COVID-19: Trump seeks Congressional support for a stimulus fund

US President Donald Trump (file image)

US President has sought a USD 850 billion worth fiscal stimulus fund from the US Congress to fight the spiralling economic slowdown, caused due to the deadly Coronavirus.

This stimulus will include USD 50 billion for the airline industry in terms of tax concessions and delayed payments to the federal government.

This will also be in addition to the already granted USD 100 billion for the purpose of sick leaves and unemployment allowances.

Also Read: COVID-19: Gurugram admin advises shut down amid virus scare

This is more than the USD 700 billion stimulus granted to the Obama Administration in 2008, in the backdrop of the global recession.

Secretary of Finance Steve Mulchin is expected to present this package on Wednesday in the US senate, requesting its nod for the package.

The package has resulted in a war of words with the Democrats who have accused the President of just focusing on tax cuts and fiscal subsidies instead of focused approach to tackle the issue of actual income loss to the individuals who have been rendered unemployed due to shut downs.

President Trump has sought waiving off of all taxes till November, when the Presidential elections are due.

Large urban centres across the US are experiencing a shut down and the economy which was improving is threatened once again.

The US Federal Bank on Tuesday cut the lending rate to zero percent, a step taken earlier during the global recession of 2008.

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