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.
Despite the partisan differences in the United States, the Senate leaders have reached with US President Donald Trump's administration on the $2 trillion emergency package on March 25 meant to support businesses in the country who have been affected by the deadly coronavirus outbreak. Senate majority leader Mitch McConnell claimed that the trillion-dollar bill will provide "urgent relief" to the "small responders" including others who require country's support. The bill will now go to the House where the Democrats have introduced their own proposal which they deem more "effective".
Both the Congressional and US President Donald Trump administration negotiators had signalled on March 24 that they are back on track to clinch a bipartisan agreement on a nearly trillion-dollar emergency stimulus package to soften the blow of coronavirus outbreak on US economy. Even though the timeline for the final passage of the bill which Democrats claim to have many flaws, has slipped, Trump had said that Congress has to pass the bill “with no nonsense” or else the American “workers will be hurt”.
The US President is under pressure to rectify the country’s economic outlook and the increasing number of Americans losing their livelihoods amid the crisis of the coronavirus pandemic. The Senators will not vote until March 25 but the negotiators might be eager to at least announce a “deal in principle” before markets open back up.
Effect on the US market
According to an international news agency, the crashing of the bill is also likely to have a significant impact on the stock markets when they open. Senate majority leader Mitch McConnell blasted the Democratic opposition and even warned them of the economic devastation that lies ahead if Congress fails to act swiftly.
“Our nation cannot afford a game of chicken,” warned Senate Majority Leader Mitch McConnell, “The notion that we have time to play games here with the American economy and the American people is utterly absurd. We need to signal to the public that we’re ready to get this thing done.”
Meanwhile, Democrats believe that the bill did not go far enough to provide health care and worker aid, and also fails to put restraints on a proposed $500 billion “slush fund” for the corporations. Therefore, they proceeded with blocking its advance. Senate Democratic leader Chuck Schummer said that the progress was being made after multiple meetings.
“There’s a good chance we’ll have an agreement,” Schumer said as the Senate gaveled close, shortly before midnight. “We are fighting for a better bill.”
Updated 11:32 IST, March 25th 2020