US Congress Passes $900 Billion Stimulus Package... Awaiting Trump’s Signature

Republican and Democratic Parties Reach Agreement After Months of Discussions Yesterday

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] On the 21st (local time), the U.S. Congress passed a $900 billion (approximately 996.3 trillion KRW) economic stimulus package to prevent an economic recession caused by the novel coronavirus disease (COVID-19), according to reports from The Washington Post (WP) and others.

According to the reports, on that day, the U.S. House and Senate passed a 5,593-page COVID-19 stimulus bill. In the House, the bill passed with 359 votes in favor and 53 against, and in the Senate, it passed with 91 votes in favor and 7 against. This bill was passed following a long-standing conflict between the Republican and Democratic parties, with an agreement reached the previous day. President Donald Trump is expected to sign the stimulus package soon.

This stimulus package primarily includes direct cash support of $300 per week for unemployed individuals due to the COVID-19 crisis, as well as $600 billion allocated directly for small business support, food assistance, vaccine distribution, and medical cost support. This measure is expected to act as a catalyst for the U.S. economy amid the increasing possibility of economic activity shutdowns due to the spread of COVID-19.

In March, as the spread of COVID-19 accelerated and the economy sharply declined, the U.S. Congress mobilized more than $2 trillion in stimulus measures to support the economy. As the COVID-19 crisis prolonged, the need for additional stimulus packages was continuously mentioned ahead of last month's presidential election, but disagreements over the scale and other details between the Republican and Democratic parties prevented an agreement. However, after the U.S. presidential election, President-elect Joe Biden, who won the victory, emphasized the swift preparation of a COVID-19 stimulus package, and with the Democratic Party significantly reducing the originally proposed stimulus scale, both sides found common ground and ultimately reached an agreement the previous day.

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