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COVID-19: Trump Administration, Senate reach USD 2 trillion economy package

ANI  |  US 

US Senate leaders and Trump Administration reached an agreement on Wednesday regarding a USD 2 trillion package to rescue the economy from the coronavirus wrath, paving the way for swift passage of the legislation from both the chambers of Congress.

According to Washington Post, the announcement was made on the Senate floor by Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.).

"At last, we have a deal," McConnell said. "After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. ... I'm thrilled that we're finally going to deliver for the country that has been waiting for us to step up."

"Help is on the way, big help and quick help," Schumer said. "We're going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark economic times."

The agreement was made after five days of intensive negotiations occasionally leading to partisan warfare.

The legislation aims at sending USD 1,200 checks to many Americans. It will also be used to create a USD367 billion loan program for small businesses and setting up a USD 500 billion fund for industries, cities, and states.

There are at least 52,976 cases of the novel coronavirus in the United States and 704 people have died, according to CNN Health's tally of US cases that are detected and tested in the US through public health systems. US economy is reeling with the deadly pandemic

The virus, which first originated in the Chinese city of Wuhan, has spread 189 countries or territories, infected more than 3,34,000 people and killed over 14,500, as per the latest data available on the Health Organisation website.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 25 2020. 17:58 IST
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