What’s in the historic, $2 trillion coronavirus relief package

FAN Editor

Washington — The White House and Senate leaders of both parties have reached an agreement on a sweeping $2 trillion measure to aid workers, businesses and a health care system strained by the rapidly spreading coronavirus outbreak.

Top White House aide Eric Ueland announced the deal in a Capitol hallway shortly after midnight.

The historic agreement came after days of often intense negotiating and with pressure growing on all sides.

Majority Leader Mitch McConnell said on the Senate floor early Wednesday that the chamber will pass the legislation later in the day. The Senate was due back in session at noon.

The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

One of the last issues resolved involved how much oversight there would be on $500 billion in guaranteed, subsidized loans to larger industries. A particularly thorny issue was how generous to be with airlines. Hospitals would get significant help, as would state and local governments.

“At last, we have a deal,” McConnell announced. “After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.

“It will rush new resources onto the front lines of our nation’s health care fight and it will inject trillions of dollars of cash into the economy as fast as possible to help American workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”

Minority Leader Chuck Schumer said, “After five days of arduous negotiations, after sleep deprived nights and marathon negotiating sessions, we have a bipartisan agreement on the largest rescue package in American history. This is not a moment of celebration, but one of necessity. We have the anguish of the American people wondering about the future of their health, the health of their loved ones and the economy necessitates us to do all we can to help them and help our country.”

Schumer said the package includes “a Marshall Plan for our hospitals and medical needs,” “unemployment compensation on steroids,” “strict oversight, transparency and accountability of all loans made to corporate America” and “real resources for our state and local governments.”

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