Business Economy 25 Mar 2020 US Senate, White Hou ...

US Senate, White House agree on $2 trillion coronavirus rescue plan

AP
Published Mar 25, 2020, 10:49 am IST
Updated Mar 26, 2020, 10:41 am IST
Top White House aide Eric Ueland announced the agreement in a Capitol hallway
Treasury Secretary Steven Mnuchin, left, accompanied by White House Legislative Affairs Director Eric Ueland and acting White House chief of staff Mark Meadows, speaks with reporters as he walks to the offices of Senate Majority Leader Mitch McConnell of Ky. on Capitol Hill in Washington. (Photo- AP)
 Treasury Secretary Steven Mnuchin, left, accompanied by White House Legislative Affairs Director Eric Ueland and acting White House chief of staff Mark Meadows, speaks with reporters as he walks to the offices of Senate Majority Leader Mitch McConnell of Ky. on Capitol Hill in Washington. (Photo- 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.

After days of pressure, unusual partisanship in a crisis, and intense haggling over the fine print, negotiators were almost done with a $2 trillion bill to respond to what Senate Majority Leader Mitch McConnell called “the most serous threat to Americans’ health in over a century and quite likely the greatest risk to America’s jobs and prosperity that we’ve seen since the Great Depression.”

The final details proved nettlesome as Trump administration officials continued negotiations deep into the night.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT