White House, Senate Reach MASSIVE $2 Trillion Aid Deal

The White House and Senate leaders reached a deal early Wednesday morning on a massive stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus crisis. The revamped Senate proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions aimed at shoring up individual, family and business finances. The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments. It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600. The agreement caps five days of intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnell (R-Ky.) convened Republican and Democratic colleagues, with talks stretching late into the evening each of the following four days. “At last we have a deal. … the Senate has reached a bipartisan agreement,” McConnell said during a speech on the Senate floor after 1:30 a.m. on Wednesday, pledging that the Senate would pass the package later in the day. Senate Democratic Leader Chuck Schumer (N.Y.) hailed the legislation as “the largest rescue package in American history.”

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