The Senate and White House has reportedly reached a deal early Wednesday morning on a massive stimulus deal they hope will keep the nation afloat after the coronavirus crisis.
The agreement comes after intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnell convened Republican and Democratic colleagues, with negotiations late into the evening each of the following four days.
The Senate proposal will inject approximately $2 trillion into the economy in the form of tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions. The deal includes $500 billion for a major corporate loan program through the Federal Reserve, a $367 billion small business rescue package, $130 billion for hospitals and $200 billion for other “domestic priorities,” such as transportation, veterans, child care and seniors.
We broke the news on our twitter @goldstatetimes
— 📰BREAKING @ www.Goldenstatetimes.com (@Goldstatetimes) March 25, 2020
Just to break it down better
This is a BREAKING NEWS Story it will be updated Soon
— NBC News (@NBCNews) March 25, 2020
UPDATE: Schumer responds to the Deal
We have a bipartisan agreement to address this public health and economic crisis
It is not a moment of celebration but one of necessity
We fought to send much-needed resources to fight coronavirus and to put people and workers first
The agreement now reflects those priorities pic.twitter.com/yORkeCoMsl
— Chuck Schumer (@SenSchumer) March 25, 2020