The Senate Cares Act would provide most Americans $1,200 per individual, $500 for most children, and establish a several hundred billion dollar lending aid program for businesses, cities and states, as well as aid for small businesses. "We don't have time for delay; Iowans need this aid right now", she added.
House Speaker Nancy Pelosi, D-Calif., swung behind the bipartisan agreement, saying it "takes us a long way down the road in meeting the needs of the American people".
"This bill pays you more not to work than if you were working", GOP Sen.
The massive bailout package marks the third and, by far, most expensive attempt to stabilize a USA economy shattered by the pandemic.
The legislation represents the largest emergency aid package in United States history and the most significant legislative action taken to address the rapidly intensifying coronavirus crisis, which is overwhelming hospitals and grinding much of the economy to a halt.
The deal includes a $150 billion boost in hospital funding and a $150 billion fund for state and local governments, both pushed for by Democrats.
As negotiations over an economic rescue package continued over the weekend, a reporter asked Donald Trump a question about an unexplored area: the possibility that the president's private-sector enterprise would benefit directly from taxpayer investments.
The bill is now headed to the House, which is set to debate the package on Friday morning. NY has reported by far the highest number of coronavirus cases in the United States with more than 30,000 as of Wednesday.
Senate leaders noted the historic nature of the challenge, as the country grapples with what the Democratic Senate Minority Leader Chuck Schumer called "a odd and evil disease".
Individuals earning less than $75,000 in adjusted gross income would directly receive $1,200 each.
Senators moved to vote on the bill late Wednesday night after the last hurdle preventing its passage - an amendment put forward by four Republican senators to curb the legislation's generous unemployment provisions - was eliminated, failing to gain the necessary 60 yeas. So that's exactly what we are going to do today, ' said Senate Majority Leader Mitch McConnell of the measure, which is expected to be voted in the upper chamber sometime Wednesday.
During the nightly White House Coronavirus Task Force news briefing Wednesday, Dr. Anthony Fauci said that it's possible that the coronavirus will become a seasonal illness, one that returns in earnest annually like the flu. Gig economy workers impacted by COVID-19, along with other contract workers not usually eligible for unemployment benefits would be covered under the plan.
Republicans won inclusion of an "employee retention" tax credit that's estimated to provide $50 billion to companies that retain employees on payroll and cover 50% of workers' paycheck up to $10,000.
Together with Fed intervention, the proposed legislation amounted to a $6 trillion stimulus, according to White House economic adviser Larry Kudlow, or about 30 per cent of annual GDP. Among those, it creates a Treasury Department special inspector general for pandemic recovery and a Pandemic Response Accountability Committee to oversee loans to businesses.
For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough.