Early this morning, US Senate Democratic and Republican leaders and Trump administration representatives announced a deal in principle on a $2 trillion package for Senate Bill 3548, called the Coronavirus Aid, Relief, and Economic Security Act-or "CARES", because in Washington you can not have a bill passed without an acronym.
"After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic", McConnell said in a statement. The Council of Nonprofits had been seeking $60 billion, and, as NPQ reported, there had been an effort to include student loan debt relief in the legislation, but neither of these provisions appear to have made it into the final bill.
"The rescue package will send $1,200 checks to most Americans at a cost of $250 billion", The Washington Times reports.
It would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
Pelosi said in a Tuesday interview that she hopes to pass the bill via unanimous consent, a procedure that does not require the lawmakers' physical presence.
Lawmakers in the wee hours of Wednesday morning agreed on a rescue package for the USA economy that is the largest in the history of the nation.
The Senate could vote on the bill on Wednesday, with the House expected to follow suit. "We have a deal", Ueland said.
"This is a national crisis", McConnell said on the floor earlier. If the bill passes, many taxpayers will see one-time payments in their bank accounts as soon as early April.
Some former Obama administration officials have expressed incredulity about the bill and, in particular, over the non-pandemic related provisions that were included in the "Take Responsibility for Workers and Families Act".
The package aims to flood the US economy with cash in a bid to stem the impact of a pandemic that has killed more than 810 people in the United States and infected more than 59,200. Democrats secured concessions on all three in the final deal.
Around 19,000 people have died with coronavirus across the planet since it emerged in China's Wuhan province in January, and more than 425,000 infections have been confirmed.
The package includes up to four months of unemployment benefits, what Senate Democratic Leader Charles E. Schumer of NY calls "unemployment insurance on steroids". This was a key Democratic initiative, which Schumer dubbed "unemployment insurance on steroids". Then there is $150 billion for hospitals and other health-care providers for equipment and supplies.
The first of Schumer's "five pillars" is $130 billion in funding for hospitals.
- Department of Homeland Security: $45 billion for a disaster relief fund to reimburse state and local governments for medical response, community services, other safety measures. Also, many state websites administering claims have been slow amid overwhelming traffic, so some Americans may be waiting longer than normal to receive funds. Families would get an additional $500 per child. He said the timing of the vote would be set once he consults with Schumer, who called the agreement "outstanding".
The S&P 500 Index rose after fluctuating between gains and losses early in the the trading day, following Tuesday's 9.4 per cent surge in anticipation of the deal between the White House and Congress.
Pelosi recently negotiated the second coronavirus package directly with Mnuchin and without McConnell's involvement.
While that is good news to many Americans, when that money will be sent out is still unknown. Republicans were tepid about the package, but President Trump endorsed it and it ultimately passed Congress with the support of 90% of lawmakers in both chambers.