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| Anna Moneymaker/The New York Times |
The White House and Senate leaders of both parties struck an agreement late Tuesday on a sweeping $2 trillion measure to aid workers, businesses and a health care system strained by the rapidly spreading coronavirus outbreak.
The agreement came after days of often intense haggling and mounting pressure and still needed to be finalized in detailed legislative language.
Top White House aide Eric Ueland announced the agreement in a Capitol hallway shortly after midnight. Ladies and gentlemen, we are done. We have a deal,' Ueland said.
The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
The final details had proved nettlesome. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.
The package was aimed to combat what Senate Majority Leader Mitch McConnell had called "the most serous threat to Americans' health in over a century and quite likely the greatest risk to America's jobs and prosperity that we've seen since the Great Depression."
Yet even as the public-health crisis deepened, President Donald Trump expressed eagerness to nudge many people back to work in coming weeks and held out a prospect, based more on hope than science, that the country could be returning to normal in less than a month.
The passage of the bill buoyed financial markets in Asia and Europe, and the optimism looked likely to carry over to Wall Street, as trading in futures indicated a strong opening for stocks there.
The sheer size and scope of the stimulus package would have been unthinkable only a couple of weeks ago. Administration officials said they hoped that its effect on a battered economy would be exponentially greater than its $2 trillion cost, generating as much as $4 trillion in economic activity.
“This is not a moment of celebration, but one of necessity,” the minority leader, Sen. Chuck Schumer, said as he took careful note of the changes his party had secured in the legislation. “To all Americans I say, ‘Help is on the way.’”
The legislation, which is expected to be enacted within days, is the biggest economic stimulus package in modern American history, dwarfing the $800 billion stimulus bill passed in 2008 during the financial crisis. The aim is to deliver critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption.










