US House passes $900 billion Covid relief package | Mint
Active Stocks
Tue Feb 20 2024 15:54:00
  1. Power Grid Corporation Of India share price
  2. 287.95 4.16%
  1. HDFC Bank share price
  2. 1,453.75 2.59%
  1. Tata Steel share price
  2. 141.05 -0.60%
  1. NTPC share price
  2. 345.65 2.01%
  1. ITC share price
  2. 406.05 -0.77%
Business News/ News / World/  US House passes $900 billion Covid relief package
BackBack

US House passes $900 billion Covid relief package

The relief package, unveiled Monday afternoon, sped through the House in a matter of hours.

Rep. Abigail Spanberger (D-VA) speaks at the podium standing with members of the Problem Solvers Caucus to praise passage of the bipartisan emergency COVID-19 relief bill in a press conference (AFP)Premium
Rep. Abigail Spanberger (D-VA) speaks at the podium standing with members of the Problem Solvers Caucus to praise passage of the bipartisan emergency COVID-19 relief bill in a press conference (AFP)

The House easily passed a USD 900 billion pandemic relief package Monday night that would finally deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths.

Lawmakers tacked on a USD 1.4 trillion catchall spending bill and thousands of pages of other end-of-session business in a massive bundle of bipartisan legislation as Capitol Hill prepared to close the books on the year.

Also Read | Dark underbelly of India Inc’s shop floors

The lopsided 359-53 vote was a bipartisan coda to months of partisanship and politicking as lawmakers wrangled over the relief question, a logjam that broke after President-elect Joe Biden urged his party to accept a compromise with top Republicans that is smaller than many Democrats would have liked.

The relief package, unveiled Monday afternoon, sped through the House in a matter of hours. A Senate vote that would send the bill to President Donald Trump appeared likely to follow soon.

The bill combines coronavirus-fighting funds with financial relief for individuals and businesses. It would establish a temporary $300 per week supplemental jobless benefit and a $600 direct stimulus payment to most Americans, along with a new round of subsidies for hard-hit businesses, restaurants, and theaters and money for schools, health care providers and renters facing eviction.

The 5,593-page legislation — by far the longest bill ever — came together Sunday after months of battling, posturing and postelection negotiating that reined in a number of Democratic demands as the end of the congressional session approached. President-elect Joe Biden was eager for a deal to deliver long-awaited help to suffering people and a boost to the economy, even though it was less than half the size that Democrats wanted in the fall.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Dec 2020, 08:22 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App