Hot topics | Coronavirus pandemic

Steven Mnuchin: Republicans Will Present A Plan Of Measures To Stimulate The Us Economy By $1 Trillion On July 27

Steven Mnuchin: Republicans Will Present A Plan Of Measures To Stimulate The Us Economy By $1 Trillion On July 27

Republican senators intend to present their draft of a new package of measures to stimulate the American economy for about $1 trillion on July 27, according to US Treasury Secretary Steven Mnuchin on Fox News.

As he noted, the views of the administration and Republicans in the Senate on this initiative "fully coincide." According to Mnuchin, "only technical issues are being worked out." "The bill will be presented on Monday. We are ready to work on this quickly," the head of the US Treasury said.

Mnuchin stated that there are still contentious issues to be resolved with democratic lawmakers regarding this package of measures. According to the head of the US Treasury, due to the position of the Democrats, the initiative probably will not include a proposal to reduce the payroll tax. Among the proposed measures, he called, in particular, direct payments to Americans.

The deadline for implementing the next stimulus package ends at the end of July, and lawmakers are discussing new proposals with the White house to mitigate the economic consequences of the pandemic. The US administration previously required lawmakers to pass the initiative by July 31.

As previously reported by the Axios portal, the initiative in question attaches great importance to the educational sphere and proposes to increase the amount of money allocated to educational institutions to help them resume work by the fall. Limits on the responsibility of hotels, hospitals, and educational institutions to comply with medical recommendations are being introduced. The Republicans also propose to increase funding for surveys of Americans on the detection of the novel coronavirus and the development of a vaccine. The bill provides tax incentives for businesses developing the vaccine.

On the previous aid packages

On May 16, the US House of Representatives approved a $3 trillion package of economic stimulus measures proposed by the Democrats by a majority vote. Republicans in the upper house said they would not support the new package of measures. US President Donald Trump also made it clear that this initiative has no chance, but later said that he could support another bill aimed at stimulating the American economy.

The head of the US administration signed a bill on April 24 on another package of measures worth almost $ 500 billion, aimed at overcoming the consequences of the coronavirus pandemic. Earlier, Congress approved the allocation of $350 billion for this purpose, but by mid-April, the funds were exhausted. The latest package of economic stimulus measures in the amount of more than $2 trillion was adopted at the end of March. Before that, lawmakers allocated $8.3 billion to Federal authorities to contain the pandemic.

You may also like: