Senate Majority Leader Mitch McConnell proposed a $1 trillion emergency aid package on Thursday to address the economic chaos triggered by the U.S. coronavirus pandemic. Senate Democrats must now review the Republican-drafted text before it can set a date for a vote.
If the Senate becomes clear, the bill must be approved by the House of Representatives, a majority-Democratic Congress, before President Donald Trump signs into law. McConnell encouraged both the Democrats and the White House to rapidly get on board.
Democratic talks expects to begin on Friday but could take time. Democrats would like the government to eliminate checks and send them directly to displaced People, “directly putting money in the pockets of those who need it most,” Senate Democratic leader Chuck Schumer and House Speaker Nancy Pelosi said in a joint statement.
Some prominent Republican senators have spoken out against the concept of direct financial aid for single Americans. Democrats did not please with the package Thursday evening, with Schumer suggesting he wants his group to be more involves in writing the relief plan.
McConnell indicates that, before the huge program pass, senators stay in Washington. The so-called third phase assistance program follows the approval by the president on Wednesday. It has a bipartisan $100 billion aid initiative signed into law.
Trump gave an air of reassurance, promising the economy would “go back to what it was and beyond.”
Priority is passing the $1 trillion plan to pump capital into the economy. Treasury Secretary Steven Mnuchin informed Fox Business News. It suggests that unemployment could hit 20 per cent if things don’t improve quickly.