Three GOP Senators Demand 'Fix' to Stimulus Package

READ: $2 Trillion Coronavirus Relief Bill

But he told Cooper that if the four Republican senators dropped their complaints, "I am certainly not going to persist in what I want" on the bill.

A separate $350 billion loan program for small businesses offers to forgive money lent to businesses that avoid layoffs, inspired by cataclysmic forecasts of mass unemployment.

"Here we are in the midst of the worst economic downturn perhaps since the Great Depression, tens of millions of people are anxious to death about how they're going to feed their families, pay their rent, prevent a foreclosure", Sanders added.

Treasury Secretary Steven Mnuchin, who negotiated with Senate leaders on the bill, said Trump would "absolutely" sign the Senate bill as it reads now and urged House Speaker Nancy Pelosi to pass it in the House without adjustment.

Several House Democrats were also unhappy with the bill, saying it helps business at the expense of people.

Americans are set to receive a one-time direct payment of $1,200 per adult making up to $75,000 a year, and $2,400 per married couple making up to $150,000, with $500 payments per child.

After two consecutive days of high-profile setbacks - with Senate Democrats blocking procedural votes on Sunday and Monday over opposition to a bill initially crafted by Senate Republicans - a deal appeared to be imminent by Tuesday morning, but was ultimately not announced until the early hours of Wednesday morning.

Senate Minority Leader Chuck Schumer said on the Senate floor that passing the massive spending bill was "not a moment of celebration but one of necessity".

The package also blocks foreclosures and evictions during the crisis on properties where the federal government backs the mortgage; pauses federal student loan payments for six months and waives the interest; gives states millions of dollars to begin offering mail or early voting; and provides more than $25 billion in new money for food assistance programs like SNAP.

The package also provides up to $250 billion in expanded unemployment benefits, meant to help replace the salaries of furloughed workers for up to four months.

The Treasury would give loans to industries out of a $500-billion money pot. They also would have to limit executive bonuses and take steps to protect workers.

- That fund will include a number of transparency and oversight measures, including public disclosure of where the loan money goes, an inspector general to oversee the program, and a provision that high-level government officials can not benefit. The US Treasury will also be required to seek stock options in these companies.

Other objections floated in from New York Gov. Andrew Cuomo, who has become a prominent Democrat on the national scene as the country battles the pandemic. Michigan Rep. Rashida Tlaib tweeted that she is angry the Senate bill doesn't help people whose water was shut off for lack of payment during the outbreak.

The size of the stimulus package is unprecedented, dwarfing the approximately $800 billion Obama stimulus that passed five months after the 2008 financial crash.

Together with Fed intervention, the proposed legislation amounted to a $6 trillion stimulus, according to White House economic adviser Larry Kudlow, or about 30 per cent of annual GDP.

Lawmakers universally expressed a sense of urgency as the nation's economy deteriorates and the health outlook grows more dire.

The legislation itself expands on a Republican proposal issued last week, called the CARES Act - the Coronavirus Aid, Relief, and Economic Security Act. It also will send tens of billions in fresh aid to states.



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