IT TOOK FIVE DAYS OF NEGOTIATIONS BUT THE TRUMP ADMINISTRATION HAVE MANAGED TO SECURE A ‘MONUMENTOUS’ TWO TRILLION DOLLAR RESCUE PACKAGE FOR THE THE AMERICAN ECONOMY AS IT BUCKLES UNDER THE STRAIN OFF THE CORONAVIRUS PANDEMIC
After five days of negotiations, Senate leaders and the Trump administration at the White House said early Wednesday morning that they have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of Covid-19.
“Ladies and gentlemen, we are done. We have a deal,” said White House legislative affairs director Eric Ueland.
Senate Majority leader Mitch McConnell and Minority Leader Chuck Schumer, who negotiated with Ueland, Secretary of the Treasury Steven Mnuchin and other officials, are expected to discuss the deal in Senate soon.
The deal still needs to be approved by the Senate and House of Representatives, but the stock market rose on Tuesday as reports came out that an agreement was imminent, with the Dow Jones Industrial Average gaining more than 2,100 points, or 11.4 per cent.
The size of the stimulus package has grown over the past week, from the $850 billion that the Trump administration reportedly first asked for, to the current $2 trillion.
The deal includes an increase in unemployment insurance, $130 billion earmarked for hospitals, $1,200 checks to many Americans and a $367 billion loan programme for small businesses, among other provisions.
The deal also includes a provision, secured by Schumer, that bars businesses controlled by the president, vice president, members of Congress and heads of executive departments are banned from receiving loans or investments from Treasury programmes.