The White House and Senate leaders reached a deal early 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 Senate 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. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
The agreement caps five days of intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnell (R-Ky.) convened Republican and Democratic colleagues, with talks stretching late into the evening each of the following four days.
“At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell said during a speech on the Senate floor after 1:30 a.m. on Wednesday, pledging that the Senate would pass the package later in the day.
Senate Democratic Leader Charles Schumer (N.Y.) hailed the legislation as "the largest rescue package in American history."
“This bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage,” he said.
The final talks were conducted among McConnell, Schumer, Treasury Secretary Steven Mnuchin, White House legislative affairs director Eric Ueland and incoming White House chief of staff Mark Meadows.
"Ladies and gentleman, we're done. We have a deal," Ueland told reporters, breaking the news after one of the final meetings in McConnell's office after midnight Tuesday night.
Ueland noted that staffers would work into Wednesday morning to finish the text of the bill, but that when it came to some of the negotiation's largest sticking points they already have language agreed to "or we know exactly where we're going to land."
Mnuchin said early Wednesday morning that President Trump was "pleased" with the deal and urged Pelosi to take up the Senate bill and pass it without changes.
"This is a very important bipartisan legislation that is going to be very important to help American workers, American business. ... We couldn't be more pleased. Spoken to the president many times today, he's very pleased with this legislation and the impact this is going to have," he told reporters.
Pressed if that meant Trump would sign it if it reaches his desk in its current form, he added: "Absolutely."