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Senate Passes $900 Billion Covid-19 Relief, $1.4 Trillion Spending Bill
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December 22, 2020
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1:12Now PlayingThe Senate Monday night passed a giant year-end spending bill combining $900 billion in Covid-19 relief aid with $1.4 trillion in regular government funding and a bevy of tax breaks for businesses.
The House passed the combined bill earlier, and the legislation now will go to President Donald Trump, who aides said would sign it when it arrives at the White House this week. The House and Senate also cleared a seven-day stopgap funding bill to avert a partial government shutdown while the broader legislation is prepared for the president.
The bill, which totals more than $2.3 trillion, contains the second-largest economic relief measure in U.S. history -- after the $1.8 trillion Cares Act passed in March as the pandemic throttled the world’s biggest economy. Economists say the aid should be enough to avert a double-dip recession next year, though risks remain.
“This latest fiscal rescue package will add approximately 1.5 percentage points to annualized real GDP growth in the first quarter of 2021 and close to 2.5 percentage points to calendar-year 2021 growth,” said Mark Zandi, of Moody’s Analytics. “If lawmakers had not come through, the economy probably would have suffered a double-dip recession in early 2021.”
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