Leaders in Congress, along with Administration officials, have reached an agreement on a third economic stimulus package to respond to the COVID-19 pandemic.
Although the final text of the legislation is still being written, Senate leaders plan to call for a vote later today (Thursday) and it is expected the package will pass with bi-partisan support. The package will include more than $2 trillion in spending and tax breaks to boost the economy and new resources for healthcare providers to respond to the COVID-19 outbreak.
House leaders are consulting with their members to determine if unanimous consent can be reached to pass the Senate package by voice vote. If any House member objects, leaders will need to call the House back to Washington, D.C., to vote in person. If Congressional leaders are able to reach agreements with their members to expedite passage, it could be signed into law by President Donald Trump as early as tonight.
Preliminary details of the agreement include:
- $500 billion for loan guarantees for businesses;
- $350 billion for small businesses to maintain payroll;
- $1,200 checks for middle class Americans;
- $150 billion for hospitals and health providers;
- $150 billion for states and local governments;
- Four months of expanded unemployment benefits; and
- Deferrals of taxes.
House leaders have also told Democrats that there could be two more rounds of fiscal stimulus in the coming months.