Senate Leaders Reach Deal on $2 Trillion Coronavirus Bill

Dem Rep. Clyburn told colleagues the coronavirus stimulus bill is ‘a tremendous opportunity to restructure things to fit our vision’

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'.

India To Import COVID-19 Testing Kits From South Korea
Health authorities in Singapore and South Korea claim that most of the new cases were imported. Experts said South Korea also needs to be aware of mutated strains of COVID-19.

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.

Related News:

  • Stocks wobble as Wall Street downshifts from historic rally

    Stocks wobble as Wall Street downshifts from historic rally

    In other trading, USA crude oil gained 38 cents to $24.39 per barrel in electronic trading on the New York Mercantile Exchange. Asia, Japan's Nikkei 225 jumped 8 percent, South Korea's Kospi rose 5.9% and the Hang Seng in Hong Kong gained 3.8 percent.
    Kevin Hart, Eniko expecting second child together

    Kevin Hart, Eniko expecting second child together

    Additionally, the 40-year-old comedian and Eniko welcomed their first child together, Kenzo Kash Hart , two years ago. Amid the coronavirus pandemic, Kevin Hart and his wife Eniko Parrish-Hart has something special to celebrate.
    'Safer at Home' initiative does not close essential businesses

    'Safer at Home' initiative does not close essential businesses

    That's why issuing a [safer at home] order isn't something I thought we'd have to do, and it's not something I take lightly. Governor Tony Evers is asking Wisconsin residents to stay at home to help stop the spread of COVID-19.
  • United States records first known child death from coronavirus

    United States records first known child death from coronavirus

    While most people and businesses were obeying the orders, there were hints that authorities were losing patience with scofflaws. Newsom reaffirmed he wants to continue using social pressure, not police enforcement, to get people to maintain safe spacing.
    Nvidia releases DLSS 2.0 with the latest driver

    Nvidia releases DLSS 2.0 with the latest driver

    This improves frame rates and eliminates previous limitations on which GPUs, settings, and resolutions could be enabled. The same technology will be brought to MechWarrior 5: Mercenaries and to the beloved Wolfenstein: Youngblood .
    Idris Elba’s wife Sabrina Dhowre Elba diagnosed positive with coronavirus

    Idris Elba’s wife Sabrina Dhowre Elba diagnosed positive with coronavirus

    "Like millions of people all over the world, I've been staying safer at home for over a week now". Elba has Recently tested positive for COVID-19 and remains in self-isolation with his family.
  • India launches curfew to stem coronavirus

    India launches curfew to stem coronavirus

    Due to Janta Curfew, all air carriers including Indigo, Vistara, Air India, etc suspended their domestic operations on Sunday. It has also been made a decision to suspend the interstate bus services till March 31, the officials said.
    Boeing suspending Puget Sound production

    Boeing suspending Puget Sound production

    Many are now deferring deliveries of airplanes from Boeing and Airbus, which delays when the plane makers receive obligations. Employees who can't work remotely will get paid leave for the first ten days of the suspension.
    Coronavirus cases hit 386,406 globally, death toll reaches 16,747

    Coronavirus cases hit 386,406 globally, death toll reaches 16,747

    He said health workers can only do their jobs effectively when they can do their jobs safely. They're people, whose lives and families have been turned upside down.
  • 54 year-old coronavirus patient dies in Tamil Nadu

    54 year-old coronavirus patient dies in Tamil Nadu

    An ice rink in Madrid has also been converted to a makeshift morgue because of funeral homes being overwhelmed by the death toll. The Dow Jones Industrial Average on Tuesday surged 11.3 percent, its biggest rally since 1933 during the Great Depression.
    Amazon Workers at Six U.S. Warehouses Test Positive for Coronavirus

    Amazon Workers at Six U.S. Warehouses Test Positive for Coronavirus

    Commenting on the most recent case in NY , an Amazon spokeswoman said: "We are supporting the individual who is recovering". For the most up-to-date news and information on the coronavirus pandemic, visit the World Health Organization website.
    Coronavirus France: Lockdown is 'likely' to last SIX WEEKS

    Coronavirus France: Lockdown is 'likely' to last SIX WEEKS

    The head of the public health service Jérôme Salomon added later that France would soon be able to carry out 10,000 tests a day. France has enacted some of the strictest lockdown measures in Europe, barring people from leaving their homes for fifteen days.


Most liked

More than 158,000 volunteer going to help United Kingdom fight Coronavirus pandemic
Anyone who is over the age of 18, fit and healthy and non-symptomatic can offer their time to the scheme. That is already in one day as many volunteers as the population of Coventry.

Abe says Trump supports Olympic postponement 100%
According to some estimates, the rearrangement of the Games will reduce the growth of Japan's GDP by 1.4 percent. Issuing a statement , Prime Minister Abe said: "I proposed to Mr Bach that we postpone the Games for a year".

'Top Chef Masters' Winner Floyd Cardoz Dies At 59 From Coronavirus
He was a motivation to cooks all over the world as well as we provide our inmost compassion to his friends and family". He was in Mumbai until March 8 to celebrate the fifth-anniversary celebration of the Bombay canteen .

New Zealand declares state of emergency, Australia/NZ News & Top Stories
Approved isolation facilities will be hotels, mainly, and the Government has already looked at hotels near airports to be used. Officials continued to work through the details. "Then we'll begin to know how successful we have been", Ardern explained.

'Asymptomatic' COVID-19 carriers often lose sense of smell
Unable to get a coronavirus test due to the U.K.'s testing limitations, Robert turned to Twitter on Monday night. " People hadn't been talking about it [as a symptom], so I wasn't looking out for it".

How coronavirus totally changed Bindi Irwin's wedding
He concluded: 'I know that Dad was with us, and we are all so delighted for your future as husband and wife. The television star then asked her followers to relay any wedding advise they may have to her.

Oil Prices Up on Drop in Supply
The US Congress may vote on Wednesday on the $2 trillion stimulus package which boosted stock markets on Tuesday. West Texas Intermediate (WTI) crude futures rose 55 cents, or 2.3%, to $24.56 a barrel, a 2.3% gain.

Tsunami watch for Hawaii lifted after north Pacific natural disaster
An natural disaster with a magnitude of 7.8 has occurred at approximately 4:59 HST in the vicinity of the Kuril Islands. The ministry said area residents would remain in a safe place for now as the threat of a tsunami remained.

USA may become epicentre of Coronavirus pandemic, warns WHO
The streets of the capital were quiet as all but essential shops closed and people only went to work if it was unavoidable. In terms of cases per million, China's is 56 while Italy has the total case per million population of 1144.

Spain seeks North Atlantic Treaty Organisation help as virus death toll touches 2700 — Humanitarian assistance
Meanwhile, Madrid took over the public Palacio de Hielo ice skating rink after the morgue in the hard-hit capital city overflowed. Still, Harris said the scope of the global outbreak was "enormous" and that cases were expected to increase "considerably".

Group reverses course, to pay 76ers employees
National Hockey League players will be paid through the scheduled end of the regular season, April 4. There have been at least 50,000 coronavirus cases reported in the USA with at least 600 deaths.

Boris Johnson announces three week lockdown in bid to stop coronavirus spread
In Scotland Nicola Sturgeon, the Scottish First Minister, announced that building sites and hairdressers' shops should close. There were growing calls for the government to impose tighter restrictions with more rigorous enforcement.

Inslee orders Washingtonians to stay at home to prevent COVID-19 spread
Until now, state officials have largely leaned on what might be considered an honor system to uphold social distancing measures. For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough, and the vast majority recover.

Texas' lieutenant governor says USA should 'open for business'
Let's be smart about it and those of us who are 70-plus, we'll take care of ourselves. "But don't sacrifice the country".

Defer Cruise Travel; Inside the Princess Outbreak — CDC
The cabins had not yet been sanitized at that point, and CDC researchers said it was too early to draw conclusions from the data. The traces were found in cabins of both symptomatic and asymptomatic infected passengers before the cabins were disinfected .