Treasury secretary said the president is “pleased.”
The White House and Senate leaders reached a deal in the wee hours of Wednesday morning on a massive stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus crisis.
The revamped proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions aimed at shoring up individual, family and business finances.
The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments.
It will also give a one-time check of $1,200 to Americans who make up to $75,000 a year. Individuals with no or little tax liability would receive the same amount, up from $600 as initially proposed.
It took five days of tense negotiations that started Friday. Majority Leader Mitch McConnell said, “At last we have a deal… a bipartisan agreement.” Senate Minority Leader Chuck Schumer called the legislation “the largest rescue package in American history.” He said, “This bill is far from perfect, but we believe the legislation has been improved sufficiently to warrant a quick consideration and passage.”
Treasury Secretary Steven Mnuchin, who has been on the Hill day and night in negotiations, said President Trump is “pleased” with the deal and he urged House Speaker Nancy Pelosi to take up the Senate bill and pass it without changes. If that happens, the president would “absolutely” sign the legislation.
As the Lord Leads, Pray with Us…
- For members of the Senate as they vote on the agreed-to legislation on Wednesday.
- For the House of Representatives to take up the Senate bill without changes and secure its passage.
- For Treasury Secretary Mnuchin, President Trump, the IRS, the Federal Reserve, and others who will have to look to the disbursement of funds quickly as many American families are hurting economically.
Sources: The Hill, CBS News