After the House passed the $2 trillion coronavirus relief bill earlier in the day, President Donald Trump signs the US stimulus package off into action.
After last-minute drama courtesy Rep. Thomas Massie, R-Ky., the House was able to pass the bill that approves the largest financial rescue in U.S. history via voice vote. Early, several abhorred House members had to flock back to Washington compromising safety due to the hurdles from Massie. President Trump has called for Massie to be booted out of the Republican Party, terming him a “third rate Grandstander”.
Trump signs and puts into action a stimulus package that includes one-time payments to individual Americans, amps up unemployment insurance, additional health-care funds and lending to businesses.
When will it come into effect?
It remains to be seen when the benefits will reach the Americans impacted by the Coronavirus outbreak. Several Congress members and also the White House stated that “some individuals will receive direct payments of up to $1,200 within three weeks”. In fact, some reports suggest the payouts can take as long as May.
The Bill comes after US witnessed unemployment claims spike to a record 3.3 million last week. Speaker Nancy Pelosi described the stimulus as mitigation and predicted that more such aid plans will be drafted by the Congress. Pelosi highlighted priorities as bigger direct payments, expanded eligibility for family and medical leave and bigger grants for states.
Trump Signs The Bill
Add US’ $2 Trillion package, the Global stimulus package so far stands at $7 Trillion. The Coronavirus cost currently stands at more than 5,60,000 cases and 25,000 fatalities. In the US, cases have topped 92,000 after it surpassed China to take the top spot. 1,380 have died.