US Lawmakers approve Trump’s $2trn stimulus package

US President Donald Trump and the Senate have agreed a massive economic relief package worth an estimated $1.8 trillion amid the coronavirus chaos.

Republican Senate Majority leader Mitch McConnell described it as a “wartime level of investment” in the economy, and it includes money to bail out industries that have been affected by the virus chaos.

Markets surged in the US on Tuesday in anticipation of a deal, and shares rose in Europe and Asia on Wednesday.

On Wall Street, the Dow Jones jumped by 11.4% on Tuesday – its biggest one-day gain since 1933.

Japan’s benchmark Nikkei 225 index closed 8% higher on Wednesday following news of the relief deal.

Markets in Europe were also trading higher, with London’s FTSE 100 index up 3.5%.

While full details of the deal agreed will not be published until later on Wednesday, it is expected to contain measures to help people pay bills if they are laid off because of the virus, expand unemployment assistance by $250bn and get $350bn in emergency loans to small firms.

Mr McConnell said it would also “stabilise” key industrial sectors and give money to hospitals and other healthcare providers which were having difficulty getting equipment, BBC writes.

“We’re going to pass this legislation later today,” Mr McConnell added.

Senate Democratic Leader Chuck Schumer called the package “the largest rescue package in American history”. He said it was a “Marshall Plan” for hospitals.

“Help is on the way, big help and quick help.”

 

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