Stimulus triggers the distribution of millions of relief checks as unemployment rates skyrocket. FMTNews Trump
President Donald Trump speaks during a press briefing with the Covid-19 task force at the White House.
Trump’s signature brings an end to the dramatic, weeklong legislative saga on Capitol Hill, and triggers the distribution of millions of relief checks of up to US$3,400 for an average American family of four. The president also took the long-called-for step of invoking the Defence Production Act to compel auto giant General Motors to quickly honour its commitment to making ventilators, machines crucial to keeping critically ill coronavirus patients alive but which are in short supply in hospitals.The need is acute in New York state, the US hotbed of the epidemic where 44,635 infections have been confirmed.
The bill pumps US$100 billion into hospitals and health facilities in critical need of medical gear like personal protective equipment and intensive care beds, creates a US$500 billion loan reserve for large corporations including airlines, and provides US$377 billion in grants to small businesses. US stocks sank Friday despite the legislative breakthrough. The Dow Jones Industrial Average slid 4.1%, the broad-based S&P 500 shed 3.4% and the tech-rich Nasdaq tumbled 3.8%.The vote in the House was notable for the implementation of social distancing rules that prevented lawmakers from all gathering on the floor, leading to unprecedented scenes of members sitting in the upper galleries to allow for sufficient spacing.
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