By Aaron Miller-
The U.S Senate late on Wednesday passed a $2.2 trillion economic rescue package to steer aid to businesses, workers and health care systems affected by the coronavirus pandemic.
The 880-page measure is the largest economic relief bill in U.S. history. The bill includes a highly negotiated $500 billion program for guaranteed, subsidised loans to larger industries, including airlines. Hospitals would get significant help as well.
“The legislation now before us now is historic because it is meant to match a historic crisis,”said Minority Leader Chuck Schumer, D-N.Y. “Our health care system is not prepared to care for the sick. Our workers are without work. Our businesses cannot do business. Our factories lie idle. The gears of the American economy have ground to a halt.”
Ahead of the vote, Senate minority leader Chuck Schumer said : “This is a strange and evil disease,” said the Senate minority leader. “When we pass this bill, instead of hugging each other, we’ll wave from a distance.”
The bill would provide up to $1,200 in direct relief for American adults, create a $500bn lending program for businesses, cities and states and $367bn fund for small businesses. The plan also provides $130bn to hospitals, and expands unemployment insurance.
The intervention is a relief package for the U.S economy in the face of potential recession caused by an infection that has killed nearly 20,000 people worldwide. Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months.”.
New York Gov. Andrew Cuomo is amongst those who have expressed scepticism about the pandemic. House Speaker Nancy Pelosi, D-Calif. gave her full support to the bipartisan agreement, saying it “takes us a long way down the road in meeting the needs of the American people.”
The package is set to give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
“That Washington drama does not matter any more,” McConnell said. “The Senate is going to stand together, act together, and pass this historic relief package today.” The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.
Hospitals expecting a flood of COVID-19 patients were promised a cash boost of an estimated $130 billion.The Federal Emergency Management Agency for local response efforts and community services are to fund an extra $45billion into the system to help address the effects of the coronavirus.