BREAKING: Deal reached on massive coronavirus stimulus bill — largest in U.S. history [VIDEO]

MARCH 25, 2020

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by LA Times:

WASHINGTON — After haggling for days of over the final details, Senate Democrats and the White House agreed Tuesday to a nearly $2-trillion stimulus package to combat the economic fallout of the coronavirus outbreak, including direct payments to most Americans and a half-trillion-dollar fund to shore up struggling companies.

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 article goes on to state the following:

Treasury Secretary Steven T. Mnuchin and Senate Minority Leader Charles E. Schumer (D-N.Y.) negotiated through Monday night and all day Tuesday to resolve outstanding issues.

CNN’s Manu Raju announced on Twitter, “#BREAKING: The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced the far-reaching measure.”

Raju added:

“Ladies and gentleman, we are done,” White House legislative affairs director Eric Ueland said right before 1am after leaving Senate Majority Leader Mitch McConnell’s office following negotiations that have spanned around the clock since last Friday. “We have a deal.”

Ueland: “We have a deal … Much of the work on bill text has been completed. And I’m hopeful that over the next few hours we’ll finish what’s left and be able to circulate it early in the morning.”

Senate Majority Leader Mitch McConnell spoke from the Senate floor shortly after midnight to announced, “We have a deal,” and he said, “It’s good news.” McConnell described the bill as a “wartime level investment into our nation.”

After McConnell concluded his remarks, Senate Minority Leader Chuck Schumer spoke, touting that now, after five days of negotiations, the agreement now reflects the Democratic priorities and said Democrats have succeeded in making the bill “substantially better.” Schumer said the bill now includes:

  • More money for hospitals, doctors and nurses
  • More for workers – unemployment compensation on steroids
  • Strict oversight, transparency and accountability of all loans made to corporate America – every loan document will be public
  • Real resources for state and local governments
  • Real help for small businesses – they will get loans, employees will be paid while the business is closed

Congress was then adjourned, and McConnell said business will resume at 12 noon on Wednesday. The Senate is expected to vote on the bill on Wednesday.

McConnell tweeted shortly after his remarks, “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.”

WATCH McConnell’s and Schumer’s remarks in the video below:

To get more information about this article, please visit LA Times. To weigh in, leave a comment below.

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