.”
Meanwhile, Democrats believe that bill did t go far eugh to provide health care and worker aid, and also fails to put restraints on a proposed $500 billion “slush fund” for corporations. refore, y proceeded with blocking its advance. Senate Democratic leader Chuck Schummer said that progress was being made after multiple meetings.
“re’s a good chance we’ll have an agreement,” Schumer said as Senate gaveled close, shortly before midnight. “We are fighting for a better bill.”
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11:32 IST, March 25th 2020