The Wall Street Journal
Legislation to provide direct financial checks to many Americans, expand unemployment insurance, offer health-care providers additional resources. Negotiators strike deal on massive coronavirus rescue package. The announcement, which came around 1 a.m., capped five days of tense, marathon talks between senators and the White House. Senate Majority Leader Mitch McConnell vowed that the Senate will pass the bill later Wednesday, while House leaders are eyeing an expedited process to get the massive emergency package to President Donald Trump’s desk for signature before the end of the week. Sticking points included everything from the structure of loans to the airline industry to details about an enhanced fund for state and local governments. Democrats said they won in the negotiations was an agreement that the pot of money will be overseen by an inspector general and a congressional panel. They also secured $150 billion for a state and local fund, $130 billion for hospitals, and beefed up unemployment insurance that will give Americans four months-worth of their income if they are furloughed or lose their job due to the coronavirus crisis. The version of the massive rescue package that was initially unveiled by the GOP provides direct payments to qualified individuals and families with checks of up to $1,200 and $2,400, based on income, and allocates $367 billion in federally guaranteed loans for small businesses. Stocks soared as trading closed Tuesday afternoon, with the Dow Jones Industrial average surging more than 2,000 points, as investors eyed an imminent deal.