Senate Unanimously Passes Massive Coronavirus Aid Plan

Senate

(Senate Television via AP)

WASHINGTON (AP) — The Senate passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.

The unanimous vote Wednesday came despite misgivings on both sides about whether it goes too far or not far enough and capped days of difficult negotiations as Washington confronted a national challenge unlike it has ever faced.

The package is intended as a relief for an economy spiraling into recession or worse and a nation facing a grim toll from an infection that’s killed more than 21,000 people worldwide. Treasury Secretary Steven Mnuchin asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months.”

Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4 trillion-plus annual federal budget. The $2.2 trillion estimates is the White House’s best guess.

The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.

Schumer boasted of negotiating wins for transit systems, hospitals and cash-hungry state governments that were cemented after Democrats blocked the measure in votes held Sunday and Monday.

But Cuomo said the Senate package would send less than $4 billion to New York, far short of his estimate that the crisis will cost his state up to $15 billion over the next year. More than 280 New Yorkers have died from the virus, a death toll more than doubles that of any other state.

Republicans won inclusion of an employee retention tax credit that’s estimated to provide $50 billion to companies that retain employees on payroll and cover 50% of workers’ paycheck up to $10,000. Companies would also be able to defer payment of the 6.2% Social Security payroll tax.

In the United States, more than 69,000 people have been sickened and more than 1,000 have died.

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