Approval in the US Senate was unanimous….
The House will vote on the larges stimulus/bailout package in history by Friday….
House Speaker Pelosi advises there is probably more legislation to come ….
The bill includes direct money fo0r corporations and individuals….
The sprawling legislation, which passed 96 to 0, would send checks to more than 150 million American households, set up enormous loan programs for businesses large and small, pump billions of dollars into unemployment insurance programs, greatly boost spending on hospitals, and much more.
The Senate’s most liberal and conservative members joined together to support the mammoth spending bill, illustrating how concerned policymakers have become about the health care strains and financial pain the country now faces.
The legislation’s goal is to flood the economy with money at a time of financial near-chaos, with entire states on lockdown, many businesses closed and the numbers of infections and deaths from the coronavirus quickly on the rise.
The Senate vote sends the bill to the House, where Majority Leader Steny H. Hoyer (D-Md.) announced a vote to approve it Friday morning. President Trump said he intends to sign it immediately…..
Axios has some who says this won’t be enough…..Agreeing with House Speaker Pelosi view that more will be needed…
“This should not be thought of as a stimulus bill — this should be thought of as social insurance in a disaster state of the world for the most hard hit,” Jonathan Parker, professor of finance at MIT, told Axios during a virtual briefing with reporters Wednesday.
- “The idea is to freeze time for a month or six weeks and let people emerge with not a huge amount of debt — not starving, not being evicted.”