US Baegakwan-Senate Agree on $2 Trillion Economic Stimulus Package

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The White House and Senate leadership in the United States announced on the morning of the 25th (local time) that they had finally reached an agreement on a $2 trillion economic stimulus package bill to respond to the novel coronavirus disease (COVID-19).

According to the Washington Post (WP) and others, Eric Ueland, White House legislative affairs aide, told reporters around 1 a.m. that day, "We have reached an agreement." In the Senate, Republican Majority Leader Mitch McConnell and Democratic Minority Leader Chuck Schumer had faced difficulties in discussions over the bill for the past five days, with both sides engaging in intense negotiations.

The bill includes a small business loan program ($367 billion), support for industries, cities, and states hit by COVID-19 ($500 billion), expanded unemployment benefits ($150 billion), and hospital support funds ($130 billion), WP reported. Foreign media have evaluated this stimulus package as an unprecedented scale of support.

Before negotiations began the previous morning, Treasury Secretary Steven Mnuchin told reporters, "We look forward to bipartisan negotiations concluding today." U.S. President Donald Trump also urged swift approval of the agreement via Twitter, stating, "Congress must approve the agreement today without nonsense," and warned, "The longer it takes, the harder it will be to revive our economy. Our workers will be hurt," calling for prompt passage of the agreement.

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