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Millions of citizens in the US are in financial need due to the corona pandemic. A dispute in Congress threatens to expire the aid they care so much about. But an agreement is within reach.
After a long struggle, Republicans and Democrats in the United States are on the verge of adopting a multi-billion dollar crown aid package. If things continued like this and nothing stood in the way, a vote could be held today, said Senate Democratic Minority Leader Chuck Schumer of the Wall Street Journal. Consequently, an agreement has been reached on the powers of the United States Federal Reserve (Fed) during the crown pandemic. Overall, the package should have a volume of $ 900 billion.
According to the report, the deal should allow the Fed to continue issuing emergency loans without parliamentary approval. However, it would need the permission of parliamentarians to expand existing programs under the so-called Care Act. This aid package, approved in March, included billions in aid for needy corporations and small and medium-sized businesses, as well as direct payments to citizens and expanded unemployment benefits.
Dispute over the powers of the Fed
The Republicans wanted to restrict the powers of the central bank to make loans to companies and institutions. They fear that the American Democrats could use this route to funnel funds to the governments they control in the American states. Democrats argue that restricting the powers of the Fed would prevent President-elect Joe Biden’s new administration from stimulating the economy.
Before the deal was announced, outgoing US President Donald Trump wrote on the Twitter online service: “Why isn’t Congress giving our people an economic stimulus plan?”
More time for budget negotiations
The United States Congress has been arguing for months about the aid program to overcome the coronavirus pandemic. So far, Congress has passed $ 3 trillion measures. If he disagrees with the new budget and the aid package tied to it on Sunday, public life threatens to come to a standstill. The currently applicable emergency budget would expire at midnight local time. This would mean that federal institutions would run out of money.
In reality, the budget year for the United States ends at the end of September. Congress had extended the current budget until December 11 this year to give parties time to negotiate their budget until after the November 3 presidential election. Since the deputies had not found a solution recently, the postponement was extended several times, most recently until Sunday at midnight.
