The White House announced early Wednesday that it had reached a mammoth stimulus package deal with Senate to inject $2 trillion into the economy facing coronavirus outbreak disruption.
After days of Capitol Hill negotiations the bipartisan deal opens the way for a one-time $1200 direct payment to Americans making less than $75,000 per year to offset sudden financial pressure, and fund their immediate expenses.
The package will set in motion several programs including a $367 billion loan program for small businesses, a $500 billion fund for industries, cities and states, a $150 billion influx into unemployment insurance, and a $130 billion for hospitals, among numerous other provisions.
Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.) held extensive talks with Treasury Secretary Steven Mnuchin.
President Trump, who had called for immediate approval of the unprecedented stimulus package, wants to reopen the economy by Easter (April 12), although health experts are not definitive on when COVID-19-afflicted parts like New York would be ready to resume economic activities.
As prospects of the deal grew stronger, the stock markets recovered from days of routing with the Dow Jones industrial average soaring by more than 2,100 points.
