Trump Finally Signs Historic $2T Coronavirus Aid Bill
Finally, a historic $2 trillion Coronavirus aid bill was signed by President Donald Trump on Friday afternoon to combat the devastating outbreak of coronavirus and ease the economic impact of the virus on American families.
The US Coronavirus Outbreak has destroyed huge swaths of the American economy. It has sparked closings that are fueling layoffs at a breakneck pace. Bars, restaurants, nail salons, and other businesses over the country have closed in an effort to keep the virus from growing.
Many Americans are also being urged by public-health officials to avoid leaving their homes.
The US Coronavirus aid bill is the largest emergency aid package in country history. It includes a massive financial aid for the economy with provisions aimed at helping American workers, small businesses and big companies straggling with this economic crisis.
States and municipal governments are additionally slated to get $150 billion in additional federal funding to combat the outbreak under the relief bill. Another $100 billion will be delivered to hospitals and healthcare facilities.
However, The House passed the legislation on Friday after the Senate confirmed it in a 96-0 vote on Wednesday.
Democrats and Republicans all together
“Our nation faces an economic and health emergency of historic proportions due to the coronavirus pandemic, the worst pandemic in over 100 years,” House Speaker Nancy Pelosi told at the close of a three-hour debate before the lower chamber signed the Coronavirus aid bill. “Whatever we do next, right now we’re going to pass this legislation.”
“I want to thank Democrats and Republicans for coming together and putting America first,” the president said shortly before signing the historic bill in the Oval Office.
Trump enacted the largest federal economic intervention in US history on a day the nation saw a record of 18,000 new confirmed cases of coronavirus infection, and US deaths neared 1,500.
But the bipartisan spirit seemed to end at the White House. Neither Pelosi nor Senate Democratic Leader Chuck Schumer was invited to Trump’s all-Republican signing ceremony for the bill, aides said.
Mr. No against Coronavirus aid bill
Rep. Thomas Massie had furiously opposed to a simple voice vote that would have required only a minimal number of lawmakers to travel. Massie, as part of his push, wanted to guarantee there is a quorum, which would require half of the members to show up on Capitol Hill. he was already so much of a disrupter he had the nickname ‘Mr. No.’
Elected to Congress via a special election in 2012, in the nearly eight years he’s served in the body, Massie has gone-it-alone on a number of votes and doled out some memorable quotes.
Massie’s stunt on Friday made President Trump and John Kerry, along with House Speaker Nancy Pelosi and top House Republican Kevin McCarthy, bipartisan allies.
To keep Massie’s gambit from delaying the bill’s passage, hundreds of lawmakers from both parties returned to Washington despite the risk of contracting coronavirus. For many, that meant long drives or overnight flights.
One member who spent hours in a car was Republican Representative Greg Pence, the brother of Vice President Mike Pence, whom Trump has put in charge of efforts to handle the coronavirus crisis.
Pence drove the nearly 600 miles (966 km) from his home state, Indiana, to Washington on Thursday. “We can’t afford to wait another minute,” he announced on Twitter.
Coronavirus as a crisis in the US
The U.S. has become the global epicenter of the epidemic, with more than 97,000 people infected, surpassing China.
Stocks finished the week in the red following a three-day rally. Traders cut positions ahead of the weekend despite the passage of the Coronavirus stimulus bill. The S&P 500 fell 3.4% while the Dow dropped 4.1%.
Following the crisis Trump urged Congress to immediately finalize the package, stating earlier that it would “deliver much-needed financial assistance to hardworking families and small businesses.”
The prospect of a long-term blow to the economy has prompted Trump to consider easing federal guidelines, despite warnings from governors, public health experts and some members of his own administration they should stay in place for longer.
Trump has repeatedly spoken of “re-opening” the country by Easter and on Thursday he told governors he would rank different areas of the country based on risk level in order to allow states to eventually relax quarantine and social distancing measures.
Consequently, The package provides roughly US$500 billion in loans and other assistance for major companies, including US$62 billion for the airline sector, as well as cities and states struggling with virus-related financial burdens.