In response to the coronavirus (COVID-19) pandemic, the United States Congress has set in motion a plan to deliver much-needed funds to Americans who are struggling to make ends meet during this crisis. A plan to develop a $1 trillion aid package that will boost the economy, however, has been delayed. The measure failed to pass a procedural vote in the Senate, with Democrats and Republicans unable to agree on details of the aid package. Democrats have called for changes in the legislation to include further expansion of unemployment insurance, protection against stock buybacks, and additional restrictions on federal assistance provided to large corporations. The move to delay the legislation sparked much partisan disagreement as Senate Republicans have criticized Senate Democrats for unnecessarily delaying the much-needed aid package. Senate Minority Leader Chuck Schumer responded to the criticism saying that the legislation ultimately will overcome partisan differences.
As COVID-19 continues to spread in the United States, many businesses have been forced to downsize, leaving many out of work and struggling to endure financial hardships. There is no doubt that the US economy is at risk of a recession in the months to come. It remains to be seen how long the COVID-19 pandemic will continue.
Click here to read our Report on Coronavirus Risks for Business and Politics.
