News

Pelosi forecasts House OK of Senate’s $2.2T virus aid plan

Pelosi forecasts House OK of Senate’s $2.2T virus aid plan
World
WASHINGTON - House Speaker Nancy Pelosi says the massive $2.2 trillion coronavirus economic relief bill approved by the Senate will pass the House on Friday with “strong bipartisan support.”

Pelosi spoke to reporters at the Capitol on Thursday a day after the Senate unanimously approved the measure.

The package comes to the House as fresh evidence emerges that the economy is in a recession. The government reported 3.3 million new weekly unemployment claims, four times the previous record.

“We will have a victory tomorrow for America’s workers,” Pelosi said, praising the bill’s expansion of unemployment benefits. She encouraged companies battered by the pandemic to keep paying their workers, even those who are furloughed.

“Tomorrow we’ll bring the bill to the floor,” she told reporters. “It will pass. It will pass with strong bipartisan support.”

Federal Reserve Chairman Jerome Powell said in a TV interview the economy “may well be in a recession.”

The unanimous Senate vote late 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 any it has faced.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

The Senate passed a mammoth $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic, an unprecedented response amid record new jobless claims and mounting evidence that the economy is in a recession.

The unanimous Senate vote late 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.

Thursday brought grim economic news as the government reported 3.3 million new weekly unemployment claims, four times the previous record, fresh evidence that the U.S. is sinking into recession as coronavirus isolation steps have led to business closures.

Federal Reserve Chairman Jerome Powell said in a televised interview that the economy “may well be in a recession.”

House Speaker Nancy Pelosi, D-Calif., swung behind the bipartisan agreement, saying it “takes us a long way down the road in meeting the needs of the American people.“

The measure is set for House passage on Friday and President Donald Trump’s immediate signature.

The 880-page measure is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell appeared sombre and exhausted as he announced the vote — and he released senators from Washington until April 20, though he promised to recall them if needed.

“Pray for one another, for all of our families and for our country,“ said McConnell, R-Ky.

“The legislation now before us now is historic because it is meant to match a historic crisis,“ said Minority Leader Chuck Schumer, D-N.Y. “Our health care system is not prepared to care for the sick. Our workers are without work. Our businesses cannot do business. Our factories lie idle. The gears of the American economy have ground to a halt.”

The package is intended as relief for a sinking economy and a nation facing a grim toll from an infection that’s killed more than 21,000 people worldwide.

“This is a unique situation. This is not a typical downturn,” Fed chief Powell told NBC’s “Today” show. “What’s happening here is people are being asked to close their businesses, to stay home from work and to not engage in certain kinds of economic activity and so they’re pulling back. And at a certain point, we will get the spread of the virus under control and at that time confidence will return, businesses will open again, people will come back to work.”

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 estimate is the White House’s best guess.

Insistently optimistic, Trump said of the greatest public health emergency in anyone’s lifetime, “I don’t think its going to end up being such a rough patch” and anticipated the economy soaring “like a rocket ship” when it’s over.

The drive by leaders to speed the bill through the Senate was Wednesday slowed as four conservative Republican senators from states whose economies are dominated by low-wage jobs demanded changes, saying the legislation as written was so generous that workers like store clerks might opt to stay on unemployment instead of return to their jobs. They settled for a failed vote to modify the provision.

Wednesday’s delays followed Democratic stalling tactics earlier in the week as Schumer held out for additional funding for states and hospitals and other provisions.

The sprawling measure is the third coronavirus response bill produced by Congress and by far the largest. It builds on efforts focused on vaccines and emergency response, sick and family medical leave for workers and food aid.

Senate passage delivered the legislation to the Democratic-controlled House, which is expected to pass it Friday. House members are scattered around the country. House Majority Leader Steny Hoyer, D-Md., said the measure would pass by voice vote without lawmakers having to return to Washington.

House Republican Leader Kevin McCarthy said Thursday his members were on board.

“We’ll have a debate, and then we’ll have a voice vote to bring it up and move it to the president’s desk,” he told Fox News Channel. He said that while Democrats inserted things in the bill that didn’t deal with coronavirus, ”we will still get this package done for hospitals, workers, small businesses.“
Read more on Toronto Star
News Topics :
Similar Articles :
World
WASHINGTON The House will give final approval Friday to the massive US$2.2 trillion economic rescue bill with robust backing from both parties, Speaker Nancy Pelosi said, a...
World
WASHINGTON The Senate late Wednesday passed an unparalleled US$2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic....
World
WASHINGTON Reuters U.S. Republican lawmakers signaled caution on Tuesday over Democratic plans to prepare another large spending bill to battle the coronavirus crisis, even as President Donald Trump called...
World
WASHINGTON Reuters U.S. Republican lawmakers signaled caution on Tuesday over Democratic plans to prepare yet another large spending bill to battle the coronavirus crisis, even as President Donald Trump...
World
WASHINGTON House leaders plan for swift action on a US$2.2 trillion package to ease the coronavirus pandemic s devastating toll on the U.S. economy and...