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| The measure will put cash directly into the hands of Americans hard hit by the crisis (AFP Photo/Brendan Smialowski) |
Washington (AFP) - The White House and Senate have reached agreement on a $2 trillion stimulus package for the US economy and millions of Americans ravaged by the coronavirus crisis, top lawmakers said early Wednesday.
"At
last, we have a deal," Senate Majority Leader Mitch McConnell said,
hailing the massive "wartime level of investment into our nation"
reached after five days of arduous and tense negotiations.
"We
have a bipartisan agreement on the largest rescue package in American
history," top Senate Democrat Chuck Schumer said shortly after McConnell
spoke.
"So
many people are being put out of work through no fault of their own. They don't
know what their future is going to be like, how are they going to pay the
bills," Schumer added.
"Well,
we come to their rescue."
The Senate
and House of Representatives still need to pass the legislation before sending
it to President Donald Trump for his signature.
McConnell
said the Senate will vote on the measure later 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.
It will put
cash directly into the hands of Americans hard hit by the crisis, provide
grants to small businesses and hundreds of billions of dollars in loans for
larger corporations including airlines.
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The
pandemic has infected 55,000 and killed nearly 800 in the US (AFP Photo/
SETH
HERALD)
|
It also
proposes the injection of around $130 billion into what Schumer calls "a
Marshall Plan for hospitals" and health care infrastructure, referring to
the huge American aid program to rebuild Europe after World War II.
With
infection numbers rising from coast to coast, hospitals have been in dire need
of equipment like protective gear, intensive care beds and ventilators.
Asian
equities soared Wednesday on the news, with Tokyo's Nikkei closing up eight
percent and oil prices also climbing.
US stocks
had already surged Tuesday on expectations of an agreement.
McConnell
and Schumer negotiated the deal with Treasury Secretary Steven Mnuchin and
other White House officials after days of bitter partisan fighting over what to
put into the final package.
Mnuchin had
shuttled between the Capitol offices of the Senate's leaders as they and
staffers hammered out the language of the bill.
The
agreement followed multiple failed attempts to advance a Republican-led
proposal, and pressure had soared to swiftly reach a compromise.
President
Donald Trump called for an immediate resolution to the stalemate.
"Congress
must approve the deal, without all of the nonsense, today," he said
Tuesday on Twitter.
"The
longer it takes, the harder it will be to start up our economy. Our workers
will be hurt!"
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Senate
Majority Leader Mitch McConnell hailed the massive 'wartime level of
investment
into our nation' (AFP Photo/SAUL LOEB)
|
'Stop
negotiating'
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 nearly 800 in the US
alone.
As the
hours ticked away Tuesday, several lawmakers voiced their anxiety.
"Pass
the damn bill. Stop negotiating. Enough is enough," a visibly angry
Republican Senator Lindsey Graham said on the floor, after accusing Democrats
of "nickeling and diming at a time people are dying."
Any relief
package that passes the Senate will need to clear the Democratic-led House too
before going to Trump.
Speaker
Nancy Pelosi unveiled a more generous, roughly $2.5 trillion counterproposal
that included ambitious elements like guaranteed paid and family medical leave,
student loan forgiveness and oversight of the $500 billion earmarked for
corporations.
But she
signaled the House may simply take up the Senate bill and try to pass it.
"Much
of what we have in our bill is reflected in this supposed agreement,"
Pelosi said.
According
to Schumer, the compromise legislation includes an oversight mechanism for the
company loans, and will guarantee that laid-off workers "on average, will
receive their full pay for four months."
Pelosi
suggested the measure might even pass the House by unanimous consent.
But getting
435 lawmakers to swallow a gargantuan rescue package without debate could be an
uphill proposition in a sharply divided chamber.
Congressman
Justin Amash, a former Republican who left the party after feuding with Trump,
slammed the agreement, tweeting that it gave "far too little for those who
need the most help, while providing hundreds of billions in corporate welfare."











