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Alba Iulia
Monday, June 1, 2020

The US Senate approved the largest economic package in history: $ 2.2 trillion to tackle the coronavirus

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The United States Senate approved on Wednesday an economic stimulus package estimated at 2.2 trillion dollars, the largest in the country’s modern history, with the aim of counteracting the effects of the coronavirus pandemic.

The package was approved with 96 votes in favor and none against after several days of blockade by Democrats, who did not agree on how the White House intended to distribute the money.

The bill now goes to the House of Representatives, which will vote loudly Friday morning “for limited flight options (to Washington), quarantine members, and multiple states with orders to stay home.”

Then it will pass into the hands of the President of the United States, Donald Trump, who has already advanced that he will ratify it immediately.

The fiscal stimulus package is triple that implemented in 2008 after the outbreak of the financial crisis, which amounted to $ 700 billion.

The current proposal includes an item of about $ 250 billion that will be reserved for direct payments to individuals and families of $ 1,200 for those with an income of less than $ 75,000 a year plus $ 500 for those under 17 years of age.

In addition, $ 350 billion in small business loans and another $ 250 billion are available to expand unemployment insurance benefits.

It also awards $ 150 billion to support state and local authorities, and another 130,000 million to strengthen the health system, which in some places such as New York state is beginning to be saturated.

One of the most disputed elements has been the fund of 500,000 million in loans for companies in difficulties, such as the airline, hotel or cruise sectors.Because the White House and the Republicans wanted it to be managed exclusively by the Treasury.

After opposition from Democrats, he will eventually be subject to the supervision of an independent inspector, and carries conditions such as limiting executive pay as well as a ban on the use of bailout funds for share buybacks.

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