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President Trump Planning to Reduce Coronavirus Stimulus Package to 1/3rd of Original

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President Trump is Planning to Reduce Coronavirus Stimulus Package from $3 Trillion to $1 Trillion

President Donald Trump doesn’t want to spend much on the next round of coronavirus stimulus package and plans to reduce it from $3 trillion to just $1 trillion. The meetings discussing the next round of stimulus were canceled over the civil unrest and countrywide protests after the death of George Floyd. Even though the House Democrats want more than $3 trillion stimulus package, it has not been approved yet.

Senate Majority Leader Mitch McConnell has said that they are in no hurry to pass the bill for another round of coronavirus stimulus package where the unemployment rate has already crossed 20% for last month. Trump Administration only wants to give away $1 trillion for the COVID-19 economic stimulus, whereas the House Democrats are asking for $3 trillion to survive in the outbreak.

Trump wants to Spend Less on the Coronavirus Stimulus Package

Trump wants to Spend Less on the Coronavirus Stimulus Package

The United States of America is one of the worst affected countries by the coronavirus outbreak where 1.96 million cases are confirmed and more than 111,000 people have lost their lives. Despite trying to save the economy from the COVID-19 pandemic, more than 42 million people have filed for unemployment after mid-March and it is getting worse every day.

Still, the Senate Republicans are in no hurry to provide the next round of economic stimulus and are planning to reduce the amount as the federal budget deficit is getting over the limit. President Trump and the White House only wants to spend $1 trillion as the next round of stimulus package whereas the Democrats want $3 million, which is more than double of what the Congress has planned.

Unemployment Benefits will also be Taken away

Unemployment Benefits will also be Taken away 

The Senators are also planning to remove the unemployment benefits in the form of $600 weekly federal aid and it won’t be continued after July end. The Bureau of Labor Statistics has reported that more than 10.7 million people are receiving COVID-19 unemployment benefits whereas 209,692 people are getting compensation benefits for the Pandemic after exhausting their regular benefits. The unemployment rate will keep increasing till the end of this year and Congress have to make sure that these people don’t run out of benefits after December 31.

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