US$ 2 trn package to revive American economy

The Senate and White House have reached agreement to pump US$ 2 trillion into the economy as millions of Americans have been ravaged by the coronavirus crisis. The stimulus package aims to buttress the teetering economy by giving roughly US$ 2 trillion to health facilities, businesses and ordinary Americans buckling under the strain of the coronavirus pandemic. It will provide grants to small businesses and hundreds of billions of dollars in loans for larger corporations including airlines, and expands unemployment benefits.

Top Senate Democrat Chuck Schumer said “We have a bipartisan agreement on the largest rescue package in American history.” Around US$ 130 billion will also be injected into what Schumer calls “a Marshall Plan for hospitals” and health care infrastructure in a bid to battle Coronavirus.

However, the Senate and House of Representatives still need to pass the legislation before sending it to President Donald Trump for his signature.