In an urgently needed response to the pandemic, the US Senate and House leaders in, which probably one of the largest economic measure in history, a $2 trillion was sanctioned to aid to businesses, workers and a health care system slammed by the coronavirus pandemic. Here's a glimpse into what the deal will offer.
It would be the largest rescue package ever approved by Congress and the third such effort to be passed this month.
We'll have more details on the stimulus bill on Wednesday.
The pandemic and the social distancing rules aimed to curb its spread have forced many businesses to resort to layoffs and furloughs.
President Donald Trump and leading Republicans called for the measure to reach the White House by the end of Monday, a lofty goal still deemed too late by economists monitoring the coronavirus' rapidly escalating fallout.
Pelosi meanwhile unveiled a more generous, roughly $2.5 trillion counter-proposal that included ambitious elements like guaranteed paid and family medical leave, student loan forgiveness and oversight of the $500 billion earmarked for corporations.
"The extended UI program in this agreement increases the maximum unemployment benefit by $600 per week and ensures that laid-off workers, on average, will receive their full pay for four months".
Among the changes he said Democrats have secured is a major expansion of the Unemployment Insurance program. "That's our thinking. This package will undergird workers and families, Main Street, small businesses". Recipients are expected to include airlines and other hard-hit travel sectors. McConnell's original bill was crafted by the Republican leaders of key Senate committees, working with the ranking Democrats on those committees. The fund would be overseen by an inspector general and a congressional oversight board.
It accounts for direct payments of up to $3,000 to millions of USA families, hundreds of billions for small businesses and expanded unemployment aid, and 75 billion for hospitals under strain.
Bans stock buybacks for the term of the government assistance plus 1 year on any company receiving a government loan from the bill. "In effect, this is a wartime level of investment for our nation". This also applies to their children, spouses, and in-laws.
It includes $300 billion for small businesses, $150 billion for local and state governments and $130 billion for hospitals, according to those involved in the negotiations. Another $30 billion would be allocated to emergency education funding and $25 billion to emergency transit funding.
The Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled US economy and fund a nationwide effort to stem the coronavirus. Two members of the House and one senator have recently tested positive for the coronavirus illness COVID-19.
While there is little doubt the legislation will pass, getting Congress to act quickly will require the consent of essentially every member of Congress.