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Stimulus Bill Before 20 January?

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The United States is already plagued by the epidemic of coronavirus. The second wave has started hitting him. The United States has had the highest number of deaths in Corona in the world. The country is also at the top in terms of attacks. According to the latest data, the number of deaths in Corona in this country has exceeded 250,000.

The highest death toll since the start of the second wave of corona on November 17 was 1,606. This is the highest number since May 14 this year. Working people are afraid of being financially damaged again in Corona. As the days go by, the financial crisis of the people is becoming apparent. Starting last March, various incentives were given to unemployed people in Corona. If Congress does not pass a new bill, multiple incentive programs will end at the end of the year.

But how successful will that bill be now, is that a big question now?

The U.S. economy is already reeling from the effects of the epidemic, which has hurt businesses and the government's coronavirus relief fund. The country's budget deficit has exceeded a record 3 (3 trillion).

The federal government has spent more than 6 trillion in the first 11 months of the current fiscal year, according to a report from the Ministry of Finance. Of this,2 trillion has been spent on coronavirus control programs alone. These expenditures exceeded the revenue earned from income tax (3 trillion). The US economy fell into a record deficit in 2009, more than double that. At the time, Washington was struggling to cope with the aftermath of the 2008 Great Depression.

However, before the outbreak of the Covid-19 epidemic, the US budget deficit for the current fiscal year was on the verge of reaching 1 trillion. This is also a big deficit in the history of the US economy. But the deficit has skyrocketed as the government has begun spending heavily on coronaviruses as a precautionary measure to keep economic impact to a minimum.

The Congressional Budget Office predicted this month that the United States would face an annual deficit of 3.3 trillion. The deficit is three times higher than last year. Where the federal government's fiscal year ends in September. The agency said the US government debt could exceed 26 trillion this fiscal year.

Many of those who lost their jobs due to the Corona epidemic are relying on emergency unemployment benefits, which have been extended by an additional 13 weeks.

According to the latest figures from the Department of Labor, about 13.5 million Americans are currently receiving unemployment benefits, which will close on December 31.

Trump has ordered a halt to talks with Democrats on a second stimulus package ahead of the US presidential election. Unemployed Americans had high hopes for that package. Even after the election, Democrats and Republicans have yet to reach an agreement. As a result, frustration has descended on millions of unemployed Americans.

Republicans, Democrats are close to reaching a consensus on a second stimulus package to alleviate the suffering of U.S. citizens devastated by the Corona epidemic before the presidential election. He ordered White House officials to suspend all talks until the November 3 election.

House Speaker Nancy Pelosi was scheduled to meet with a delegation led by Treasury Secretary Manchin on the 2.2 trillion packages passed in the House in early October. At the time, Democrats backed away from their previous 3 trillion allocations. As a result, the distance was reduced. The House Speaker expressed frustration over the postponement of the talks. The speaker said the president's order was aimed at Democrat-ruled states.

After that, during and after the election, several attempts were made to pass the bill, but it did not go ahead because of the Republicans.

Meanwhile, newly elected President Joe Biden has called for a 3.4 trillion package. But a day after his request to Congress to pass the bill, Senate Majority Leader Mitch McConnell sharply criticized the bill.

If the new Corona bill is not passed before December, experts are of the opinion that the citizens will have to struggle to buy house rent and daily necessities. If current President Donald Trump does not pass the bill, most Americans will have to wait until January 20 to be sworn in by newly elected Joe Biden.

© 2020 Sarah Adams