The White House on
Tuesday announced $916 billion stimulus plan in a final attempt to lift up
the economy of the coronavirus-stricken US before President Donald Trump leaves
office in January, after months long turbulence due to Trump’s election loss
and refusal to concede.

While unveiling
the plan, Treasury Secretary Steven Mnuchin articulated that it includes money
for state and local governments and robust liability protections for businesses,
schools and universities, all the elements that have been key points in agreements
between Democratic and Republican legislators.

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“I look
forward to achieve bipartisan agreement so we can provide this critical
economic relief to American workers, families and businesses,” Mnuchin
said in a statement.

Addressing the
aide plan as COVID bill, Mnuchin stated that the bill has blessings from the senators
on both the sides of the aisle and was a necessity that no one can disagree on,
reported AFP.

The proposal comes
at the peak of Trump’s handover process and coronavirus outbreak that has
caused the worst economic nosedive in almost a century.

Mnuchin also
informed that the package has been presented to Democratic House Speaker Nancy
Pelosi, after proper evaluation by Trump and Republican Senate Majority Leader
Mitch McConnell.

This package marks
the introduction of plan that Democrats and Republicans in Congress along with the
Trump administration have been negotiating for months but have been unable to
agree on a successor bill to the $2.2 trillion CARES Act passed earlier this
year to support the American economy.

The CARES Act
consists of a program of loans and grants for small businesses, one-time
payments of as much as $1,200 to all Americans, and an expansion of the
unemployment safety net, which economists credited with preventing an even
worse downturn.

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Lockdown to curb
the COVID-19 spread has led to decline in millions of jobs and despite a few
signs of economic recovery experts says that without a well formulated COVID strategy
and packages, the US will not go forward.

According to The
Century Foundation, about 12 million Americans will lose the jobless benefits
from these programs when they expire on December 26.