By Breitbart. President Donald Trump and Congress reached a deal on the terms for a $2 trillion emergency relief bill to address the economic impact of the ongoing coronavirus outbreak, early in the morning on Wednesday.
Lawmakers and the Trump administration reached an agreement on a nearly $2 trillion coronavirus emergency rescue package, a move intended to assist businesses and millions of Americans amid an unprecedented halt in the economy.
The announcement caps five days of tense negotiations between senators and the White House. Both the Senate and House still need to approve the bill before sending it to President Donald Trump for his signature.
The president had sounded an optimistic tone in his briefing for reporters at the White House on Tuesday evening, though Republicans had been scathing in their criticism of Democrats for blocking Senate passage of a relief bill that had been agreed to by the two parties on Sunday. (Read more from “President Trump, Congress Agree on $2 Trillion Coronavirus Emergency Relief Bill” HERE)
White House and Senate Reach Deal on $2 Trillion Coronavirus Relief Package
By Axios. The White House and Republican and Democratic Senate leaders struck a bipartisan deal early Wednesday over a $2 trillion stimulus package designed to ease the economic impact of the novel coronavirus, per AP.
Details: Senate Majority Leader Mitch McConnell tweeted soon after the deal was reached, “At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. We’re going to pass this legislation later today.”
White House legislative affairs director Eric Ueland, told reporters just before 1 a.m. a deal had been reached but the bill’s text had yet to be completed, the New York Times reports.
“We have either, clear, explicit legislative text reflecting all parties or we know exactly where we’re going to land on legislative text as we continue to finish,” he added.
. . .Per Axios’ Alayna Treene, the emergency legislation will deliver desperately needed aid to American families, small businesses and corporations hit hardest by the virus. (Read more from “White House and Senate Reach Deal on $2 Trillion Coronavirus Relief Package” HERE)
What’s in the Emergency Relief Bill?
The stimulus bill — by far the largest ever proposed — comes with a price tag equivalent to 9% of the nation’s gross domestic product and is meant to provide direct financial aid to help individuals, hospitals and businesses. 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. . .
The amounts of the one-time payments, which officials hope could go out to Americans as soon as early April, will be based on income reported in 2018 taxes, declining gradually beginning with individuals who made $75,000 or married couples filed jointly who made $150,000. Individuals making $99,000 or above or married couples making $198,000 or more would receive no check. People would also receive an additional $500 per child.
Schumer said negotiators agreed to put “unemployment insurance on steroids” by expanding those covered to include people who are furloughed, gig workers and freelancers, and by increasing the payments by $600 dollars per week for four months on top of what states provide as a base unemployment compensation. (Read more about the emergency relief bill HERE)