Senate leaders have struck a deal to inject the U.S. economy with about $2 trillion. The plan includes direct payments to Americans, expansion of unemployment insurance, billions in aid to businesses and funding for the health care industry.
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell bump elbows on Capitol Hill on March 12, 2020.House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell bump elbows on Capitol Hill on March 12, 2020.Senate leaders have struck a historic deal to inject the U.S. economy with about $2 trillion in aid in response to the coronavirus pandemic.
"This is a wartime level of investment into our nation," McConnell said."The men and women of the greatest country on earth are going to defeat this coronavirus and reclaim our future, and the Senate is going to make sure they have the ammunition they need to do it." The Senate is slated to vote on the package later Wednesday. House leaders have signaled an interest to approve the plan quickly, and Speaker Nancy Pelosi, in a statement Wednesday, said she"will now review the legislative text of this agreement with our Caucus." Many members are relying on highlights from the plan, and the legislative text of the bill has yet to be released to the public.
It's the third piece of bipartisan legislation to address the coronavirus pandemic this month, with two emergency stimulus bills already signed into law. But this latest deal eclipses the earlier packages in scope and spending and amounts to what could be the most ambitious economic rescue effort in American history.
$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic. It also prohibits businesses controlled by the president, vice president, members of Congress and heads of executive departments from participating in the loan or investment programs, Schumer's office said. In addition, the children, spouses and other relatives will also be banned, they said.
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