Mammoth bill that aims to sooth reeling economy came together after days of tense negotiations
By Erica Werner, Mike DeBonis and Paul Kane | The Washington Post
The Senate plans to vote Wednesday afternoon on a $2 trillion stimulus package that is designed to flood the U.S. economy with money in an effort to stabilize households and businesses that have been floored by the coronavirus outbreak.
Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.) announced the breakthrough on the Senate floor around 1:30 a.m., after a long day of talks with Treasury Secretary Steven Mnuchin and other administration officials.
The Senate reconvenes at midday, and a vote could come shortly after that.
“This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America,” Mnuchin told reporters early Wednesday morning. “We couldn’t be more pleased.”
He said he had “spoken to the president many times today; he’s very pleased with this legislation and the impact that this is going to have.”
The legislation, unprecedented in its size and scope, would send $1,200 checks to many Americans, create a $367 billion loan program for small businesses, and establish a $500 billion lending fund for industries, cities and states.
The legislation ensures that these taxpayer-backed loans cannot go to firms owned by President Trump, other White House officials or members of Congress. This would suggest that Trump-owned properties, including hotels that have been impacted, cannot seek taxpayer assistance.
Other provisions include $150 billion for state and local stimulus funds and $130 billion for hospitals.