US Congress Reaches Final Agreement on $900 Billion Economic Stimulus Package (Update)

Disaster Relief Fund of About $2,400 Per Household Now Available
Unemployment Benefits and Other Support Also Accessible

[Asia Economy Reporter Naju-seok] The U.S. congressional leadership has reached a final agreement on a $900 billion (989.55 trillion KRW) stimulus package. With the agreement on the stimulus package that had been delayed for over a month, it became possible to provide disaster relief payments of about $600 per individual, as well as federal unemployment benefits.

[Image source=Reuters Yonhap News]

On the 20th (local time), Mitch McConnell, the Republican Senate Majority Leader, said, "Finally, our country can say what it has long wanted to hear," adding, "Additional support (stimulus package) is now on the way." This agreement was reached after the leadership of both the House and Senate, including Nancy Pelosi, Speaker of the House, and Chuck Schumer, Senate Democratic Leader, convened. McConnell stated, "We have been waiting for a long time," and "It includes tailored policies for Americans struggling due to COVID-19."

With this agreement, federal unemployment benefits, which were at risk of running out within weeks, have become available. Support for programs such as the Paycheck Protection Program (PPP) for small and medium-sized businesses has also become possible. Under this agreement, a U.S. household of four can receive up to $2,400 in emergency disaster relief payments, and unemployment benefits of $300 per week are now available.

During the negotiation process, both sides withdrew the most contentious stimulus provisions they had opposed. In particular, the Republicans backed down from their plan not to extend the Federal Reserve's emergency lending program, which was set to expire this year. Since early this year, the Federal Reserve has been operating a lending program without requiring congressional approval. The Republicans opposed this, fearing that President-elect Joe Biden would initiate 'blind funding' support after taking office.

Senate Majority Leader McConnell stated that the final wording of the agreement is currently being finalized. Regarding the specific details of the agreement, he expressed hope that they would be disclosed "as soon as possible."

Both the Republican and Democratic parties began discussions on additional support measures before the additional stimulus funds were depleted this summer, but failed to reach a consensus due to conflicting partisan interests ahead of the presidential election.

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