Connect with us

Politics

How government wants to spend $2 trillion coronavirus economic stimulus

Published

on

  • The Senate’s $2 trillion spending package will employ historic amounts of government cash to combat the coronavirus and its economic fallout.
  • Legislators unveiled the fiscal stimulus plan Wednesday evening after days of blockages and hurried negotiations.
  • Here’s where the Coronavirus Aid, Relief, and Economic Security Act or the ”CARES Act,” allocates its massive sum, from direct payments for Americans to nearly $1 trillion in wide-ranging business aid.
  • Visit Business Insider’s homepage for more stories.

A $2 trillion spending bill will release unprecedented amounts of aid to combat the coronavirus’s effects across the US economy.

Senators unveiled the full text of the Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” on Wednesday evening after days of blockages and negotiation between leaders in Congress and the White House. The approximately $2 trillion sum arrives as the coronavirus spreads throughout the nation and measures to restrict contagion rapidly slow economic activity.

The stimulus package went through several iterations before the Senate voted on the CARES Act on Wednesday evening at around 11 p.m. Eastern Time. The amendments voted on included changes to unemployment insurance provisions introduced by Republican Sen. Ben Sasse of Nebraska. 

The legislation still requires passage by the Senate and the House of Representatives before making it to President Trump’s desk. 

Here’s where the bill will allocate its funds, from corporate loans to direct payments for Americans.

Continue Reading
Advertisement Find your dream job

Trending