Senate Majority Leader Mitch McConnell (R-KY) and Senate Minority Leader Chuck Schumer (D-NY) announced early Wednesday morning that they had secured a deal on a $2 trillion response bill for the COVID-19 outbreak.
“After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” McConnell said in a statement. “We’re going to pass this legislation later today.”
Schumer described the bill as “largest rescue package in American history.”
“Like all compromises, this bill is far from perfect,” he said during a speech on the Senate floor. “But we believe the legislation has been improved significantly to warrant its quick consideration and passage, and because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started.”
Schumer released a number of details on the plan, including four months of unemployment insurance instead of three. The deal also prohibits “businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs.”
Treasury Secretary Steve Mnuchin, a key negotiator in Congress’ coronavirus relief package on behalf of the Trump administration, told the New York Times that President Donald Trump would sign the bill.
“I’ve spoken to the President many times today, and he’s very pleased with this legislation and the impact that this is going to have,” Mnuchin said.
White House legislative affairs chief Eric Ueland told Politico that the full text of the bill will be published later on Wednesday.