Senate Majority Leader Mitch McConnell
Topline: The U.S. Senate agreed to a massive $2 trillion economic stimulus package on Wednesday morning, following five days of negotiations and two failed votes, as the country continues to grapple with the fallout of coronavirus, which has infected over 46,000 Americans and ravaged markets as the economy ground to a halt.
- The agreement is believed to be the biggest economic rescue package in modern American history, with both chambers expected to pass the legislation later in the day.
- Full details of the legislation are yet to be published, but it is expected to deliver emergency loans to small businesses, provide financial support to workers laid off because of the pandemic, and provide support for hospitals and medical professionals short on equipment.
- The agreement sent markets in Asia up, with Japan's Nikkei rising more than 8%, while Hong Kong's Hang Seng index was up 3.8%.
- It comes as Trump expressed his desire for the bill to pass on Twitter Tuesday morning, writing that “Congress must approve the deal, without all of the nonsense, today. The longer it takes, the harder it will be to start up our economy. Our workers will be hurt!”
- Progress was made on the bill Monday night, with Treasury Secretary Steve Mnuchin and Senate Minority Leader Chuck Schumer (D-NY) saying a deal was very close, and that President Trump seemed “very positive” about the bill.
- Unemployment “is what we’re trying to avoid,” Senate Majority Leader Mitch McConnell said during a Tuesday morning address on the Senate floor, adding, "I hope today is the day this body will get it done."
- House Speaker Nancy Pelosi said there was “real optimism” that Congress could close the deal within hours on Tuesday in a CNBC appearance.
Crucial quote: McConnell said on the Senate floor in the early hours of Wednesday: "At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic."
What to watch for: How the House decides to vote on the bill, because it is not in session. The Washington Post reported Tuesday that in order to make the bill law, the House could vote by what is called “unanimous consent,” which only requires two representatives present to vote in favor of the bill—but would need every senator to vote for the bill first, which would be highly unlikely. The House could also vote by proxy, according to the Post, which would allow representatives present on the floor to cast votes for missing members.
Key background: Among the most controversial measures proposed in the Senate package was a $500 billion fund designated to help distressed businesses, while direct cash payments to Americans, along with expanded unemployment insurance, small business loans and hospital funding, had more bipartisan support. Meanwhile, Trump seemed anxious to get the economy restarted Monday by relaxing social distancing guidelines so people can return to work, but health experts have warned that the outbreak will worsen this week and more time is needed to control it.
This is a developing story. Check back for updates.
