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Trump administration, Senate reach $2 trillion coronavirus stimulus package deal

Trump administration, Senate reach $2 trillion coronavirus stimulus package deal 1

Senate Majority Leader Mitch McConnell (pictured) confirmed the historic stimulus deal Wednesday morning.

Early Wednesday morning the White House and Senate leaders settled on a historic deal of $2 trillion in stimulus money to counteract the growing public health and economic crises posed by the coronavirus pandemic. The deal’s announcement comes after two weeks of bipartisan negotiations.

The deal was announced by White House legislative affairs director Eric Ueland and further confirmed by Senate Majority Leader Mitch McConnell.

“After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” McConnell said, further describing the stature of the deal as a “war-time level of investment for our nation.”

While the precise details pertaining to the stimulus’ allocation haven’t been released, reports indicate that $250 billion will be set aside for direct payments to American families, another $250 billion in unemployment benefits, $350 billion set aside for small business loans and $500 billion in loans for larger corporations.

Under the provisions of the deal, businesses owned or connected to President Trump will be exempt from stimulus aid, according to Senate Minority Leader Chuck Schumer. The provision further bars any other top government officials and members of Congress from receiving stimulus money.

The Senate is set to reconvene at noon for a final vote at an as-yet-unspecified time

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