U.S. Congressional leaders reached a deal on Sunday worth about $900 billion to bolster the U.S. economy devastated by the coronavirus pandemic, reports Bloomberg. The House of Representatives and the Senate will vote on the deal on Monday.
- The $900 relief plan would provide direct payments of $600 to most Americans and another $300-per-week in enhanced employment benefits through March.
- There would be $284 billion for the Paycheck Protection Program for small businesses.
- Under the plan, expiring programs for gig workers and the long-term unemployed would also continue.
- The agreement came after multiple rounds of negotiations over the past week among Pelosi, Schumer, McConnell, and House Republican leader Kevin McCarthy, as well as Treasury Secretary Steven Mnuchin.
- Pelosi and Schumer lauded the agreement, though they expressed disappointment that the package wasn’t bigger.
- The relief pan will be attached to a $1.4 trillion bill that would fund the federal government through the end of the fiscal year on September 30, 2021.
- While the deal is a substantial infusion of aid to a struggling U.S. economy, it adds immediate pressure on the incoming Biden administration to outline the next steps for boosting the economy.
- The relief package also has implications for the unsettled Senate contest, with Democrats using the delays in stimulus relief as attack lines in their campaigns ahead of January 5 runoffs.
U.S. stocks are currently declining. SPY is down 1.20% on premarket, QQQ: NASDAQ is down 0.34% on premarket.
