$2 Trillion to Stimulate the Economy
In an historic agreement, Republicans and Democrats were able to agree on a $2 trillion stimulus package for the economy.
After several days of tug-of-war, Republican and Democratic senators were able to agree on a $2 trillion economic stimulus package - the largest in modern U.S. history.
Although the resolution has yet to be signed by President Trump to become a law, it is to be hoped that this stimulus - which exceeds the annual federal budget of the United States by several hundred billion dollars - will succeed in calming the anxiety of investors and, especially, in giving resources to hospitals and workers to withstand the crisis caused by the pandemic.
The Democratic party has secured a total of $130 billion in funding for hospitals ($55 billion more than the original Republican proposal) and $150 billion for local governments.
The other achievement of Democrats was to ensure that the benefits of the program would not go to the businesses of Trump's family or other high-ranking government officials.
In addition to the $280 billion already mentioned, the program will include $350 billion to fund those small businesses that commit to maintaining their entire current payroll until the crisis is over. If this is the case, the loans acquired will be forgiven.
Another aspect of the package includes transfers to taxpayers for up to $1,200, depending on their annual income; the subsidies will be stopped for those who earn more than $99,000 a year. As an additional support to families, an additional $500 would be included for each child.
In addition, $500 billion will go into a corporate rescue fund.
All these funds will be in addition to the $8.3 billion already approved by Congress.
However, stricter health measures must be taken at the national level to contain the pandemic, or there will be not enough money in the world to stop the coming recession.