Senate leaders and the Trump administration reached agreement early this morning on a $2 trillion stimulus package to rescue the economy, which now needs to pass through both chambers of Congress.
“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1 a.m.
The agreement comes after five days of intense negotiations that began Friday morning.
The unprecedented legislation is intended to flood the economy with capital by direct payments of $1,200 to most American adults and $500 to most children, creating a $367 billion loan program for small businesses, and setting up a $500 billion fund for industries, cities and states.
Other provisions include a boost to unemployment insurance, $150 billion for state and local stimulus funds and $130 billion for hospitals, among numerous other provisions.
“At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell declared during a speech on the Senate floor after 1:30 a.m.
Congress is under pressure to pass the deal quickly to assist the market and the American public affected by the coronavirus. The United States has more than 55,000 confirmed cases as of Tuesday night.
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