U.S. President Donald Trump and Democrat senators have reached an agreement to provide more than 2 trillion in aid to the American economy and payments to citizens in difficulty. The money will primarily go to compensate for the losses of those sectors of the U.S. economy that will suffer from the coronavirus stop, according to the largest publications in the country – The New York Times and the Wall Street Journal.
“Negotiators [between the President and Congress] are finalizing the final details of a plan that aims to provide critical financial assistance to businesses that have been forced to close their doors. The plan also applies to U.S. families and hospitals that have been affected by the rapid spread of the disease and the resulting disruption of the economy… This additional money injection measure may be launched in the coming days… These measures are very similar to those used in the Troubled Asset Relief Program, the main rescue measure against the Wall Street [bankers] bankruptcy. That program was launched in 2008 and was a response to the then financial crisis,” the New York Times reports.
“This investment in our economy corresponds to the level of wartime,” Wall Street Journal quotes Mitch McConnell, the leader of the Republican majority in the Senate. The Senate vote on the agreed bill will be held later on Wednesday, said McConnell.
We further quote the Wall Street Journal news article: “U.S. Treasury Secretary Stephen Mnuchin said he spoke to President Trump about the agreement. According to him, Mr. Trump “absolutely” agrees with the form of law he has in place today. “He is very pleased with this legislation and the effect it will have on the state of affairs in the country.