WASHINGTON (Therednow) – U.S. senators will vote on Wednesday on a $2 trillion bipartisan package of legislation to alleviate the devastating economic impact of the coronavirus pandemic, hoping it will become law quickly so they can get out of Washington.
Top aides to Republican President Donald Trump and senior Senate Republicans and Democrats announced they had agreed on the unprecedented stimulus bill in the early hours of Wednesday, after five days of marathon talks.
“We’re going to pass this legislation later today,” Republican Senate Majority Leader Mitch McConnell said.
The massive bill is expected to include a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 apiece to millions of U.S. families.
It will also include $350 billion for small-business loans, $250 billion for expanded unemployment aid and $150 billion for various healthcare initiatives, including $100 billion for hospitals and related health systems.
“We have greatly strengthened the bill and we’re proud of what we’ve done,” Senate Democratic Leader Chuck Schumer said on CNN. He said he thought the chamber would pass the legislation on Wednesday.
The package aims to flood the U.S. economy with cash in a bid to stem the impact of a pandemic that has killed more than 730 people in the United States and sickened more than 53,000, shuttered thousands of businesses, thrown millions out of work and led states to order 100 million people – nearly a third of the population – to stay at home.
U.S. stock index futures fell on Wednesday after a strong rebound the day before, as the rescue package failed to completely allay investor concerns.
The bill is expected to pass the Senate easily, more so because Senator Rand Paul, a Republican who was the only senator to vote against an earlier round of emergency virus funding, may be unable to vote after testing positive for the disease.
If passed, the unprecedented rescue package, the largest in U.S. history, would be the third approved by Congress this month to counter the impact of the crisis.
To become law, the measure must pass the Republican-led Senate and the Democratic-led House of Representatives. House Speaker Nancy Pelosi was consulted during negotiations on the bipartisan Senate deal, struck after Democrats twice blocked a measure written by Republicans.
House members left Washington 10 days ago, but the lower chamber could quickly pass the bill without requiring them to return if all 430 members agree to do so. If just one lawmaker objects, that could lead to delays.
Aides to Pelosi did not immediately respond to a request for comment on her view of the bill.
It also must be signed by Trump, who said on Tuesday he wanted Americans to end “social distancing” restrictions intended to slow the spread of the virus and return to work by Easter, April 12.
That worried health officials, who fear ending the lockdown too soon could bring more virus-related deaths.
Treasury Secretary Steven Mnuchin, the administration point person for talks, told reporters Trump “absolutely” would sign the bipartisan stimulus agreement if it passed Congress.