U.S. Congress Race to Pass Relief, Approve COVID-19 Emergency Aid

U.S. Congress Race to Pass Relief, Approve COVID-19 Emergency Aid

The U.S. lawmakers will this week try to end the impasse over federal budget priorities and coronavirus aid ahead of friday midnight deadline, Reuters reports. The House is yet to decide on a $1.4 trillion fund for federally run programs that have been operating on temporary funding since October and about a $1 trillion coronavirus aid bill.

  • If Congress does not reach a deal, the government will begin shutting non-emergency programs and furloughing many workers.
  • Some moderate lawmakers on Sunday dismissed suggestions that a $908 billion bipartisan coronavirus aid proposal was languishing.
  • There are plans to divide the proposed coronavirus aid into two, one for $748 billion targeting small businesses, the jobless, and COVID-19 vaccine distribution, and another for $160 billion for state and local governments
  • Local public health agencies worry that without a deal, they will lack enough money to carry out a massive COVID-19 vaccination program.
  • Democrats and Republicans in Congress are yet to decide who should receive new help from Washington, beyond the over $3 trillion appropriated last spring.
  • Congress is also split over whether to do a second round of direct payments to Americans to stimulate the economy
  • President-elect Joe Biden has urged the Congress to act fast on the coronavirus aid bill before he takes office on January 20.

SPY is up 0.67% on premarket, EURUSD is up 0.46%.

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