Published 11:26 IST, March 20th 2020
US: Republican Senator presents $1 trillion coronavirus relief plan
Senate Majority Leader Mitch McConnell on March 19 formally rolled out a $1 trillion economic stimulus plan to combat the economic turmoil caused by coronavirus
Senate Majority Leader Mitch McConnell on March 19 formally rolled out a $1 trillion economic stimulus plan to combat the economic turmoil caused by coronavirus pandemic in the United States. According to international media reports, the Republican Senator called the plan ‘a bold legislative proposal’ and said that he was officially introducing ‘Coronavirus Aid, Relief and Economic Security Act’. The drafted text must now be examined by Senate Democrats before a date for a vote can be set.
McConnell described the major contours of the proposal and reportedly said that it will deliver ‘direct financial help for the American people’ as well as ‘rapid relief for small businesses and their employees’. Furthermore, the plan by McConnell also includes significant steps to stabilise the US economy and protect jobs. The plan will also be providing more support for the health care professionals and their patients who are fighting coronavirus on the front lines.
The emergency economic aid proposal comes in response to coronavirus pandemic and it will be including direct payments to Americans under a certain income threshold. The measure first needs to be passed by the majority-democratic House of Representatives before being signed into law by US President Donald Trump. As per reports, the proposal is just an opening bid by the Trump administration and Senate Republicans, with no inputs from Democrats.
House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, in a statement, said that they are beginning to review the proposal and on first reading, it is ‘not at all pro-worker’. Pelosi and Schumer believe that the proposal puts corporations way ahead of workers. Previously Schumer even reportedly said that the plan had ‘virtually no inputs from Democrats’ and it was ‘against corporate industry bailouts’.
‘Take it easy’
Trump on March 16 urged US citizens to ‘take it easy’ and that ‘it will all pass’ in a bid to calm the people who are panic buying and leaving aisles at supermarkets empty. While the US President made the comments in a news conference at White House, the internet users were not seen impressed by the comments. Not only did the netizens point out the ‘disappointment’ of Trump administration's handling of the crisis but some of them also posted images of empty markets and declining stocks, which do not fall in synergy with Trump's assurance that he has talked to maintain the production of the goods.
Trump said, “But you don’t have to buy so much. Take it easy. Just relax. People are going in and they’re buying more. I remember, I guess, during the conversation, Doug of Walmart said that they’re buying more than they buy at Christmas. Relax. We’re doing great. It all will pass.”
Updated 11:17 IST, March 20th 2020