Egypt, Mauritania discuss strengthening agricultural cooperation    Government to disburse funding to investors completing 90% of factory construction    Egypt's human rights committee reviews national strategy, UNHRC membership bid    HSBC named Best Cash Management Provider in Egypt by Euromoney    EGX closes mixed on Oct. 14    Boehringer Ingelheim Launches Metalyse® 25 mg in Egypt Following Approval by the Egyptian Drug Authority    Trump-Xi meeting still on track    Sisi hails Gaza peace accord as a 'new chapter' for the Middle East    Egypt invites Chile's Codelco to explore copper mining opportunities    Egypt, Qatar seek to deepen investment partnership    Turkish president holds sideline meetings with world leaders at Egypt summit    Al-Sisi, Meloni discuss strengthening Egypt–Italy relations, supporting Gaza ceasefire efforts    Al-Sisi, Merz discuss Gaza ceasefire, ways to deepen Egypt–Germany relations    L'Oréal Egypt's 10th summit draws over 800 experts, focuses on dermatology    URGENT: Netanyahu skips Sharm El-Sheikh peace summit for holy reasons    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths one of largest New Kingdom Fortresses in North Sinai    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egypt Writes Calm Anew: How Cairo Engineered the Ceasefire in Gaza    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egyptian Open Amateur Golf Championship 2025 to see record participation    Cairo's Al-Fustat Hills Park nears completion as Middle East's largest green hub – PM    Egypt's Cabinet approves decree featuring Queen Margaret, Edinburgh Napier campuses    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Egypt's Al-Sisi commemorates October War, discusses national security with top brass    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt's ministry of housing hails Arab Contractors for 5 ENR global project awards    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



After months of inaction, US Congress approves $892 bln COVID-19 relief package
Published in Ahram Online on 22 - 12 - 2020

The U.S. Congress on Monday approved an $892 billion coronavirus aid package, throwing a lifeline to the nation's pandemic-battered economy after months of inaction, while also keeping the federal government funded.
President Donald Trump is expected to sign the package into law.
Following days of furious negotiation, both legislative chambers worked deep into the night to pass the bill - worth about $2.3 trillion including spending for the rest of the fiscal year - with the House of Representatives first approving it and the Senate following suit several hours later in a bipartisan 92-6 vote.
The virus relief bill includes $600 payments to most Americans as well as additional payments to the millions of people thrown out of work during the COVID-19 pandemic, just as a larger round of benefits is due to expire on Saturday.
The stimulus package, the first congressionally approved aid since April, comes as the pandemic is accelerating in the United States, infecting more than 214,000 people every day and slowing the economic recovery. More than 317,000 Americans have died.
House Speaker Nancy Pelosi, a Democrat, said she supported the virus relief bill even though it did not include the direct aid for state and local governments that Democrats had sought. She said they would try for it again after Democratic President-elect Joe Biden takes office on Jan. 20.
The bill, she said, "doesn't go all the way but it takes us down the path."
Republican Representative Hal Rogers, who also supported the package, said "it reflects a fair compromise."
At 5,593 pages, the wide-ranging bill that also spends $1.4 trillion on an array of federal programs through the end of the fiscal year in September, is likely to be the final major piece of legislation for the 116th Congress that expires on Jan. 3. Congress included a measure continuing current levels of government spending for seven days, ensuring no interruption to federal operations.
MCCONNELL CLAIMS VICTORY
It has a net cost of roughly $350 billion for coronavirus relief, Republican Senate Majority Leader Mitch McConnell said, adding that more than $500 billion in funding comes from unspent money Congress had authorized.
Both Democrats and Republicans claimed victory but McConnell argued that the final bill came close to what Democrats rejected months ago as insufficient.
The measure ended up far less than the $3 trillion called for in a bill that passed the Democratic-controlled House in May, which the Republican-controlled Senate ignored.
"Compare the shape of this major agreement with the shape of what I proposed all the way back in late July. Yes, some fine details are different," McConnell said in a statement after the vote. "There is no doubt this new agreement contains input from our Democratic colleagues. It is bipartisan. But these matters could have been settled long ago."
A months-long impasse on relief that played in the background of the U.S. presidential election was broken after a group of centrist lawmakers from both parties put forward a proposal that served as a framework for the final bill.
Even so, the bill was so unwieldy that it caused congressional computers to malfunction. It includes a hodgepodge of tax breaks and other proposals that failed to pass on their own, including two new Smithsonian museums and limits on surprise medical billing.
The legislation also renews a small-business lending program by about $284 billion and steers money to schools, airlines, transit systems and vaccine distribution.
PUBLIC COMPANIES EXCLUDED
The small-business loan and grant program, known as the Paycheck Protection Program, would exclude publicly traded companies from eligibility.
Amid reports that the Trump Organization received past aid, the bill contains disclosure requirements for the president, vice president, heads of Cabinet departments, lawmakers and spouses and prohibits those individuals from receiving loans in the future.
State and local governments, which are struggling to pay for the distribution of newly approved COVID-19 vaccines, would receive $8.75 billion from Washington, with $300 million of that targeted at vaccinations in minority and high-risk populations.
The deal, worked out in a rare weekend session of Congress, omits the thorniest sticking points, which included Republicans' desire for a liability shield to protect businesses from coronavirus-related lawsuits as well as Democrats' request for a large outlay of money for cash-strapped state and local governments.
If signed into law, the bill would be the second-largest stimulus package in U.S. history, behind the roughly $2 trillion aid bill passed in March. Experts said that money played a critical role as social-distancing measures shuttered wide swaths of the economy.


Clic here to read the story from its source.