Schumer makes sure Trump's business can't benefit from rescue package

  • Schumer makes sure Trump's business can't benefit from rescue package

Schumer makes sure Trump's business can't benefit from rescue package

"This is a wartime level of investment into our nation", Senate Majority Leader Mitch McConnell (R-Ky.) said on the Senate floor after the two sides had reached a deal.

A Coronavirus Relief fund of $150 billion would be shared among state, local and tribal governments while the Federal Reserve would be authorized to purchase all types of municipal bonds under the $2 trillion package the Trump administration has agreed to with the Senate.

In the House, both Democratic and Republican leaders hope to clear the measure for President Donald Trump's signature by a voice vote without having to call lawmakers back to Washington, but that may prove challenging, as the bill is sure to be opposed by some conservatives upset at its cost and scope. He promised that the Senate will approve the legislation later on Wednesday.

The deal aims to buttress the teetering economy by giving roughly $2 trillion to health facilities, businesses and ordinary Americans buckling under the strain of the coronavirus pandemic. Broadly, the bill provides direct cash assistance to most Americans, includes measures meant to help small business retain employees, and includes loans for large corporations.

Health care systems would receive $130 billion, including $127 billion for a Public Health and Social Services Emergency Fund, according to the fact sheet.

Even before the deal was reached, news of the likely but elusive agreement had sent the stock market rocketing on Tuesday.

Senate leaders and the Trump Administration finally came to terms on a almost $2 trillion coronavirus emergency relief package-but it's not done yet.

Schumer said he expected approval by the Republican-led Senate later in the day.

The agreement followed multiple failed attempts to advance a Republican-led proposal, and pressure had soared to swiftly reach a compromise.

The Trump Organization did not immediately respond to a CNN request for comment. "We're going to make good deals", Trump said during a press briefing on Monday.

Democrats rejected the original package, arguing that it put corporations ahead of workers, including health professionals on the front lines of the battle against a pandemic that has infected 55,000 and killed almost 800 in the U.S. alone. "They're working very hard together right now - Republicans and Democrats - and they're getting very close to a very fair deal and a great deal for the people of our country".

The stimulus has provisions for providing $500 billion in loans and loan guarantees to businesses affected by the COVID-19 outbreak through the treasury department.

But she signaled the House may simply take up the Senate bill and try to pass it. There's a ton of money in this bill for people who need it, but what we're doing now is, every special-interest group in town is trying to get a little bit more - nickling and diming at a time when people are dying, literally dying'.

"The extended UI program in this agreement increases the maximum unemployment benefit by $600 per week and ensures that laid-off workers, on average, will receive their full pay for four months", said a letter Schumer sent to his colleagues in the U.S. Senate.