• Trump signs Covid relief and government funding bill

Market news

28 December 2020

Trump signs Covid relief and government funding bill

CNBC reports that President Donald Trump signed a massive coronavirus relief and government funding package into law Sunday, days after he sent Washington into a panic by suggesting he could veto the bill.

The measure extends the expanded jobless benefits into March, but millions are expected to lose a week of benefits covering these people due to Trump’s delay in signing the bill. Unemployed Americans eligible to receive a $300 weekly supplement will also get the additional money later than they could have.

The government would have shut down Tuesday during a deadly pandemic if Trump did not approve the legislation.

After Trump expressed support for larger checks, Democrats embraced his stance. The Democratic-held House plans to vote on a measure to increase the payments to $2,000 on Monday.

In a statement Sunday night, Trump said the Senate would also “start the process for a vote that increases checks to $2,000.” Senate Majority Leader Mitch McConnell, in a separate statement cheering the bill becoming law, did not mention any plans to take up the legislation if the House passes it. Most members of the Kentucky Republican’s caucus have opposed larger direct payments.

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