By Chathushka Perera
New York, USA (CWBN)_ Last night (21st Dec), the United States Senate finally reached a consensus with regard to Covid-19 pandemic stimulus and relief legislation, with an year-end bill worth USD 900 billion in relief, and USD 1.4 trillion in stimulus for small businesses and to run federal agencies through 2021.
Moreover, the bill allocates about USD 600 in payments for a large number of people, funds for unemployment insurance, and tax breaks for several companies. Its total value would amount to more than USD 2.3 trillion.
The bill has been relayed it to the White House for signing, with a 92 to 6 majority in favour.
As of today, over 18.1 million people have been infected by the virus, while 320,000 have died. As a result, over the second quarter of this year, economic growth rates also took the brunt force of the pandemic, with a 31.4 percent contraction.
Meanwhile unemployment in the US hit a record 23 million (7.6 percent). Rates peaked in April to about 15 percent.
According to Federal Open Market forecasts, the economy is expected to contract by 3.7 percent by the end of 2020, but is expected to recover by 4 percent by 2021, with the likelihood of slowing down subsequently.
