The Senate and White House have reached a deal on a $2 trillion stimulus package for the US economy and millions of Americans ravaged by the coronavirus crisis, the top Republican lawmaker said early Wednesday.
“At last we have a deal,” McConnell said. “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.”
“Help is on the way, big help and quick help,” Schumer said. “We’re going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark economic times.”
The legislation, unprecedented in its size and scope, aims to flood the economy with capital by sending $1,200 checks to many Americans, 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 massive boost to unemployment insurance, $150 billion for state and local stimulus funds and $130 billion for hospitals.
The Senate and House of Representatives still need to pass the legislation before sending it to President Donald Trump for his signature.