News

Economy & Business

Trump Signs $2.2 Trillion Economic-Aid Package into Law

President Donald Trump speaks during a signing ceremony for the $2.2 trillion coronavirus aid package bill as Senate Majority Leader Mitch McConnell , House Minority Leader Kevin McCarthy, and Vice President Mike Pence stand by in the Oval Office of the White House, March 27, 2020. (Jonathan Ernst/Reuters)

President Trump on Friday signed a $2.2 trillion package meant to offset the effects of the Wuhan coronavirus pandemic into law.

The legislation constitutes the largest relief package in American history, drafted in response to a surge of shuttered businesses and stock-market turmoil. Numerous U.S. states have ordered public businesses to close to prevent the spread of coronavirus, and the resulting uncertainty has wrought havoc on the economy.

“I want to thank Republicans and Democrats for coming together, setting aside their differences, and putting America first,” Trump said at the signing ceremony. “This legislation provides for direct payments to individuals and unprecedented support to small businesses.”

The relief package includes checks to be paid directly to certain Americans based on their level of income. Individuals earning up to $75,000 will receive $1,200 each, while married couples with up to $150,000 combined income will receive $2,400 plus an additional $500 for each child. The bill also provides for $500 billion in loans to small businesses and large amounts of aid to hospitals struggling with influxes of coronavirus patients.

The relief package was passed after a tumultuous week in which Democrats, Republicans, and the Trump administration struggled to negotiate a deal. Republican senators slammed House Democrats for initially proposing their own package laden with provisions unrelated to the pandemic. And once an agreement was reached, House lawmakers had to scramble to return to Washington, D.C. and pass it Friday, after Representative Thomas Massie (R., Ky.) had threatened to hold up proceedings by demanding a recorded vote. Massie’s demand was ultimately defeated and the relief package passed by voice vote.

Send a tip to the news team at NR.

Zachary Evans is a news writer for National Review Online. He is a veteran of the Israeli Defense Forces and a trained violist.

Most Popular

The League of Morons

Let’s look back at the two and a half years when the greatest country on earth went crazy. What was that all about? How did it happen? How could so much have happened based on so little? Did we learn anything? It’ll take a keenly observant artist to put it all in perspective. Fortunately two artists have ... Read More

The League of Morons

Let’s look back at the two and a half years when the greatest country on earth went crazy. What was that all about? How did it happen? How could so much have happened based on so little? Did we learn anything? It’ll take a keenly observant artist to put it all in perspective. Fortunately two artists have ... Read More
Elections

Biden’s Middle-Class Tax Pledge

Biden is pledging not to raise taxes on anyone making less than $400,000 a year. As I note in my Bloomberg Opinion column, Democratic proposals to increase income taxes keep getting narrower in scope. In 1993, President Bill Clinton and a Democratic Congress raised income taxes on households making more than ... Read More
Elections

Biden’s Middle-Class Tax Pledge

Biden is pledging not to raise taxes on anyone making less than $400,000 a year. As I note in my Bloomberg Opinion column, Democratic proposals to increase income taxes keep getting narrower in scope. In 1993, President Bill Clinton and a Democratic Congress raised income taxes on households making more than ... Read More
Education

Science, Coronavirus, and Notre Dame

A few weeks back, the University of Notre Dame outlined its plan for reopening campus in the fall, detailing the way in which the administration hopes to bring students back to South Bend to resume in-person classes. Like the overwhelming majority of colleges and universities in the U.S., Notre Dame shifted all ... Read More
Education

Science, Coronavirus, and Notre Dame

A few weeks back, the University of Notre Dame outlined its plan for reopening campus in the fall, detailing the way in which the administration hopes to bring students back to South Bend to resume in-person classes. Like the overwhelming majority of colleges and universities in the U.S., Notre Dame shifted all ... Read More

How to Avoid a China-Led World Order

As the COVID-19 crisis has unfolded, it has opened our eyes to China’s rapidly expanding role in the international order and global economy. Beijing’s outsize role in the World Health Organization has come under attack, as has the muscular diplomacy used by China’s foreign ministry in responding to ... Read More

How to Avoid a China-Led World Order

As the COVID-19 crisis has unfolded, it has opened our eyes to China’s rapidly expanding role in the international order and global economy. Beijing’s outsize role in the World Health Organization has come under attack, as has the muscular diplomacy used by China’s foreign ministry in responding to ... Read More
Economy & Business

Is Biden Lying about Taxes?

A number of commenters to this post raise the possibility that Biden is lying when he says he won't raise taxes on households making less than $400,000. He might be. Maybe as president he would propose a tax increase on people making more than that, watch congressional Democrats lower the threshold, and then say ... Read More
Economy & Business

Is Biden Lying about Taxes?

A number of commenters to this post raise the possibility that Biden is lying when he says he won't raise taxes on households making less than $400,000. He might be. Maybe as president he would propose a tax increase on people making more than that, watch congressional Democrats lower the threshold, and then say ... Read More