The United States Decided to Spend $2 Trillion to Support the Economy

The U.S. authorities reached an agreement to allocate two trillion dollars to support the economy amidst the Coronavirus pandemic. This is reported by Bloomberg.

United States Decided to Spend $2 Trillion

Presumably, the Senate will vote for the aid package on Wednesday, March 25, after which the House of Representatives will turn. Only after that, the documents will be on the table of President Donald Trump. Larry Kudlow said the total financial aid will reach six trillion dollars.

According to the plan, about $500 billion will be used to help businesses, of which $50 billion will be used to support airlines; $350 billion will be allocated to help small businesses, $150 billion – to hospitals and other medical service providers for equipment and necessary materials. For low- and middle-income Americans, there will be direct payments of $1,200 for each adult and $500 for each child.

The information about the forthcoming introduction of additional support measures has inspired optimism in the markets. The value of May futures for Brent oil on the London ICE exchange reached 28.01 dollars per barrel. WTI oil also rose in the price – by 3.75%, to $24.91 per barrel.

According to the latest data, 54,893 cases of infection have been recorded in the U.S.; 783 people died and 348 were cured. The World Health Organization believes that the United States may become the new epicenter of coronavirus.

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