US, WASHINGTON (ORDO NEWS) — After markets were baked in hopes of massive US government support for the economy, it was learned this morning that the Trump administration reached a deal with Democrats and Republicans in the Senate on a historic bailout plan that provides nearly $ 2 trillion in spending and tax breaks to prevent an economic collapse and stem the coronavirus, according to two people quoted by the Bloomberg agency.
Details have not been released, but it is rumored that the package of measures would contain billions of business, state, and city aid, checks for most Americans, loans and small business assistance to maintain their wages, more extensive unemployment insurance, tax deferrals and many other provisions.
The agreement was reached after tough negotiations between Senate Democratic Leader Chuck Schumer and Treasury Secretary Steven Mnuchin.
The Senate could vote on these measures today. The House is also expected to pass the bill before it arrives on President Donald Trump’s desk for final validation.
On the markets, it should be noted that these announcements led to a slight increase in the futures contracts on the S&P 500 , while they were displayed higher a little earlier this morning.
Note, however, that these measures are not a real surprise. The figure of 2000 billion dollars had already been announced, and despite the political struggles, it was fairly obvious to everyone that this aid would end up being validated.
Contact us: [email protected]
The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.