White House And Lawmakers Finally Agree To $2 Trillion Coronavirus Stimulus Bill
Earlier this Wednesday morning, The White House and Senate leaders finally reached a deal on the big stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus pandemic.
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The 1 AM announcement of the revamped package, which caps five days of intense negotiations that started Friday, will now drop approximately $2 trillion into the economy. It will provide tax rebates, four months expanded unemployment benefits and a number of business tax-relief provisions aimed at shoring up individual, family and business finances, according to The Hill. It includes $500 billion for a major corporate liquidity program through the Federal Reserve, as well as $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments.
CNBC notes that the Senate has yet to release the final terms of the deal. However, an earlier draft seen Tuesday would provide “cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child, reduced if an individual makes more than $75,000 or a couple makes more than $150,000,” the news site quotes.
Senate Majority Leader Mitch McConnell took to Twitter to confirm that a deal has finally been made. He tweeted at 1:51 am this morning,
“At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. We’re going to pass this legislation later today.”
Congress has rushed to approve a relief plan as the coronavirus pandemic overwhelms health-care resources and creates chaos for the U.S. economy, forcing widespread layoffs.
The news site reports that the president is aware of and agreed to that provision, according to the senior administration official.
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