Mar. 25, 2020
USA CONGRESS TO STIMULATE COVID19 IMPACTED ECONOMY WITH $ 2 TRILLION BIPARTISAN DEAL.
In the early hours of Wednesday 3/25/2020, the majority leader of the USA senate, republican McConnel announced that they got a deal package of two trillion dollars done in a bipartisan
manner to stimulate a failing Covid 19 impacted economy.
The deal was expected sometime by Monday but did not happen because of opposition from the democratic leadership and members including speaker Pelosi and senate minority leader Schumer.
The democrats wanted safeguards and regulations on how the almost $500 billion allocated to help companies would be made accountable to the American people. The negotiators agreed to the creation of an oversight board and an inspector general to see to the accountability aspects of the money going to distressed Companies.
$50 billion of the loans for companies is for airline passenger carriers.
Small businesses through the small business administration will get loans from an allocated sum of $10 billion.
#130 billion is allocated for hard-hit hospitals while states and local governments with liquidity issues originating from their Covid 19 expenses will share $150 billion.
Individuals who earn $75,000 or less will get $1200 each. $2.400 each will be given to married couples who earn about $150.000 with each child getting $500 also.
The country is waiting for the final bill text which has been given different descriptions like “the single largest main street assistance program in the history of the united states “ by Larry Kudlow the administration,s chief economic adviser. Schumer called it “the largest rescue package in American history “ and it was clear that it was necessary.
Mcconnel belief the stimulus would help American workers, families, and industries affected and or impacted by the Covid 19 pandemic. It creates unemployment insurance for small businesses, it stabilizes key industries and a major relief to hospitals who would be able to get the needed vaccines and therapeutics including testing, research, and manpower development, and also strengthening most hospitals and public health systems.
The financial stimulus reveals the relationship between health and development. Within a short time, we have seen how a global health pandemic has disrupted the national economy, affecting jobs, commerce, trade, and incomes.
The financial stimulus also shows how governments could have to spend big to stabilize a failing economy.
It is now left to the senate and house to vote on the final deal.
Mayor Turner of Houston says that his city will wait for the package to be voted into law by both chambers of the congress before we get to know all the contents and provisions for Houstonians
Dr. Akwo, Ntuba Thompson