A new US $ 900 billion bailout

The US Congress has approved a $ 900 billion relief package to tackle the Corona virus, as it seeks to pump aid to families, small businesses, schools and others before Christmas.

It is expected that the new agreement will preserve the ability of the central bank to establish emergency lending programs without the need to obtain congressional approval, according to the newspaper, but the Federal Reserve will need approval to return Launching the Careers Law programs as soon as the deadline expires at the end of this year.

last-minute agreement

Republicans sought to limit the Fed's ability to provide credit to companies and other institutions, indicating that Democrats were trying to use the legislation to create illicit financing for state and local governments that They control it.

But Democrats stress that restricting the bank's powers may exacerbate the financial crisis and impede the ability of the upcoming Joe Biden administration to revive the faltering US economy.

On Sunday negotiators were finalizing details for the remainder of the bill after settling a dispute over the Fed's emergency lending powers earlier this weekend.

Senate Majority Leader Mitch McConnell of the Republican Party said all outstanding issues had been settled. He added in the Senate Chamber: Finally, we got an agreement that the country needs. Now we need to finalize the text immediately, avoid any last minute hitches and cooperate to move this legislation through both houses.

And McConnell continued, as our citizens continue to fight the Corona virus this holiday season, they will not fight alone, expressing his regret that this agreement has not been reached for months.

He said that in the face of millions of Americans losing their jobs, this program would renew and expand a number of critical federal unemployment benefits that have helped families remain resilient.

McConnell noted that the text should now be finished by avoiding any hurdle ...