The big news thus far today is that the White House and Senate leaders struck a major deal early this morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the most expensive and far-reaching measures in the history of Congress.
This is the largest economic stimulus package in modern U.S. history, aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption.
The full details have yet to be released. But it appears there will be $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
According to U.S. Senate Minority Leader Chuck Schumer’s office, the bill has provision that would block President Donald Trump and his family, as well as other top government officials and members of Congress, from getting loans or investments from Treasury programs in the stimulus.
It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
…Married couples earning up to $150,000 will receiving $2,400 – and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
Larry Kudlow, Trump’s chief economic adviser, called the package “the single largest main street assistance program in the history of the United States” at a White House briefing. Both houses of Congress are expected to pass this stimulus deal swiftly today.