President Donald Trump signed the $2.3 trillion pandemic relief and spending bill on Sunday night after coming into agreement with Congress over stimulus checks, voter fraud, and Section 30.
The president's signing of the bill, which involves a $900 billion COVID-19 relief package, means a partial government shutdown has been alleviated, and financial assistance for Americans will be delivered.
Trump Signs Relief, Spending Bill, Says More Money to Come
The move extends novel coronavirus financial aid to millions experiencing the economic effects of the global health crisis. Donald Trump initially declined to approve the legislation for days upon receiving it, touting the bill as a "disgrace."
Global Shares Edge Up
Global shares rose on Monday as Trump signed into law the pandemic aid and spending package. US S&P futures last increased by 0.4 percent.
Gold prices increased 1% on Monday as investors cheered over the signing, with a weaker dollar lending further support.
Spot gold rose 1% at $1,894.44 per ounce by 0344 GMT, following its hitting off a one-week high of $1,900.04 earlier in the day, reported Reuters.
Trump, who will be an outgoing president on January 20 to give way to President-elect Joe Biden, backed down from his initial threat to bar the bill. The bill was approved by Congress the previous week, following being seared by intense pressure from lawmakers on both sides.
The Republican, who golfed on Sunday and remained away from public attention even as the government crisis loomed, had demanded that Congress alter the bill to expand the size of stimulus checks for grappling Americans from $600 to $2,000.
Trump stated the bill means the reimposition of unemployment benefits and funding for vaccine dissemination.
According to a statement from Trump, "I'm signing this bill to restore unemployment benefits... add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution and much more," reported Mint.
The deal will deliver long-anticipated funding to individuals and businesses and alleviate a federal government shutdown.
The large bill includes $1.4 trillion to provide financial aid to government agencies through September and comprises other end-of-session priorities, including an increase in food stamp benefits.
The signing on Sunday came at his private club in Florida in the midst of criticism underway over his eleventh-hour demands for a more expansive, $2,000 relief checks and scaled-back spending. This was despite the bill having already been passed in the House and Senate by broad margins.
The bill was important for United States citizens as the federal government would shut down on Tuesday if he did not sign the 2.3-trillion spending package into law prior to the shutdown.
The president had taken to Twitter to post a video on December 22, indicating the bill delivered too much funding to international countries but not adequate for Americans.
Possible Dates of When the Stimulus Checks Could Be Sent Out
The signing will provide $600 stimulus checks and expand unemployment benefits through mid-March.
According to Gov. Lou Leon Guerrero, "While no bill is perfect, this package will extend unemployment benefits to millions of Americans throughout the nation and right here at home. It will also provide direct stimulus checks to taxpayers, and provide relief to small businesses and renters alike. As President Biden has said, this act is a meaningful down payment on the larger aid package that must come once he takes office," reported Pacific Daily News.
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