According to multiple sources, 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 one of the most expensive and far-reaching measures in the history of Congress.
“Ladies and gentleman, we are done,” White House legislative affairs director Eric Ueland said right before 1 a.m. after leaving Senate Majority Leader Mitch McConnell’s office following negotiations that have gone around the clock since last Friday. “We have a deal.”
McConnell formally announced the agreement on the Senate floor, saying, “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.”
CNN reported that the majority leader described it as “a war-time level of investment for our nation,” and said that the Senate would move to pass it later in the day on Wednesday. The Senate will re-convene at noon. An exact time has not yet been set for the vote.
The full details have yet to be released, CNN reported. But over the last 24 hours, the elements of the proposal have come into sharper focus, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
The direct payments to Americans remain one of the centerpieces of the proposal, MSNBC reported. Under the plan, people making up to $75,000 a year are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400, with an additional $500 per child. The new agreement removed the phased-in provision that would have excluded lower-income Americans from receiving the full benefit. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
MSNBC also reported that in a letter to his members sent early Wednesday morning, Senate Minority Leader Chuck Schumer (D-N.Y.), who helped lead the negotiations for his party, explained:”The extended UI program in this agreement increases the maximum unemployment benefit by $600 per week and ensures that laid-off workers, on average, will receive their full pay for four months. It ensures that all workers are protected whether they work for businesses small, medium or large, along with self-employed and workers in the gig economy.”