Senate Leaders Reach Deal on $2 Trillion Coronavirus Bill

The Senate's Republican majority leader Mitch McConnell was expected to speak on the Senate floor about the agreement

Senate Majority Leader Mitch McConnell, R-Ky., appeared to leave the final negotiations to Schumer and Mnuchin, though the Treasury secretary made frequent trips between the leaders' offices Tuesday.

"This is a wartime level of investment into our nation", McConnell said.

Senator Warner said along with providing aid to workers, the bill aims to majorly help small businesses.

The Senate is likely to pass the measure Wednesday afternoon.

Speaker Nancy Pelosi, D-Calif., said in a press statement that the bipartisan Senate deal "takes us a long way down the road in meeting the needs of the American people".

Full details of the deal, which Congress is expected to pass, are not known.

Of course, amendments on the floor of the US Senate are possible, as are further amendments by the US House of Representatives.

McConnell chafed at the tactics but supported the end result.

A spokesperson for the National Association of Realtors, which has prepared a guide for Realtors to access during the crisis, told Inman the association has been working with lawmakers on the bill. "I am thrilled we're finally going to deliver for the country that has been waiting for us to step up".

The Committee for a Responsible Federal Budget, a bipartisan think tank based in Washington that normally campaigns for reduced deficits, said late Tuesday that the deficit would "easily exceed $2 trillion this year and next".

The agreement is an expansion of a Republican legislative proposal issued last week, dubbed the CARES Act - the Coronavirus Aid, Relief, and Economic Security Act - to provide relief to virtually every rung of the USA economic ladder.

Other changes to the final bill included increased oversight of the $500 billion fund managed by the Treasury to shore up struggling businesses through loans and loan guarantees. "Our hospitals and healthcare workers are nearing their capacity".

The legislation includes a payment of $1,200 to most Americans, expanded unemployment benefits, business tax relief and loans.

As part of the compromise, Democrats also pushed into the bill a vast unemployment insurance benefit, which would cover furloughed employees as well as contract and freelance workers, adding as much as $600 a week to each state's normal unemployment payments.

Another $250 billion will be used to bolster unemployment benefits. The deal extends to gig economy workers, Axios' Kia Kokalitcheva reports.

- $130 billion will be allocated for hospitals and other facilities, in what Democrats are calling a "Marshall Plan" for health care.

Also, obviously, state and local governments can expect to see cratering sales tax revenue.

An additional $367 billion is dedicated to ensuring small businesses can continue to keep paying their employees.

The deal also includes "strict oversight, accountability and transparency" of all loans to "corporate America" enabled by the legislation, he said.

Under Schumer's proviso, businesses owned by the children or spouses of top officials and lawmakers are also barred from the aid package, CNN's Manu Raju tweeted. Corporations receiving government aid would also be banned from so-called "stock buybacks" that critics say boost a company's stock price and enrich executives at the expense of workers. In addition, it establishes worker protections attached to federal loans for businesses and prohibits airlines from using the funds for CEO bonuses.

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