9/16, 6:13 PM (Source: TeleTrader)
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US Treasury distributes $700 billion in financial aid

United States Treasury announced on Thursday it has already distributed approximately $700 billion in six months in efforts to implement the $1 trillion American Recue Plan signed into law by US President Joe Biden.

The supportive programs that received aid include direct payments to households, Child Tax Credit and Emergency Rental Assistance. Meanwhile, $240 billion were sent to state and local governments for immediate responses to pandemic-related issues, as well as making long-term investments.

"While our recovery has not been without bumps, a rebound of this scale and speed was never destined to happen. There's an alternate present where our economy is still stagnating with many, many people and businesses still struggling. What separates our reality from that counterfactual are, in large part, policy decisions chosen and executed by this administration," Treasury Secretary Janet Yellen stated.

Breaking the News / LH