White House Proposes $916 billion Economic Package
December 9, 2020 | Investopaper
The Trump administration has submitted a $ 916 billion Covid-19 relief package to Congress. The new economic package was put forward on Tuesday amid the possibility of a double-digit slowdown in the US economy.
US Treasury Secretary Steven Manchin said in a statement that the new proposal “includes budgets for businesses, schools and universities, as well as state and local government spending.” He also said that he had consulted with Congress Speaker Nancy Pelosi before bringing a new economic package.
Finance Minister Manchin also said he had discussed the issue with President Donald Trump and Republican leaders before bringing an economic proposal. Finance Minister Manchin and Speaker Pelosi had been discussing the economic package for months, but no agreement was reached before the November presidential election.
In early October, the Democratic-majority House of Representatives approved a $2.2 trillion relief package. Some senators have argued that the relief package should be less than $ 1 trillion. The new White House proposal is the first step by the Trump administration since the election.
The US Chamber of Commerce has sent a letter to the US Congress warning of a double-digit recession due to the lack of a meaningful relief package, the closure of many small businesses permanently and the unemployment of millions of Americans.
