US Senate Passes $2,700 Trillion Economic Stimulus Package... 'Largest Ever'

▲Democratic Party Senate Majority Leader Chuck Schumer is holding a press briefing on the 25th (local time) at the Capitol after the passage of a $2.2 trillion economic stimulus package bill.
[Image source=EPA Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] On the 25th (local time), the U.S. Senate passed a $2.2 trillion (approximately 2700 trillion KRW) stimulus package bill to revitalize the economy hit by the novel coronavirus disease (COVID-19). This is the largest scale in U.S. history.

According to AP News and others, the bill was passed unanimously in the Senate with 96 votes in favor and 0 against.

If it passes the House vote on the 27th, it is expected to be enacted immediately after President Donald Trump signs it. Since President Trump has declared he will sign it immediately, it is expected to proceed smoothly.

Considering that the U.S. federal government's annual budget is about $4 trillion, this stimulus package means that about half of the government budget will be injected at once.

The package bill includes plans to lend hundreds of billions of dollars to small and medium-sized enterprises and key industries hit by COVID-19, and to provide direct cash support to American taxpayers. The support for companies amounts to $500 billion, and Americans will receive $1,200 each directly.

Support for unemployment benefits and hospitals needing medical equipment is also included.

Additionally, the plan includes $367 billion for small business relief and $250 billion for unemployment insurance for those laid off.

Democratic Senate Majority Leader Chuck Schumer said before the Senate vote that day, "In response to this historic crisis, a historic bill is before us."

This content was produced with the assistance of AI translation services.