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Lawmakers, White House reach deal on $2 trillion economic-relief package

1 year 3 weeks 2 days ago Wednesday, March 25 2020 Mar 25, 2020 March 25, 2020 1:30 AM March 25, 2020 in News
Source: AP

WASHINGTON -- The White House and Senate leaders of both parties have struck an agreement on a sweeping $2 trillion measure to aid workers, businesses and a health care system strained by the rapidly spreading coronavirus outbreak.

Top White House aide Eric Ueland announced the agreement in a Capitol hallway shortly after midnight.

The agreement came after days of often intense haggling and mounting pressure and still needs to be finalized in detailed legislative language.

"Ladies and gentlemen, we are done. We have a deal," Ueland said.

The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.

A one-time payment of $1,200 per adult and $500 per child would go directly to the public.

A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks at the insistence of Sen. Chuck Schumer, the Democratic leader, while Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.

Democrats said the package would help replace the salary of furloughed workers for four months, rather than the three months first proposed. Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time. Companies would be able to defer payment of the 6.2% Social Security payroll tax.

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