The US Senate passed the nation's largest-ever rescue package late Wednesday, a $2 trillion lifeline to suffering Americans, depleted hospitals and an economy all ravaged by a rapidly spreading coronavirus crisis.
The monster deal thrashed out between Republicans, Democrats and the White House includes cash payments to American taxpayers and several hundred billion dollars in grants and loans to small businesses and core industries. It also buttresses hospitals desperately in need of medical equipment and expands unemployment benefits.ALSO READ: Wall Street bonuses to plunge 30%, layoffs likely as Covid-19 hits markets
The measure cleared the Senate by an overwhelming majority and was headed next to the House of Representatives, which must also pass it before it goes to President Donald Trump for his signature.
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96-0 in the United States Senate. Congratulations AMERICA!— Donald J.
Trump (@realDonaldTrump) March 26, 2020
On Wednesday, the Indian markets surged about 7 per cent as risk sentiment got a boost from the $2-trillion stimulus bill in the US. Hopes of a multi-billion-dollar relief package by the Indian government also kept investors’ mood buoyant. The $2-trillion package is touted as the world’s biggest fiscal response to a crisis. It includes unemployment insurance, small business loans, and loans for distressed companies.