POTUS Trump signs massive $2.2 trillion coronavirus rescue package: NY Guv Andrew Cuomo says it is not enough

United States President Donald Trump signs the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2.2 trillion rescue package to provide economic relief amid the coronavirus outbreak [Jim Watson/AFP]

AS IMF has declared world in economic recession, US President Donald Trump signed a legislation called CARES Act seeking to provide support to workers, businesses, local governments and hospitals after it was approved by the US Congress comprising the House of Representatives and Senate. Following extensive negotiations between the Trump Administration and Congressional leaders, the Democrat dominated House of Representatives finally passed the historic $2.2 trillion economic relief package by voice vote in the absence of some Representatives. The Senate approved the measure earlier with a 96-0 vote. The legislation intends to provide economic support to families, healthcare workers, and small businesses to get through this challenging time. That includes $1,200 payments to qualifying Americans, $100 billion in direct support for hospitals, and over $370 billion to small business owners to keep their employees on the payroll. The bill is the largest rescue package in US history. Addressing the economic fallout from the coronavirus pandemic, the legislation offers direct payments to most Americans and special financing for big and small businesses. “This is a pandemic that we haven’t even seen for over 100 years in our country. It’s really such a tragedy. So, we had to take important action that puts families first and workers first and that’s what we did,” House Speaker Nancy Pelosi, Trump’s political opponent, said earlier this week. COVID-19 has almost brought the US businesses to grinding halt. An estimated three million small businesses will need special financing to survive and more than three million workers lost their jobs in just the past week, says ALJAZEERA. New York State, which has recorded more than 44,000 confirmed COVID-19 cases, has been hit the hardest in terms of the scale and effects of the virus. New York Governor Andrew Cuomo warned on Thursday that the newly approved federal funding for states would not be enough to cover the need in New York, where hospitals are already being overwhelmed with patients. “The congressional action, in my opinion, simply failed to address the governmental need,” Cuomo told reporters at a news conference earlier this week. New York estimates it will lose $10bn to $15bn in revenue because of the economic slowdown. The state would receive $5bn from the federal rescue bill passed by Congress but only for COVID-19 response, not lost revenue, Cuomo said. Meanwhile, media reports five members of the US Congress have tested positive for the novel coronavirus and more than two dozen others have said they are self-quarantining to limit the spread of the pandemic. President Trump has also gone on record committing the federal government would buy thousands of ventilators from a variety of makers.(edited by PKC, courtesy to ALAZEERA for the picture)

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