Congress to Vote on $2 trillion stimulus deal
The Senate will vote Wednesday on a $2 trillion stimulus package to stabilize the economy during the coronavirus outbreak.
Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.) confirmed a deal at 1:30 a.m. on Wednesday, according to The Washington Post. The Senate will convene today for a vote.
The bill will put $1,200 checks into many Americans’ pockets, with $500 additional for each child. The legislation also includes a $367 billion loan program for small businesses and creates a $500 billion lending fund for industries, cities and states. There will be $150 billion for state and local stimulus funds and $130 billion set aside for hospitals.
The legislation will also supplement current unemployment insurance benefits, expanding eligibility and giving workers an additional $600 a week for four months in addition to what state unemployment programs pay.
Even if the Senate passes the bill today it still must return to the House for a vote. The House is currently out of session and it is unknown how long it will take the legislative body to hammer out any further details.