U.S. markets open in 1 minute

White House, Congress reach $2 trillion stimulus deal amid coronavirus concerns

Yogita Khatri

The White House and Congress leaders have struck a mega $2 trillion stimulus deal to provide economic relief to Americans amid coronavirus concerns.

“At last, we have a deal,” said Mitch McConnell, the Senate majority leader, after days of intense negotiations, according to a report from the Financial Times on Wednesday. “The Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” said McConnell, calling the measure a “wartime level of investment into our nation.”

Notably, the deal still requires formal approval by Congress, and full details of the stimulus package are expected to be published later today.

The plan includes $500 billion in loans for distressed companies, $250 billion for direct payments to individuals and families, $350 billion to aid small businesses, and $250 billion in unemployment insurance benefits, among others.

Previous negotiations indicated that individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each.

Chuck Schumer, the Senate’s most senior Democrat, said the deal included four extra months of unemployment insurance and prohibited bailed-out airlines from buying back stock or issuing bonuses, per the FT report.

Schumer’s office reportedly also said the deal prohibited businesses controlled by US President Donald Trump and senior government officials from receiving government aid.