Senate Passes $2 Trillion Stimulus Package

Senate Majority Leader Mitch Mc Connell of Ky. gives a thumbs up as he arrives on Capitol Hill Wednesday

New Senate Stimulus Bill Would Ban Companies Owned by Trump or His Children From Receiving Any Bailout Money

Rob Portman said the rescue package would provide $350 billion in loans and grants to help keep small businesses open, assist those who have lost jobs during the crisis and address problems in the health care system that undermined response to the virus.

It also includes a $500 billion program for guaranteed, subsidized loans to larger industries, including airlines.

An aide to Senator Marco Rubio, who is the chair of the Senate's committee on small business and entrepreneurship, said those loans could be used, for example, by a restaurant owner to pay staff even though they have closed, and could be used to retroactively pay employees who have already been laid off. "It's taken a lot of noise and a lot of rhetoric to get us here", he said on the Senate floor Tuesday morning.

Data compiled by the John Hopkins University shows that the now number three in the world in coronavirus infections, after China and Italy.

Several senators missed votes because they were self-quarantined.

By the early afternoon, with the final text of the bill still taking shape after a bipartisan deal by Senate leaders and the Trump administration, a group of Republicans threatened to hold it up.

Diane Swonk, chief economist at Grant Thornton, a major accounting firm, wrote in a blog post Wednesday that the bill is created to temporarily help individuals, firms of all sizes, hospitals and states "traverse COVID-tainted waters".

"Our expectation is this bill passes tonight and gets to the House tomorrow and they pass it", he added. Representative Alexandria Ocasio-Cortez called it "a historic corporate giveaway" on Twitter.

House Democratic and Republican leaders have hoped to clear the measure for President Trump's signature by a voice vote without having to call lawmakers back to Washington. Baldwin said they are hoping to do a voice vote in the House, as coordinating 435 members is a lot more hard than 100 senators.

New York Governor Andrew Cuomo had criticised the bill, saying the $3.8bn allocated to his state would not cover tax revenue it will lose from reduced economic activity. NY accounts for roughly half of all United States coronavirus cases.

Pelosi expressed sympathy, but wanted the rescue package to move on. "Don't judge it for what it doesn't because we have more bills to come", the California Democrat told CNN's Wolf Blitzer on "The Situation Room".

Swonk noted that the size of the stimulus package is smaller as a share of GDP than the backstops provided by other developed economies. The money at stake amounts to almost half of the $4.7 trillion the U.S. government spends annually. If you're someone who thought the Green New Deal sounded nice but weren't sure what it meant in practice, I encourage you to check this letter out.

That became especially important in recent days, after Sen.

The massive legislation passed on a 96-0 vote after days of intense negotiations between Senate Republicans and Democrats, who demanded changes to the bill introduced last week by Senate Majority Leader Mitch McConnell.

The Senate stands adjourned until April 20 now that the package has passed out of their chamber. Mr.

Missing from Wednesday's votes was No. 2 Senate Republican John Thune, who said in a statement he did not feel well when he woke up on Wednesday and made a decision to take a charter flight home to South Dakota "out of an abundance of caution".

Insistently optimistic, President Donald Trump said of the greatest public-health emergency in anyone's lifetime, "I don't think its going to end up being such a rough patch" and anticipated the economy soaring "like a rocket ship" when it's over. He also dismissed criticism that his labeling it as the "Chinese virus" was racist. The $2.2 trillion estimate is the White House's best guess.

He also acknowledged it was only one part of the overall response needed.

"When the crisis finally abates we should take stock of the outcome and evaluate the costs of this breakdown in global collaboration", Ambassador Johnson wrote in The Times.

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