White House and Senate officials have reportedly reached a deal on a stimulus package that they hope will improve the economy during the ongoing COVID-19 pandemic. The agreement caps a five day negotiation that began on Friday.
“Ladies and gentleman, we’re done. We have a deal,” White House legislative affairs director Eric Ueland told reporters.
The latest agreement will inject $2 trillion into the country. Of the $2 trillion, $500 billion will be used for a corporate loan program, $130 billion will be used for hospitals and $200 billion will be used other necessities such as transportation and child care. Other payouts include a $25 billion push for struggling airlines. Most notably, Americans earning up to $75,000 will be eligible for a $1,200 payout.
“We have either, clear, explicit legislative text reflecting all parties or we know exactly where we’re going to land on legislative text as we continue to finish,” Ueland added.
In the coming days, Congress will work to finalize the language of the deal. More details will be added to this story as it develops.