Senate leaders and President Donald Trump’s White House have struck a deal on a historic $2 trillion stimulus bill that will help push the American economy forward during the Coronavirus crisis.
Both sides reached the historic deal shortly after midnight Wednesday, although reports suggest support in the Democratic-controlled House of Representatives remains uncertain.
The bipartisan breakthrough in the Senate capped days of heated negotiations after Speaker Nancy Pelosi flew into D.C. and tried slipping in a slew of unnecessary, left-wing proposals.
“Ladies and gentlemen, we are done,” White House legislative affairs director Eric Ueland announced as he left the office of Senate Majority Leader Mitch McConnell near midnight. “We have a deal.”
Ueland told reporters that “much of the work on bill text has been completed, and I’m hopeful over the next few hours we’ll finish what’s left and we will circulate it early in the morning.”
Senate Minority Leader Chuck Schumer, D-N.Y., said the bill amounts to “unemployment compensation on steroids,” and that every American who is laid off will have their missed salary remunerated
That provision will enable companies to stay afloat and immediately bring back those employees when things are safe, Schumer said.
The latest $2-trillion stimulus bill is expected to include direct payments of $1,200 or less to most adults, loans to businesses and an expansion of unemployment insurance and other aspects of the social safety net. It comes at a time when millions of Americans have been asked to stay away from school and work, and remain inside their homes to reduce the spread of the disease.
The amounts of the one-time payments, which officials hope could go out to Americans as soon as early April, will be based on income reported in 2018 taxes, declining gradually beginning with individuals who made $75,000 or married couples filed jointly who made $150,000. Individuals making $99,000 or above or married couples making $198,000 or more would receive no check. People would also receive an additional $500 per child.
The new #CoronaVirusBill sends Americans a single, $1200 check.
It’s $2 Trillion. If every single American got $1200, that’s not even $400 billion.
— Steve Cox (@RealSteveCox) March 25, 2020
As noted by Townhall’s Guy Benson, Democrats plan backfired badly.
Senior GOP source re Schumer’s take on the deal:
– It’s the same bill “with marginal changes.”
– He’s “trying to take credit” for the structure he filibustered and delayed for “small ball” alterations.
– Face saving exercise, Dems realized this couldn’t drag on much longer.
— Guy Benson (@guypbenson) March 25, 2020
The bill will be voted on and passed in the Senate on Wednesday.
“Democrats are finally taking ‘yes’ for an answer,” McConnell said in his remarks on the Senate floor early Wednesday morning. “Help is on the way.”
“After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” he continued. “It will rush new resources onto the front lines of our nation’s health care fight. And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”
Treasury Secretary Steven Mnuchin, who was smiling after McConnell left the floor, told reporters: “This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America. So, we couldn’t be more pleased. I’ve spoken to the president, many times today, and he’s very pleased with this legislation, and the impact that this is going to have.”
Concerning the House, Mnuchin remarked, “I can’t speak for the Speaker. I hope she takes it up and she passes as-is. We need, we need this to get working for the American people. And, again, there are a lot of compromises. It’s a terrific bill, and it was a great accomplishment for everyone.”
Never forget: While Americans are in desperate need of financial assistance, Pelosi and Democrats spent days trying to include absurd liberal policies into the bill.