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The White House and Senate leaders reached a deal early Wednesday morning on a massive stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus crisis.
The agreement caps five days of intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellOn The Money: Trump looks at easing coronavirus restrictions | Health, economic advisers divided | Senators show frustration as stimulus talks stall | Fed rewrites crisis playbook Overnight Health Care — Presented by PCMA — Trump signals easing coronavirus restrictions | Tensions boil over as Senate fails to advance stimulus bill | Pelosi previews .5T House stimulus package Stimulus talks to miss McConnell's Monday deadline MORE (R-Ky.) convened Republican and Democratic colleagues, with talks stretching late into the evening each of the following four days.
The revamped Senate proposal will inject approximately $2 trillion into the economy in the form of tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions. The deal includes $500 billion for a major corporate loan program through the Federal Reserve, a $367 billion small business rescue package, $130 billion for hospitals and $200 billion for other “domestic priorities,” such as transportation, veterans, child care and seniors.
The bill will give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
“At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell declared during a speech on the Senate floor after 1:30 a.m.
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COMMENTS VIA TWITTER
#BREAKING: Overnight White House, Senate reach deal on $2 trillion stimulus package https://t.co/Ey1VPCFXT2 https://t.co/W84VAgkrC0
👏🏼AWESOME👏🏼 Democrats won language in the #coronavirus stimulus deal that *bars any business owned by Trump or his… https://t.co/cGzOTUazOh
THREAD: Coronavirus updates, Thursday, March 26. • 450,000+ cases, 20,000+ deaths globally • 65,000+ cases in US,… https://t.co/4dFi03hWpe
RT @GregPappasJr: #Disability "It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or lit…
RT @NBCNews: THREAD: Coronavirus updates, Thursday, March 26. • 450,000+ cases, 20,000+ deaths globally • 65,000+ cases in US, 1,000+ deat…