The White House and Senate leaders from both parties have finally reached an agreement on a $2 trillion coronavirus stimulus package meant to curb the economic impact expected in the fall out of the pandemic, NBC News reports.
“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,” Senate Majority Leader Mitch McConnell (R-Ky.) confirmed from the Senate floor in the early morning hours of Wednesday.
Senate Minority Leader Chuck Schumer (D-N.Y.) noted that compromises were also made.
“We have a bipartisan agreement on the largest rescue package in American history. This is not a moment of celebration but one of necessity,” he said. “Like all compromises, this bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage, and because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started.”
The Senate is expected to pass the legislation later after reconvening at noon, and President Donald Trump is expected to sign it into effect if Congress passes it.
According to NBC News, the bill is expected to include cash payments to Americans, where individuals making up to $75,000 a year are expected to get checks for $1,200. Couples making $150,000 a year would receive double that amount, with an additional $500 per child. Payments decrease for those making more than $75,000 and stop at a cap at $99,000 per individual ($198,000 for couples).
The bill is also expected to provide some $100 billion in assistance for hospitals, $350 billion in assistance for small businesses and $500 billion in aid for larger industries, NBC notes.
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