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White House, Senators agree on a $2 trillion coronavirus stimulus plan

Bloomberg | Updated on March 25, 2020 Published on March 25, 2020

US President Donald Trump (file photo)   -  Bloomberg

The Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up almost $2 trillion in spending and tax breaks to bolster the hobbled US economy and fund a nationwide effort to stem the coronavirus, according to two people familiar with the plan.

Details were not released but negotiators were working on a package that includes billions in assistance to companies and states and cities; checks to most Americans, loans and aid for small businesses to maintain their payrolls, more expansive unemployment insurance, deferrals of taxes, and numerous other provisions.

The accord was reached after marathon negotiations between Senate Democratic leader Chuck Schumer and Treasury Secretary Steven Mnuchin.

The Senate could vote as soon as Wednesday. The House also would need to pass the bill before it gets to President Donald Trump’s desk.

House Speaker Nancy Pelosi had been consulted throughout the negotiations.

Pelosi said on Tuesday that the House could quickly approve a Senate-passed coronavirus stimulus with a voice vote that doesn’t require members to travel to Washington -- as long as the bill does not have any “poison pills” Democrats object to.

That would also require the unanimous consent of all House Republicans. The second-ranking House Republican, Representative Steve Scalise, told his vote-counting team during a conference call Tuesday night that the best option is to accept a Senate-passed economic stimulus bill, according to Scalise spokeswoman Lauren Fine.

Published on March 25, 2020
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