The U.S. Senate has agreed to an historic $2-trillion U.S. spending and tax cut package to boost the American economy in the wake of the coronavirus.
The Senate is expected to vote on the spending bill Wednesday. It will then go to President Donald Trump to sign the legislation into law. The plan includes $500 billion U.S. that can be used to back loans and assistance to companies, including $50 billion U.S. for loans to U.S. airlines, as well as state and local governments.
The bill also has more than $350 billion U.S. to aid small businesses. Then there is $150 billion U.S. for hospitals and other health-care providers for equipment and supplies.
For individual Americans, the spending package provides direct payments to lower- and middle-income individuals of $1,200 U.S. for each adult, and $500 U.S. for every child. Unemployment insurance would be extended to four months, and the benefits would be bolstered by $600 U.S. weekly. Eligibility for unemployment is also being expanded to cover more workers.
Senate Democrats won a series of restraints on corporations that receive loans or investments from the Treasury Department. Any U.S. company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year. They also would have to limit executive bonuses and take steps to protect workers.
The spending package will likely more than double the U.S budget deficit, which was already set to reach $1 trillion U.S. this year before the coronavirus outbreak.
