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White House, Senate reach deal on massive stimulus package

Added 03-25-20 01:56:02am EST - “Senate Democratic Leader Charles Schumer (N.Y.) touted the bill as "the largest rescue package in American history."” - Thehill.com

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Posted By TheNewsCommenter: From Thehill.com: “White House, Senate reach deal on massive stimulus package”. Below is an excerpt from the article.

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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