Trump signs $2.3 trillion bill, avoids a government shutdown!
Last updated: 28 Dec, 2020 | 12:52 pm
- US President Trump signed the $2.3 trillion bill which will fund the US government till September 2021 thus avoiding a government shutdown that was set to start after midnight on Monday.
- When Congress fails to fund the government, a government shutdown happens where the government stops all non-essential services while essential services such as armed forces, border protection continue to operate.
The breakup of the bill
- The $2,3 trillion comprises of $900 billion for COVID-19 relief and a $1.4 trillion government-wide funding plan.
- This bill will allow people to claim jobless assistance for 50 weeks and also provides a supplemental $300 a week in benefits to workers who had lost their jobs. Besides this, billions of dollars in funds are allocated to help struggling industries such as airlines and to help tenants who have missed their payments.
- The bill provides for $600 direct transfers subject to income limits, in which an individual's payment begins to phase out after $75,000.
The bill brings a sigh of relief after millions of people of America lost unemployment benefits over the weekend following Trump’s refusal to sign the COVID package last week. Previously Trump had termed the bill as a “disgrace” and now has reiterated his demand that Congress should increase the direct payment cheques from $600 to $2,000 per individual. Dow Jones futures and the global markets reacted positively to this development.