US Rolls Out $350 Bn Aid To State, Local Governments
Sumaira FH Published May 10, 2021 | 11:20 PM
Washington, (UrduPoint / Pakistan Point News - 10th May, 2021 ) :The US Federal government is pushing out $350 billion in stimulus funding for states and localities to help them recover from the devastating hit inflicted by Covid-19, the Treasury announced Monday.
The aid is part of President Joe Biden's $1.9 trillion American Rescue Plan that Congress approved in March, and will help recover the 1.3 million workers, like teachers and firefighters, who still have not come back following the pandemic crisis, officials said.
Treasury Secretary Janet Yellen said the aid corrects the policy mistakes in the wake of the global financial crisis a decade ago, that unnecessarily prolonged the recovery.
In the recession following the 2008 crisis "when cities and states were facing similar revenue shortfalls, the federal government didn't provide enough aid to close the gap. That was an error," Yellen said in a statement.
"Insufficient relief meant that cities had to slash spending, and that austerity undermined the broader recovery.
With today's announcement, we are charting a very different -- and much faster -- course back to prosperity." The aid for state and local governments was a major stumbling block in previous stimulus packages under former president Donald Trump, and his Republican party, who resisted helping "blue" or Democrat-led areas.
Treasury estimates about 70 percent of the state and local jobs lost to the pandemic were in education.
In addition to rehiring workers, US states, counties, cities, territories and tribal authorities will be able to use the funds for health programs, including Covid-19 vaccination efforts, pay essential workers, address learning loss, and even invest in water infrastructure and broadband internet, Treasury said.
However, Treasury officials told reporters the funds cannot be used to invest in pension funds or to pay for new tax cuts.
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago
-
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
17 days ago