White House, Senate reach historic $2 trillion stimulus deal amid growing coronavirus fears

By Manu Raju, Ted Barrett, Clare Foran and Kristin Wilson, CNN

Updated 0645 GMT (1445 HKT) March 25, 2020

Washington (CNN)The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the most expensive and far-reaching measures in the history of Congress.

“Ladies and gentleman, we are done,” White House legislative affairs director Eric Ueland said right before 1 a.m. after leaving Senate Majority Leader Mitch McConnell’s office following negotiations that have gone around the clock since last Friday. “We have a deal.”

McConnell formally announced the agreement on the Senate floor, saying, “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.”

The majority leader described it as “a war-time level of investment for our nation,” and said that the Senate would move to pass it later in the day on Wednesday. The Senate will re-convene at noon. An exact time has not yet been set for the vote.

The full details have yet to be released. But over the last 24 hours, the elements of the proposal have come into sharper focus, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.

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6 replies

  1. no word how this is supposed to be financed. Just off the printing press I assume. (or does any one have a better information?)

  2. Like everything else …it will be hot off of the printing press…the dollar remains King no matter how much of it is printed! 🙂

  3. That is one thing I love US. Government really care about its people who cannot afford to buy foods for their children.
    God bless America and its people ❤️❤️❤️

  4. Those who hates Anerica they cannot see the good one, they cannot see the truth— always negative thinking. Very sad to this people. They are not happy to see America is blessed by God.

    God is love ❤️

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