We have a deal, folks!
It appears on early Wednesday morning, the White House and Republican and Democratic Senate leaders reached a deal to keep the American economy humming during the virus crisis and hopefully avoid depression in the second and third quarters.
The new Senate proposal will inject $2 trillion into the US economy, just like a shot of heroin, providing tax rebates, four months expanded unemployment benefits, and several business tax-relief provisions aimed at supporting individuals, families, and businesses, reported The Hill.
"The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments."
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." – The Hill
Senate Majority Leader Mitch McConnell (R-KY) promised the emergency legislation would be passed on Wednesday.
"At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell told the Senate at 0130ET.
Senate Democratic Leader Charles Schumer (D-NY) said the legislation is "the largest rescue package in American history."
"This bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage," he said.
The Hill notes that the final talks for the bipartisan agreement came after a meeting with McConnell, Schumer, Treasury Secretary Steven Mnuchin, White House legislative affairs director Eric Ueland and incoming White House chief of staff Mark Meadows.
News of a deal lifted US equity futures in the early morning – on top of the already unprecedented gains recorded on Tuesday.