COVID-19: Lawmakers Reach an Agreement on $2 Trillion Stimulus Deal

2 min read Lawmakers and President Trump’s administration have officially reached an agreement Wednesday, March 25, on a $2 trillion stimulus deal.

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By: Wesley Wallace | wwallace5@radford.edu

Lawmakers and President Trump’s administration have officially reached an agreement Wednesday, March 25, on a $2 trillion stimulus deal.

After five days of fierce arguments between Democratic and Republican lawmakers, both political parties have found common ground.

The bi-partisan agreement will provide $367 billion in loans for small businesses and will distribute $1,200 in checks to Americans who earn $75,000 or less in household income.

Furthermore, individuals and couples will receive a supplementary $500 based on the number of children living with them.

Americans earning between $99,000-$198,000 will not receive payment under this plan.

Democratic Senator Chuck Schumer responded to the deal’s success on Twitter, saying, “We have a bipartisan agreement to address this public health and economic crisis…We fought to send much-needed resources to fight coronavirus and to put people and workers first.”

Steven Mnuchin, U.S. Secretary of the Treasury, spoke to reports about the economic importance of the bill, “This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America. We couldn’t be more pleased.”

The legislative victory comes after President Trump publicly urged Congress to pass the stimulus package swiftly.

The package will distribute $130 billion for state and local hospitals and will provide $250 billion for unemployment insurance.

Democratic Senator Joe Manchin spoke on the political resolution to reports on Tuesday, March 26, “We got better oversight, better oversight … The oversight basically is saying that you know you can’t just … exempt everybody and give all your corporate executives, based on the backs of the taxpayers, free carnival.”

Larry Kudlow, Director of the United States National Economic Council, said to reports, “This legislation is urgently needed to bolster the economy, provide cash injections and liquidity and stabilize financial markets to get us through a difficult and challenging period in the economy facing us right now.”

You can read the bill yourself here.

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Photo Credit: (Darren Halstead on Unsplash)