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Here comes our fiscal knights in dark suits.

In the wee hours of Wednesday morning, the House of Commons passed emergency legislation to unleash up $82 billion to help Canadians cope with the COVID-19 crisis.

In the U.S., the fractious policymakers also spurred into action. The White House and Congress agreed on a fiscal package of more than US$2 trillion, which still awaits a vote in the Senate, as well as House approval.

Bloomberg is reporting that if the package is approved, it would provide individuals direct payments to lower- and middle-income Americans of US$1,200 for each adult, as well as US$500 for each child. Unemployment insurance would be extended to four months, the benefits would be bolstered by US$600 weekly and eligibility would be expanded to cover more workers.

“While we still need to see some more details, stripping out the lending programs appears to leave about US$1.1 trillion in direct support, which weighs in at a hefty 5.2 per cent of GDP,” said Robert Kavcic, senior economist, at Bank of Montreal. “For the record, Canada’s package last week came in at 1.2 per cent of GDP.”