Senate, White House reach $2 trillion stimulus deal to blunt coronavirus fallout – By Erica Werner, Mike DeBonis, Paul Kane, Jeff Stein (Washington Post) / March 25 2020
Senate leaders and the Trump administration reached agreement early Wednesday on a $2 trillion stimulus package to rescue the economy from the coronavirus assault, potentially setting the stage for swift passage of the massive legislation through both chambers of Congress.
“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1 a.m.
Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.) were expected to discuss the breakthrough on the Senate floor shortly, after a long day of talks with Treasury Secretary Steven Mnuchin, Ueland and others.
The agreement capped five straight days of intensive negotiations that occasionally descended into partisan warfare as the nation’s economy reeled from the deadly pandemic, with schools and businesses closed, mass layoffs slamming the workforce, and tens of thousands falling ill.
The legislation, unprecedented in its size and scope, aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses, and setting up a $500 billion fund for industries, cities and states.
Other provisions include a massive boost to unemployment insurance, $150 billion for state and local stimulus funds and $130 billion for hospitals, among numerous other provisions.
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