NEW YORK (77 WABC) — The White House and Senate leaders of both parties announced an agreement early Wednesday on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic.
The unprecedented $2 trillion 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 to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.
“After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” said Majority Leader Mitch McConnell, R-Ky., a key negotiator. “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 Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”
News of the overnight agreement sent the Dow Jones soaring in the opening minutes Wednesday.
Senate Minority Leader Chuck Schumer: "To the American people we say, big help, quick help is on the way because we face about the most unprecedented health crisis we have" https://t.co/50JkFm6INm pic.twitter.com/akKJe08Woh
— CNN Politics (@CNNPolitics) March 25, 2020
At last, we have a deal.
After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.
We’re going to pass this legislation later today.
— Leader McConnell (@senatemajldr) March 25, 2020