US Congress reaches deal on new coronavirus aid package

After months of contentious debate, the US Congress eventually reached agreement on new aid package worth $900 billion, to support an economy and individuals, hit by surging Covid-19 pandemic.

The second-largest economic stimulus in US history, following a $2.3 trillion aid package passed in March, comes at the right time as the previous aid has drained and accelerating pandemic further slowing the US economy and leaving more people jobless.

The package will provide relief to a small businesses, vaccine distribution, healthcare and food assistance and give $600 direct payment to individuals and boost unemployment payments by $300 a week.

The stimulus will also help state and local governments by providing aid for schools, coronavirus testing and other expenses and would allow Fed’s emergency lending program to expire in Dec 31 for businesses, state, and local governments.

The bill will be likely voted on Monday with Republican and Democratic leaders expecting the package should have enough support to pass both chambers of Congress.

Democratic Senate leader Chuck Schumer said he will push for more aid after President-elect Joe Biden takes office on Jan 20, highlighting that anyone who thinks this bill will be enough does not know what is going on in America as pandemic will stand as the largest crisis facing Biden’s new administration.