The budget deficit reaches dollars 311 billion And Congress approves the rescue plan.

2021-03-21

 The US Treasury said Wednesday that the federal government's budget deficit reached  311 billion in February, recording a record peak for the month, and up 76 billion dollars  from a year ago, amid the continued growth of spending to fight the corona-virus pandemic.  February revenues increased 32% year-on-year to  248 billion dollars, while spending for the same period rose to 5 559 billion, driven by the costs of unemployment benefits and health spending, according to Reuters news agency. High deficit In the first five months of the fiscal year 2021, the deficit rose 68% to a record  1.047 trillion, surpassing the previous peak of  652 billion recorded in the October-February period of the fiscal year 2010.  The US Congress on Wednesday approved Joe Biden's massive economic plan, in a major victory for the Democratic president, 50 days after he arrived at the White House.  The الخطة 1,900 billion plan, which takes months to complete, is one of the largest U.S. rescue packages ever and will affect aspects of the world's largest economies for years to come.  Despite Republicans united to oppose the plan and a Democratic senator joining them, the Democratic majority in the House of Representatives passed the plan by 220 votes to 211, AFP reported.  The US president is set to sign the plan into law on Friday, in time to avoid suspending special unemployment benefits.  "This bill provides those who form the backbone of our country, the workers who built it and keep it going, an opportunity to resist," Biden said in a statement minutes after the House of Representatives ratified it. Critical juncture "We are at a crucial juncture in the history of our country," said House Democratic Leader Nancy Pelosi, in the chamber.  "We have a real opportunity for change," she added, repeating the message Joe Biden has been sending Americans for months: "support is coming."  The plan funds covid-19 vaccines, maintains unemployment benefits for millions of people, raises  1,400 in support checks for most Americans, and expands federal funding for the health care sector.  It also extends the suspension of evictions and foreclosures, increases food aid, and allocates  130 billion dollars to schools.  Democrats believe that expanding the tax credit based on the number of children would reduce child poverty by half.  "We will move with great urgency now and we will revive the economy," said Democratic Senator Hakeem Jeffries on the House floor.  He added: "We will rebuild better sleep. Help is on the way".  "Socialist agenda" For their part, Republican lawmakers denounce the plan's"socialist agenda" and its high cost, stressing that more than 90% of its value will not be devoted to combating covid-19 directly.  House Republican Minority Leader Kevin McCarthy said the economic recovery plan is only a "list of priorities for the left" and does not respond to the pandemic.

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