US Senate passes $2 trillion bill on economic stimulus measures

The U.S. Senate approved a package of economic stimulus measures aimed at overcoming the effects of coronavirus, in the amount of $2 trillion, Bloomberg reported on Thursday, March 26.

It is reported that the document received 90 votes with the required 60. Now the package will be sent to the U.S. House of Representatives for consideration.

Speaker of the U.S. House of Representatives Nancy Pelosi previously said she hoped for quick approval by the lower house of the bill, which will be agreed by the White House and the Senate.

Majority leader Stanie Hoyer announced that the lower house of the U.S. Congress will consider a $2 trillion economic aid package on Friday morning.

Government aid is primarily for the population, as well as small and medium businesses. Low-income citizens will receive $1.2 thousand per adult and $500 per child at a time. Also it is supposed to increase considerably payments to the people who remained without work or transferred on incomplete working day.

On the eve, U.S. Treasury Secretary Stephen Mnuchin said that in addition to direct support for the economy, the Federal Reserve – the U.S. central bank – will receive up to $4 trillion of liquidity to support the economy. Thus, the total amount of direct and credit aid will be about $6 trillion, which, according to U.S. presidential adviser Larry Kudlow, is the largest amount in the history of the country.