This story will be updated as more details become available and the vote takes place.
WASHINGTON — U.S. Senate leaders announced a compromise with the White House on a massive $2 trillion spending package that would send checks to Americans and provide aid to small businesses in response to the COVID-19 pandemic.
The deal was announced early Wednesday morning after days of heated negotiations on Capitol Hill.
Senate Majority Leader Mitch McConnell (R-Ky.) said he expects the Senate to pass the legislation later on Wednesday.
“We have a bipartisan agreement on the largest rescue package in American history. This is not a moment of celebration, but one of necessity,” Senate Minority Leader Chuck Schumer (D-N.Y.) said on the Senate floor.
The legislation would send checks of $1,200 to many Americans, create a $367 billion loan program to aid small businesses and fund a $500 billion lending program for industries, cities and states, the Washington Post reported.
The legislation would also ensure that these taxpayer-funded loans can’t be made to firms owned by President Donald Trump, other White House officials, or members of Congress, the Post reported. Another $150 billion would be included for state and local stimulus funds and $130 billion would go to hospitals.
House Speaker Nancy Pelosi (D-Calif.) said Wednesday morning that the bipartisan compromise marked an improvement over a previous proposal from Senate Republicans. It “does not go as far” as the plan House Democrats had offered, but “the bill has moved a great deal closer to America’s workers,” she said.
“House Democrats will now review the final provisions and legislative text of the agreement to determine a course of action.”
Colorado Sen. Cory Gardner, who announced Wednesday morning that he is out of self-quarantine, urged swift action the relief package on Twitter.
It has already taken far too long to pass this urgently needed relief for the American people. Pass the bill now. The House must do the same. No excuses. No delays. Pass the damn bill.
— Cory Gardner (@SenCoryGardner) March 25, 2020
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I listened to the Federal Virus Team, led by President Donald Trump and VP Michael Pence, with the Doctors. This Two Trillion is primarily loans from the Government, much like the bailouts of the banks in earlier years, and will be paid back by the banks and loan officials in the future. I attended one of those ceremonies when Frontier paid off their loan, in earlier years, out near DIC airport. And this is reasonable, to get money out and in circulation, keep companies small business and large) operating, with their workers receiving funds, and available to work, when this blows over.
——-What is not reasonable is Pelosi and Schumer talking of introducing another spending bill, for social or public spending, that will be in future, for future politicians to contend with. No one should ever initiate a bill that will be acted on after they are out of Congress, unless they have partisan supporters , of both major parties, with incumbents who will be assured of being in that future period. Over the years, I have learned to be leery of anyone serving in same position for more than two terms. If they are really good and responsive to constituents, they should campaign for different position, and move on. .