BREAKING: Senate leaders and the White House have reached a deal on a 2 trillion dollar economic stimulus package.
Treasury Secretary Steven T. Mnuchin and Senate Minority Leader Charles E. Schumer (D-N.Y.) negotiated through Monday night and all day Tuesday to resolve outstanding issues.
A Senate vote on the deal could occur by midday Wednesday, with the House potentially following soon after.
Steve Mnuchin says President Trump will absolutely sign the deal, which is expected to be enacted within days.
Senator Schumer describes the package as 4 pillars.
The first pillar: Medical needs – $130+ billion will go for hospitals and medical needs.
Sen. Schumer said “There is much more money for our hospitals, for physicians, for our nursing homes, for our community health centers to do the job they need to do, over $130B dollars.”
2. Workers first.
“So many people are being put out of work through no fault of their own, they don’t know what their future is going to be like. How are they going to pay the bills?”
“Well, we come to their rescue. And the most significant part of that is something we are proud to have devised, we call it ‘unemployment compensation on steroids.’ Every American worker who is laid off will have their salary renumerated by the federal government so they can pay their bills. And because so many of them will be furloughed rather than fired – if they have benefits they continue, and extremely important – they stay with the company or small business. And that means that company or small business can reassemble once this awful plague is over and our economy can get going quickly.”
The rescue package would send $1,200 checks to many Americans, and create a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
Sen. Schumer said negotiators agreed to expand those covered to include people who are furloughed, gig workers and freelancers, and by increasing the payments by $600 dollars per week for four months on top of what states provide as a base unemployment compensation.
The latest $2-trillion stimulus bill comes at a time when millions of Americans have been asked to stay away from school and work, and remain inside their homes to reduce the spread of the disease.
The amounts of the one-time payments, which officials hope could go out to Americans as soon as early April, will be based on income reported in 2018 taxes, declining gradually beginning with individuals who made $75,000 or married couples filed jointly who made $150,000. Individuals making $99,000 or above or married couples making $198,000 or more would receive no check. People would also receive an additional $500 per child.
Schumer said the 3rd pillar included “Strict oversight, transparency, and accountability of all loans made to corporate America. We need oversight, we need transparency, every loan document will be public and made available to Congress very quickly, so we can see where the money is going, what the terms are, and if it’s fair to the American people, and an oversight board, as well, as an IG to make sure things are done on the level.”
The 4th pillar offered; “Real resources for our state and local governments, that was one of the last decisions we had to make. 150 billion dollars to go to states and localities who were so hard pressed because of all the new expenses that COVID 19 puts upon them, and because they’re not getting the resources they usually get because taxes are delayed until June. And finally real, real help for small businesses. My dad was a small businessman in exterminating – an exterminator, I know how businesses, small business people worry and suffer. They will get loans, be paid by the federal government, while they’re closed because they don’t have customers or services and they can, too, bounce back afterwards.”
Sen. Schumer continued; “So, this agreement is really an outstanding agreement. To them, to all Americans I say help is on the way. Big help and quick help. We are going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark economic times.”
