By Johnnie Rosario
(Tumon, Guam) The President and Congress have reached a $6 trillion economic stimulus plan deal to help families and businesses throughout the country during the COVID-19 crisis.
“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1 a.m. EST, or about 3 p.m. (ChST).
According to national news reports, $4 trillion is in liquidity from the federal reserve, and $2 trillion is new money from Congress.
"This bill is $2 trillion," Sen. Lindsey Graham (R-NC) said on the Senate floor. "There's a ton of money in this bill for people who need it, but what we're doing now is, every special-interest group in town is trying to get a little bit more."
According to the Washington Post:
"The legislation, unprecedented in its size and scope, aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses, and setting up a $500 billion fund for industries, cities and states.
"Other provisions include a massive boost to unemployment insurance, $150 billion for state and local stimulus funds and $130 billion for hospitals, among numerous other provisions."
This stimulus package, which differs from the version rolled out yesterday by the House Financial Services Committee, is expected to pass through Congress and be signed by the President swiftly, since a bipartisan deal was agreed to.
The territories will be included, confirmed Congressman Michael San Nicolas.
"This Senate deal with the White House now needs to be reconciled with the House of Representatives and passed," Mr. San Nicolas said. "We will make sure every section Territories can avail of is authorized."
Sen. Jim Moylan, who is pushing for local economic stimulus relief, continues to push for tax relief at the gas pumps and from the business privilege tax. He also recently called on the governor to defer payments of real property taxes, the extension for which expires next month.
Sen. Telo Taitague is calling on the governor to order rental relief for renters, and prohibitions on evictions.