WASHINGTON — The White House and Senate leaders announced agreement Wednesday on an unparalleled, $2 trillion emergency bill to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic.
It’s the largest economic rescue bill in history. The package is intended as a weekslong or monthslong patch for an economy spiraling into recession or worse and a nation facing a grim toll from an infection that’s killed nearly 20,000 people worldwide.
Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4 trillion annual federal budget.
“A fight has arrived on our shores,” said Senate Majority Leader Mitch McConnell. “We did not seek it, we did not want it, but now we’re going to win it.”
“Big help, quick help, is on the way,” said Senate Minority Leader Chuck Schumer.
But not enough, said New York Gov. Andrew Cuomo, a Democrat whose state has seen more deaths from the pandemic than any other. “I’m telling you, these numbers don’t work.”
McConnell and Schumer said passage of the legislation was expected in the Republican-led Senate by the end of the day Wednesday. After a banner day on Tuesday as the package took shape, the stock market rallied even more on Wednesday.
That would leave final congressional approval up to the Democratic-controlled House. Speaker Nancy Pelosi said the bipartisan agreement “takes us a long way down the road in meeting the needs of the American people” but she stopped short of fully endorsing it.
“House Democrats will now review the final provisions and legislative text of the agreement to determine a course of action,” she said.
House members are scattered around the country and the timetable for votes in that chamber is unclear.
House Democratic and Republican leaders have hoped 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. Ardent liberals were restless as well.
The sprawling, 500-page-plus measure would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.
The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.
A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks at Schumer’s insistence. Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.
Democrats said the package would help replace the salaries of furloughed workers for four months, rather than the three months first proposed. Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time.
Schumer said businesses controlled by members of Congress and top administration officials — including Trump and his immediate family members — would be ineligible for the bill’s business assistance.
The New York Democrat immediately sent out a roster of negotiating wins for transit systems, hospital, and cash-hungry state governments that were cemented after Democrats blocked the measure in votes held Sunday and Monday to maneuver for such gains.
To provide transparency, the package is expected to create a new inspector general and oversight board for the corporate dollars, much as was done during the 2008 bank rescue, officials said.