An earlier version of this article inaccurately described the expected recipients of direct deposits under the fiscal stimulus package. The error has been corrected.Treasury Secretary Steven Mnuchin, trailed by Mark Meadows, the new White House chief of staff, passes through a doorway at the U.S. Capitol on Tuesday. Bloomberg News
Senior lawmakers and members of the Trump administration early Wednesday came to an agreement on a $2 trillion stimulus measure to try to keep Americans whole as the economy shuts down due to the coronavirus.
“Ladies and gentlemen, we are done. We have a deal,” White House aide Eric Ueland announced at the Capitol just after midnight.
Negotiators worked all day, with Treasury Secretary Steven Mnuchin and incoming White House chief of staff Mark Meadows shuttling between meetings with Republicans and Democrats.
The package includes direct deposits for many Americans, $367 billion for loans to small businesses and an unprecedented program that will allocate $500 billion to the Treasury Department. Some of that money will be used to guarantee a Federal Reserve loan program for small and midsize businesses. Larry Kudlow, director of the White House’s National Economic Council, said the funds could be leveraged into $4 trillion in lending through the Fed.
Senate Majority Leader Mitch McConnell pledged the Senate would pass the measure on Wednesday. Speaker of the House Nancy Pelosi said the House could pass the bill quickly, by unanimous consent.
“This bipartisan legislation takes us a long way down the road in meeting the needs of the American people,” Pelosi said ...