“We have a deal,” announced White House legislative affairs director Eric Ueland a little after midnight.

After a week of screaming and shouting, the White House and Senate agreed on a $2 trillion coronavirus relief package.

From Fox News:

The unprecedented economic rescue package 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, given that Democrats wanted them to abide by new carbon emissions restrictions. Hospitals would get significant help as well.

Schumer told his colleagues that “Democrats are ready to give our unanimous consent to speed up the consideration of the bill and get the job done.“

If no Republicans object to the bill, “the Senate could clear the bill without a formal roll call vote.”

One Republican source described Schumer’s move as “a face-saving exercise” because he wanted “to ‘take credit’ for a GOP bill that he filibustered for ‘small ball’ alterations.”

The Senate will meet at 12 pm ET today. Senate Majority Leader Mitch McConnell “did not set a time for a vote.” The rules state a procedural vote must “happen at 1 p.m. ET, unless the Senate scraps that vote.”

Treasury Secretary Steve Mnuchin said he hopes Speaker of the House Nancy Pelosi “takes it up and passes as-is.”

The Washington Times has some details of the bill:

  • About $500 billion in direct payments to American workers and families:
  • Individuals with federally adjusted annual incomes of less than $75,000 would get checks for $1,200.
  • Married couples making up to $150,000 would get checks for $2,400.
  • Families in qualifying households would get $500 per child.
  • About 90% of Americans would qualify for government checks, though the amount decreases for those making more than $75,000 a year, with an income cap of $99,000 for individuals and $198,000 for couples.
  • Unemployment insurance benefits would get a $250 billion boost — adding $600 per week to current benefits and covering gig workers such as Uber drivers for the first time.
  • $500 billion in subsidized loans for big businesses.
  • $150 billion of stimulus spending for states and local governments.
  • $130 billion for hospitals.
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