The White House and Senate leaders have reached a major deal early Wednesday morning, agreeing to a stimulus package over $2 trillion.
This historic package is meant to provide a jolt back into our economy, which is struggling amid the coronavirus pandemic.
According to CNN, the negotiations took days but has produced one of the most lucrative and far-reaching measures in the history of Congress.
“Ladies and gentlemen, we are done,” White House legislative affairs director Eric Ueland said after leaving Senate Majority Leader Mitch McConnell’s office following negotiations. “We have a deal.”
McConnell formally announced the agreement late last night, saying, “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.”
The full details have yet to be made public. But elements of the proposal have been released, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits, and $500 billion in loans for struggling companies.
It’s important to note that this stimulus deal has a provision that would block top government officials, members of Congress, and Donald Trump and his family, from getting loans or investments from Treasury programs, according to Minority Leader Chuck Schumer’s office.
The stimulus package, if it passes Congress, would be the most significant legislative action taken to address the rapidly intensifying COVID-19 crisis, which is overwhelming hospitals and grinding much of society’s economy to a halt.
Schumer called it “the largest rescue package in American history,” earlier this morning. “This is not a moment of celebration — but of necessity,” Schumer said.
Update: March 26, 2020 9:00 a.m.
The U.S. Senate has approved the historic $2 trillion bill. What’s In It?