The U.S. Senate seems poised to pass a revised, bipartisan $2 trillion economic stimulus and coronavirus emergency response package. The text of the bill is not yet publicly available, but major provisions reportedly include expanded unemployment benefits, tax cuts of up to $1200 for every American adult, a $367 billion loan program for small businesses, $150 billion in state fiscal relief, $130 billion for hospitals, and a $500 billion loan facility for industries, cities and states. Related articles:
- WaPo (3/25/20): Senate to vote Wednesday on $2 trillion coronavirus bill after landmark agreement with White House
- Politico (3/25/20): Negotiators strike deal on massive coronavirus rescue package
Comparison of timeline to enactment of the American Recovery and Reinvestment Act of 2009, via Jason Furman (@jasonfurman), formerly Chairman of the Council of Economic Advisors under President Obama:
Our first meeting with Congress on the Recovery Act was on Dec 17 2008 and President Obama signed it into law on Feb 17th 2009. That was a $800 billion law with a Democratic President and Congress.
This time it will be less than a week from first draft to Presidential signature.
— Jason Furman (@jasonfurman) March 25, 2020