The White House and the United States Senate reached a “historic” agreement in the night of Tuesday to Wednesday on a gigantic plan to revive the world’s largest economy, hit hard by the coronavirus pandemic, announced the leader of the Republican majority .
“After days of intense discussions, the Senate has reached an agreement between the two parties (Democrat and Republican, editor’s note) on a historic plan to support this pandemic. We will approve this text later today,” said Republican Senator Mitch McConnell in the hemicycle.
Voting time has yet to be set on Wednesday. This plan will then have to be adopted by the House of Representatives, controlled by the Democrats, before being promulgated by the American president, Donald Trump.
“It will quickly send new resources to the front lines of our nation’s health battle. And it will inject trillion dollars of cash into the economy as quickly as possible, to help working families, small businesses and industries to weather the turmoil and resurface on the other side, ready to take off, “he added.
The leader of the Democratic minority in the Senate, Chuck Schumer, also welcomed the agreement reached between the two parties “on the largest bailout in American history”.
While the world’s largest economy has probably already entered a recession, these measures will mobilize around 2,000 billion dollars. The official text, and its precise figures, had not been published when the agreement was announced.
But these measures respond to “four priorities,” said Mitch McConnell.
“They will quickly provide financial assistance to Americans, through checks paid directly to middle-class households to” lower income households, as well as by strengthening unemployment benefits.
This was one of the key demands of the Democrats. Chuck Schumer was delighted that the employees but also the self-employed workers who have been laid off receive “on average their entire salary for four months”.
“In this critical situation, (the plan) will provide historic support to the real American economy, through billions of dollars in emergency loans so that more small businesses can survive and keep paying their workers,” said Mr. McConnell.
The plan “will also consolidate our economic bases and stabilize key national sectors to prevent as many layoffs as possible, while holding large companies to account,” he added.
“And, of course, it will provide major assistance to hospitals and medical centers, invest in new treatments and vaccines so that we can defeat this virus faster and send more equipment and masks to the heroes on the front lines, who are endanger to take care of their patients, “continued Mitch McConnell.
The senator used warlike language, hammering that “it is an investment worthy of a time of war”, that “the men and women of the largest country in the world will defeat the coronavirus” and that “the Senate will make sure they have the ammunition they need to do it. “
Stock market rebound
In the wake of this agreement, the Tokyo Stock Exchange ended Wednesday on a new spectacular gain, of more than 8%. Optimism had already bounced Tuesday Wall Street, the Dow Jones recording its largest advance in a session in almost 90 years.
Treasury Secretary Steven Mnuchin and other White House emissaries have been negotiating at the Capitol, headquarters of Congress, with Republican and Democratic leaders since Friday.
US President Donald Trump on Tuesday morning called on Congress to “act immediately”. “The longer it takes, the harder it will be to restart the economy. Our workers will suffer,” he tweeted.
Scalded by the profits deemed indecent from which a number of economic players have withdrawn from the bailout of the 2008 crisis, the Democratic opposition notably called on the Trump administration for increased supervision of loans granted to big companies.
The Democratic president of the House of Representatives, Nancy Pelosi, had seemed inclined Tuesday to approve the text which would be adopted in the Senate, if it was the fruit of a consensus and took into account the main priorities of the Democrats.
The pandemic also affects Congress, including three parliamentarians tested positive for the coronavirus and at least ten in voluntary isolation.
The toll is increasing rapidly in the United States, which counted Tuesday night more than 800 dead and more than 55,000 officially declared cases of Covid-19, according to the Johns Hopkins University, which refers.