Jakarta, CNBC Indonesia – The United States’ House of Representatives (DPR) finally gave final approval to provide an economic stimulus worth US $ 1.9 trillion on Wednesday (10/3/2021) local time.
The US $ 1.9 trillion aid is equivalent to Rp.27.3 quadrillion (assuming Rp.14,000 / US $) aka Rp.27,000 trillion issued by President Joe Biden. and is the greatest value given in the history of the country.
Launching Reuters, Joe Biden said this stimulus was an aid to the economy as well as being his first victory after serving as president.
“Help is here,” said Biden after the vote was held. The White House is scheduled to sign this bill on Friday (12/3/2021).
The stimulus will be provided in details of US $ 400 billion (Rp. 5,600 trillion) for direct assistance worth US $ 1,400 (Rp. 20 million) to the population, US $ 350 billion (Rp. 4,900 trillion) for the central and regional governments.
Then there is a section for child tax credits and increased funding for vaccine distribution.
This stimulus is predicted to be booster for the recovery of the American economy.
The economic aid agreement was reached with 220-211 votes after winning no Republican votes after weeks of debate and strife in Congress.
Treasury Secretary Janet Yellen said in a statement that the passage of the law is an important day for the US economy and will speed up its recovery.
Democrats described the law as a critical response to a pandemic that has killed more than 528,000 people and left millions out of work.
“This is a historic day. This is the beginning of the end of the great Covid-19 depression,” said Jan Schakowsky, representative of the Democrats.
But Republicans say it is too costly and packaged with extravagant progressive priorities. They say the worst phase of the biggest public health crisis in a century is largely over and the economy is heading rebound.
“It was the wrong plan at the wrong time for so many wrong reasons,” said Jason Smith, Republican representative.
Nevertheless, Democrats predict that Republicans will tout the benefits of the bill to constituents, despite acting in opposition in the DPR and Senate.
Republican Senator Roger Wicker wrote on Twitter, “This funding will ensure small businesses survive the pandemic by helping to adjust their operations and maintain the salaries of their employees.”
Democrats hope this bill will get approval from Biden before the end of the federal unemployment benefits period ends on Sunday (14/3/2021).
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