In the early hours of Wednesday, the US Congress finally reached an agreement on the nearly $2 trillion economic stimulus package. The purpose of the stimulus package is to salvage the US economy from ravaging impacts of the coronavirus pandemic.
After days of running around the block on finding common ground between the Trump administration and the US Congress, both parties finally arrived at a conclusion, making it the largest US economic stimulus in history.
Around 1 am, Eric Ueland, the White House legislative affairs director made it known that a deal was in place and there was a need for the text of bill to be completed.
“We have either, clear, explicit legislative text reflecting all parties or we know exactly where we’re going to land on legislative text as we continue to finish,” he said.
As at Monday, senators were at logger-heads on passing the economic stimulus package into bill as Democrats felt excess money was allocated to supporting businesses at the expense of public health providers, workers, and families. While the Republicans were upset that there was no time for arguments and playing politics as the coronavirus pandemic continued to ravage the economy. Therefore, this was no time for playing politics.
“This is not a juicy political opportunity… This is a national emergency,” Senate Majority Leader, McConnell said in a remark on Monday.
Both parties finally came to an agreement and an announcement was made sometime around 1:30 am on Wednesday morning by the Senate Majority Leader Mitch McConnell and Minority Leader Charles E. Schumer. It was a long day of deliberations with the Treasury Secretary, Steven Mnuchin and other Trump administration officials.
“After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic… I’m thrilled that we’re finally going to deliver for the country that has been waiting for us to step up,” McConnell said.
Schumer also added that “help is on the way, big help and quick help… we’re going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark economic times.”
The next step for the bill is to go to the House and to President Trump for ratification. According to McConnell, the Senate would pass the legislation in the later hours of Wednesday. Though it may take a long while as the House is out of session, and hopefully the lawmakers agree to pass the bill unanimously.
As regards President Trump ratifying the bill, Mnuchin is positive that the president would “absolutely, absolutely, absolutely,” ratify the bill. Considering that it was also his intention to ease Americans off every pressure or financial difficulties associated with staying home.
The legislation is aimed at sending $1,200 checks to adult Americans and providing $367 billion loans for small businesses with a $500 billion fund for industries and states.
The bill also includes other incentives such as $150 billion for state and local government stimulus funds, $130 billion for hospitals, and unemployment insurance.