White House and Senate Leaders Agree on $2 Trillion Economic Aid Package
It's finally happened. The White House and Senate leaders struck an agreement late Tuesday on a $2 trillion measure to aid workers, businesses and a health care system strained by the coronavirus outbreak.
“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1 a.m.
The agreement came after days of intense haggling and public quarrels between the two parties.
This is the largest rescue package in U.S. history.
This unprecedented economic rescue package will give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to continue making payroll while workers are forced to stay home.
Full details of the stimulus bill are expected later Wednesday.
Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400, plus an additional $500 per child.
The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
All total, the breakdown of most of the money should look as such:
- $250 billion for direct payments to individuals and families
- $350 billion in small business loans
- $250 billion in unemployment insurance benefits
- $500 billion in loans for distressed companies