America agrees to a massive stimulus package to tackle the effects of Coruna, which is worth trickle

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“We have reached an agreement,” Yolande told reporters after several days of negotiations over the stimulus package, which is expected to be worth $ 2 trillion. Mitch McConnell, leader of the Republican majority in the House, declared early Wednesday: “Finally, we have an agreement,” noting “the great level of investment in our nation in wartime.”

The bill still needs to be passed by the Senate and House of Representatives, before it is sent to President Donald Trump for signature.

The plan, which is being negotiated between Republicans and Democrats, is also the broadest measure to revive the economy, passed at once by Congress.

On Tuesday morning, US President Donald Trump called on Congress to “act immediately”. “The longer it takes, the harder it will be to relaunch the economy and our workers will suffer,” he wrote in a tweet. “This plan will be the largest aid program devoted to the real economy in the history of the United States,” White House economic adviser Larry Cadlow said.

Moody’s announced on Tuesday that the market collapse and the economic consequences of the Corona virus had resulted in about $ 1 trillion in investment losses for US public pension funds. The credit rating agency said that the funds face investment losses of about 21% on average for the fiscal year ending June 30, based on the status of market indicators on March 20.

The spread of “Covid-19”, the disease caused by the virus, and public announcements announced by the government in a number of states, were won from stock markets, where the Dow Jones Industrial Average erased three years gains in one month.

“Unless a dramatic recovery in investment markets occurs, the losses of retirement investments in 2020 will be an important turning point,” Tom Aaron, Moody’s Vice President, said in a statement.

Unless investment losses are compensated, governments may face a 60% increase in pension contributions for fiscal year 2021, in order to prevent the growth of unfunded liabilities, according to Moody’s.

(Reuters, AFP)





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