Le Sénat Américain a approuvé le plus important plan de relance de son histoire : $2 000 milliards pour soutenir l’économie et la population.
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Thursday, March 26, 2020: The U.S. Senate approved a massive $2 trillion economic stimulus package, overcoming last-minute disagreements and sending the bill to the House of Representatives for a vote. It is the largest fiscal stimulus package in U.S. history. To give you an idea of what $2 trillion represents, it is the equivalent of about 80% of the French GDP or about 10% of the American GDP.
The United States is therefore setting an example in terms of support for people, businesses and the economy. This is a first in the history of the country, which has demonstrated the ability of its political representatives to unite despite their differences, for the good of the nation and its people.
What are the measures of this exceptional plan?
The plan includes direct payments and unemployment benefits for individuals, assistance to states and businesses hit by the COVID-19 pandemic, and relief for borrowers, including those with student loans.
Here are the main measures summarized:
- Over $350 billion to help small businesses.
- 150 billion to hospitals and other health care providers for equipment and supplies.
- Direct payments in early April to low- and middle-income Americans of $1,200 per adult, plus $500 per child.
- Extension of unemployment insurance to four months, plus an additional $600 per week, with more workers eligible.
- 500 billion for struggling businesses, including sectoral loans for airlines, hotels and other businesses affected by the economic downturn.
A finally unanimous agreement:
In a remarkable sign of the overwhelming bipartisan support for the legislation, the vote was a unanimous 96-0. Senate Majority Leader Mitch McConnell formally announced the agreement on the Senate floor, describing it as "a wartime level of investment for our nation." The bill will next go to the Assembly for a vote.
This represents the largest emergency assistance program in U.S. history and the most significant piece of legislation to address the rapidly escalating COVID-19 crisis that is overwhelming hospitals and taking a toll on much of the economy.
President Donald Trump said he would sign the measure and tweeted his congratulations after the Senate gave the green light.
Details of planned measures:
Key elements of the proposal are $250 billion set aside for direct payments to individuals and families, $350 billion in loans to small businesses, $250 billion in unemployment insurance benefits, and $500 billion in loans to struggling businesses. The plan provides a massive injection of financial assistance to a struggling economy hit hard by job losses, with provisions to help American workers and families as well as small businesses and large industries, including airlines.
Under the plan, individuals earning $75,000 or less in adjusted gross income will receive direct payments of $1,200 each, married couples earning up to $150,000 will receive $2,400 and an additional $500 per child. The payment will decrease with income, with total elimination at $99,000 for singles and $198,000 for couples without children.
In addition, the bill provides significant funding for the most affected hospitals, $130 billion, as well as $150 billion for states and local governments that are cash-strapped as a result of their response to COVID-19.
Difficult negotiations:
A deal was reached after difficult negotiations between congressional Republicans, Democrats and the Trump administration.
During the negotiations, Democrats had argued that they wanted to see more safeguards for American workers in the agreement and oversight of how the funds would be distributed. Indeed, there was intense debate over the proposed $500 billion in loans for struggling businesses, with $50 billion in loans for passenger airlines. Democrats initially argued that there was not enough oversight on how the money would be spent. Then the Trump administration agreed to an oversight board and an inspector general position to review how the money will be spent.
The stimulus plan's unemployment benefits have also sparked controversy. On Wednesday afternoon, the plan hit a last-minute snag with a group of Republican senators who argued that it would encourage unemployment and could trigger worker shortages and supply disruptions by providing more money to some unemployed workers than they would earn by working. "This bill pays you more for not working than if you were working," said Senator Lindsey Graham of South Carolina. "You are literally incentivizing people to be taken out of the workforce at a time when we need critical infrastructure supplied by workers." Republican critics won a vote Wednesday night on an amendment to cap unemployment benefits at 100 percent of the wages workers receive while employed, but the amendment did not pass.
The project will now be submitted to the vote of the Assembly.
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