Senate leaders and the Trump administration reached a deal in the early hours of Wednesday morning on a $2 trillion emergency stimulus package to blunt the economic impact of the coronavirus pandemic, which continues to spread across the country and has tipped the economy towards recession.
“At last we have a deal,” Senate Majority Leader Mitch McConnell said from the Senate floor after 1:30 a.m. on Wednesday. “After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. … I’m thrilled that we’re finally going to deliver for the country that has been waiting for us to step up.”
“This bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage,” Senate Democratic Leader Chuck Schumer said, calling the legislation “the largest rescue package in American history.”
The bill provides $367 billion for small business loans, $100 billion for hospitals, and $150 billion for state and local governments. It also stipulates that Americans who make up to $75,000 will receive a one-time payment of $1,200.
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05.20.2024