Senate Leaders Reach Deal on $2 Trillion Coronavirus Bill

The Senate's Republican majority leader Mitch McConnell was expected to speak on the Senate floor about the agreement

The value of the bailout is likely to eclipse both the 2008 bank bailout and Barack Obama's 2009 recovery act.

Treasury Secretary Steven Mnuchin recently said that "as soon as Congress passes this, we will get this out in three weeks".

Senators were negotiating the final sticking points in the stimulus bill to help the USA economy get through the coronavirus pandemic.

The Senate is expected to vote today on the bill, however the House will not vote until Thursday at the earliest.

"At last, we have a deal", McConnell said on Twitter. "Big help. Quick help", he said on the Senate floor.

The House, whose members are at home in their districts, is now deciding how it will vote on the bill.

The legislation would be the third pandemic response bill in recent weeks, and took almost a week to negotiate amid partisan bickering between Democrats and Republicans.

After 802 deaths and 55,225 confirmed infections, America is more than midway through a 15-day attempt to slow the spread of the virus through social distancing.

Stocks rose sharply in America and around the world Tuesday in anticipation of the infusion of aid into the US economy.

The most contentious part of the negotiations was $500 billion in corporate aid.

Democrats in the Senate, led by Schumer, held up a final vote on the proposal until more safeguards were put into place to watch money being given to companies and additional guarantees for workers were included.

The plan will rush financial assistance to Americans with direct checks to households in the middle class and in lower income levels, McConnell said.

And on Wednesday he added there was more to come: 'This is certainly not the end of our work here in Congress, rather the end of the beginning'.

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The bill expands eligibility for unemployment insurance benefits and provides $600 a week for four months over and above state benefits.

The loans would be available during an emergency period ending at the of June, and would be forgiven if the employer pays its workers for the duration of the crisis. This was a key Democratic initiative, which Schumer dubbed "unemployment insurance on steroids".

The money includes grants for hospitals and other providers, more protective equipment and supplies, and new construction to house more patients.

Trump is heavily invested in the hotel industry, one of the sectors hardest hit by coronavirus.

$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic.

Other priorities for Democrats - while unemployment skyrockets and small businesses face the prospect of failing - included election security funding, student loan forgiveness, and a "host of other issues".

The plan also calls for an immediate disclosure of the fund recipients.

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

Bans stock buybacks for the term of the government assistance plus 1 year on any company receiving a government loan from the bill.

Under the proviso, businesses owned by members of Congress, Vice President Mike Pence, and top members of the executive branch are also excluded from the bailout. "And then Senator Schumer, when he chose to take down the bill, both he and Pelosi had devised this and that's when I recall this thing emerging".

Senators, along with representatives from the White House, huddled in the Capitol over the weekend and early this week to hammer out a deal.

Pelosi recently negotiated the second coronavirus package directly with Mnuchin and without McConnell's involvement. Nor is the timing of such a vote-not to mention how President Trump might view what ultimately emerges.

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