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Washington – AFP: US lawmakers approved the powers of the “Federal Reserve” (the central bank) in spending related to the Covid-19 pandemic on Saturday night, as reported Sunday by the “Wall Street Journal”, paving the way for a vote on a package An economic stimulus worth $ 900 billion will benefit millions of Americans affected by the repercussions of the Covid-19 epidemic.
The newspaper said the deal will preserve the central bank’s ability to create emergency loan programs without congressional approval. However, you must apply for approval to restart the current “Curse Law” programs as soon as they expire at the end of this year.
Republicans sought to limit the Federal Reserve’s ability to extend credit to businesses and other institutions, claiming that Democrats were trying to use the legislation to create “illicit financing” for the state and local governments they controlled.
But Democrats retort that restricting the powers of the central bank could worsen the financial crisis and hamper the incoming Joe Biden administration’s ability to jump-start America’s faltering economy.
The impasse threatened to temporarily shut down government institutions, a scenario that is not uncommon in politically divided Washington, but rather catastrophic given the deteriorating economy and the high number of daily deaths from COVID-19.
According to the newspaper, Senate Minority Leader Chuck Schumer said the House and Senate could vote on the deal before midnight Sunday.
A spokesman for Senate Majority Leader Mitch McConnell told the newspaper that lawmakers can now “begin closing the rest of the package to provide much-needed relief to families, workers and businesses.”
Before announcing the deal, President Donald Trump tweeted: “Why doesn’t Congress give our people a stimulus bill?” “Check it out and give them more money as direct payment,” he said.
A spokesman for Republican Senator Pat Tommy said, according to the newspaper, that the agreement “will preserve the independence of the Federal Reserve and prevent Democrats from appropriating these programs for political and social purposes.”
And the United States is the country most affected by the epidemic, registering around 314 deaths out of around 17.5 million injured as of Saturday, according to the Johns Hopkins University census. At least 6.3 million injured have recovered. It registers a growing number of deaths in recent days.
In order to avoid the risk of a shutdown of federal institutions, the United States Senate approved last Friday night a temporary budget for one week, which also allows deputies to continue their discussions on the law of the aid package for companies and individuals affected by the Corona virus.
A bill to help struggling businesses and the unemployed is seen as critical to recovering the world’s largest economy, even as new vaccines offer hope of a possible imminent end to the pandemic.
The package is expected to include assistance with vaccine distribution and logistics, additional benefits for the unemployed worth $ 300 per week, and a new stimulus check package worth $ 600, which is half the amount presented in checks distributed last March under the Cares Act.
And the massive $ 2.2 trillion package in March helped prevent a more severe economic slowdown.
The massive package included huge sums to save American businesses, including $ 377 billion in grants for small businesses to pay workers’ wages and rents, $ 500 billion in loans to major corporations and states, and nearly $ 600. billion in tax exemptions and deferrals.
Since his election, Joe Biden has urged Congress to pass a new aid plan “immediately.”
The aid package you want is expected to include measures to distribute vaccines and their logistics, an additional $ 300 per week of unemployment benefits, and a new batch of $ 600 stimulus checks, which is half the amount you were awarded. last March.
Economists have been urging a vote for new measures for months. So far, Democrats and Republicans have failed to overcome their differences.
One of the main points of contention is the value of the subsidies that will be awarded to families.
In a statement, Democratic Sen. Chuck Schumer said he expected the single-family allowance to reach $ 1,200. “We have the opportunity to provide direct financial assistance” to Americans and to make a difference for the poorest families, he added. He considered that “the only objection we hear is that this will greatly increase the impotence” of the government.
