US Congress set to approve $900 bn stimulus package

WASHINGTON - US lawmakers are set to vote Monday on a $900 billion relief package to help millions of families and small businesses struggling amid the pandemic.

As the Covid-19 death count rises amid a massive resurgence of the virus that again threatens the economy, Republican and Democratic legislators finally hammered out the plan late Sunday after months of wrangling and bitter debate over what to include.

The deal will spare millions of jobless workers who were days away from seeing their unemployment benefits expire, and provide a new round of cash payouts.

Small businesses will benefit from more government grants, while the package also includes rental assistance and help to families facing eviction.

"It's a good bipartisan deal," Democratic House Speaker Nancy Pelosi said Monday. "We will do some good with this legislation."

But "as President-elect Joe Biden has said, it's a first step, and we will need to do more. More to get virus assistance to crush the virus. More money to buy vaccines," she said on the House floor.

The House and Senate will have to vote on the bill, but it could go late into the night. Congressional leaders have pledged not to leave Washington until the package is approved.

The world's largest economy is facing the world's largest coronavirus outbreak, and the virus returned with a vengeance in recent months threatening a tentative economic recovery. The death toll has topped 318,000.

Recent data shows retail sales slowed heading into the usually-strong holiday shopping season, while new applications for unemployment benefits have risen for four of the past five weeks after months of declines.

Democratic Senate Minority Leader Chuck Schumer said the aid is not enough to deal with the crisis.

"This bill is a start, but it is not the end of the story. Anyone who thinks this bill is enough hasn't heard the desperation in the voices of Americans," Schumer said on Twitter.

AFP