WASHINGTON (AP) — The House overwhelmingly approved a $2 trillion economic rescue package Friday, sending the sweeping legislation to President Donald Trump for his expected signature as the nation grapples with the deepening coronavirus pandemic. The 417-23 vote came almost three weeks after Congress first began racing to address the economic fallout from the outbreak, which has shuttered businesses, thrown millions out of work and threatened to plunge the country into a deep recession. The bill had bipartisan support, but it sparked partisan sniping closer to the final vote. Trump, a Republican, called the measure a “tremendous victory” on Twitter, adding, “Now the money will start flowing.” House Speaker Nancy Pelosi, D-Calif., said, “Today, the Congress delivered for the American people.” The bill includes direct payments of $1,200 to most adults and $500 for each child, as well as a $600-a-week boost in unemployment benefits and loans to businesses large and small. It also increases federal spending on hospitals, testing and other health care needs. The nonpartisan Congressional Budget Office has estimated the measure would increase the federal debt by $1.8 trillion. While the legislation passed with broad support, the vote was not without drama. Democrats pushed a series of amendments that would have further expanded the social safety net, but those were defeated, mostly along party lines. Republicans, meanwhile, accused Democrats of trying to exploit the crisis to advance a liberal wish list. The debate underscored the political challenges any incoming administration will face as it looks to respond to the nation’s financial needs. Trump’s administration has forecast a sharp contraction in the economy this year, with unemployment peaking at close to 25% by June. “This is the moment,” Pelosi said. The bill was the third major economic rescue package Congress has approved since the pandemic began to take hold in the United States. The first two measures, totaling $8.3 billion, were focused on providing emergency funds to federal agencies and expanding access to testing. But as the economic fallout grew, lawmakers from both parties determined that more sweeping action was needed. The legislation approved Friday is the largest economic stimulus package in U.S. history. It builds on the 2009 recovery act that was passed in response to the Great Recession. That measure was $787 billion. The bill now goes to Trump, who has promised to sign it as soon as it reaches his desk. “I want to get money into the pockets of Americans,” Trump said at a news conference Friday. The bill includes a number of provisions intended to help businesses and workers weather the economic storm. It provides forgivable loans to small businesses, tax breaks for companies that retain workers and a $10 billion grant program for airlines. The measure also includes a $150 billion fund for state and local governments, although it does not specify how the money can be spent. Democrats had pushed for more generous unemployment benefits, but they ultimately agreed to a compromise that boosts jobless aid by $600 a week for four months. The bill also includes $150 billion for hospitals and $60 billion for other health care providers. The legislation also provides $350 billion for state and local governments to help them respond to the pandemic. The bill includes $1,200 direct payments to most taxpayers, plus $500 per child. The payments will start to be distributed as soon as next week, according to the Treasury Department. The bill also includes $350 billion in forgivable loans to small businesses. The loans are designed to help businesses keep their workers on the payroll. The bill also includes $250 billion in unemployment benefits. The benefits will provide an additional $600 per week to unemployed workers for four months. The bill also includes $100 billion for hospitals and $150 billion for state and local governments. The bill is expected to add $1.8 trillion to the federal debt. However, the nonpartisan Congressional Budget Office said the bill will help to boost the economy and create jobs. The bill is a major step forward in the effort to address the economic fallout from the coronavirus pandemic. The bill is expected to provide much-needed relief to businesses and workers. The bill is also expected to help boost the economy in the long run..
Congress passes $2 trillion stimulus bill to revive economy
