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Coronavirus crisis: US Senate passes $2-trn rescue deal to revive economy

The measure cleared the Senate by an overwhelming majority and was headed next to the House of Representatives

BS Web Team & Agencies  |  Washington 

US Senate
The Senate side of the United States Capitol in Washington | Photo: Wikipedia

The passed the nation's largest-ever rescue package late Wednesday, a $2 trillion lifeline to suffering Americans, depleted hospitals and an 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.

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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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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.

First Published: Thu, March 26 2020. 09:58 IST
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