Senior lawmakers and members of the Trump administration early Wednesday came to an agreement on a massive 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.
White House officials said the measure will cost about $2 trillion.
Negotiators worked all day, with Treasury Secretary Steven Mnuchin and incoming White House chief of staff Mark Meadows shuttling between meetings with Republicans and then Democrats.
The package includes direct deposits for all 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 medium-size businesses. Larrry Kudlow, director of the White House’s National Economic Council, said the funds could be leveraged into $4 trillion of lending through the Fed.
Most adults would receive direct payments of $1,200, while children…
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