US Congress approves $900 billion stimulus package

US Congress approves $900 billion stimulus package

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Washington: U.S. Congressmen approved a $900 billion rescue plan for the world’s largest economy on Monday, which will provide long-term incentives for millions of Americans and businesses hit by the coronavirus pandemic.

The overwhelming approval of the Senate and House of Representatives cleared the way for the bill to be sent to President Donald Trump to become law.

Trump signed a stopgap measure early Tuesday to keep federal government funding until December 28 and avoid a shutdown.

Republican Senate Speaker McConnell said on Twitter: “The American people can rest assured that there will be more help soon.”

With the increase in the number of Covid-19 deaths and the large-scale outbreak of the coronavirus further threatening the economy, Republican and Democratic lawmakers finally finalized a bill after months of debate and party accusations.

This agreement will save millions of unemployed people who have no jobs from unemployment, because these unemployed people will not see their unemployment benefits expire in a few days and provide a new round of cash payments.

Small businesses will benefit from more government grants, and the package also includes rental assistance and help for families facing eviction.

Democratic House Speaker Nancy Pelosi said: “This is a good bipartisan agreement.” “We will do something in this legislation.”

However, “As the president-elect Biden said, this is the first step. We need to do more and get virus assistance to crush the virus. More money to buy vaccines,” she said in the House of Representatives.

The United States is facing the world’s largest coronavirus outbreak, with a surge in cases in recent months, threatening an initial economic recovery. The death toll is as high as 319,000.

The latest data shows that retail sales have slowed during the usual booming holiday shopping season, and after months of decline, new applications for unemployment benefits have increased in four of the past five weeks.

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