The Trump administration hopes that the positive impact of these measures on the economy devastated by the coronavirus will exceed $ 4 trillion
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The US Senate and Presidential Administration Donald Trump have reached an agreement on a record $ 2 trillion to stimulate the country’s economy, the New York Times (NYT) reports. According to the publication, it is planned to direct the money both to direct payments to low- and middle-income families and American benefits, as well as to support individual enterprises and entire states affected by the spread of COVID-19 coronavirus infection.
“Finally, we made a deal. In fact, we are talking about investments in our country in the amount of times of the war, ”Republican leader Mitch McConnell told reporters.
NYT notes that an agreement on a record-breaking stimulus package in modern US history was concluded after a “fierce bidding” led by US Treasury Secretary Stephen Mnuchin and Senate Democratic minority leader Chuck Schumer. Democratic senators twice blocked the deal, seeking to strengthen measures to support workers and the right to supervise the costs of the created fund to support troubled enterprises in the amount of $ 500 billion.
The result of the compromise was a package of measures, the total cost of which is several hundred billion dollars higher than the amount of expenditures of the US federal budget for 2020 ($ 1.4 trillion), NYT notes. The Trump administration hopes that the positive impact of these measures on the economy devastated by the coronavirus will exceed $ 4 trillion.
“I spoke with the president many times today, and he is very pleased with this decision and the influence it will have,” said Mnuchin, leaving the Capitol.