Senate passes $2 trillion coronavirus relief package in effort to address economic trauma caused by the pandemic https://t.co/E7Hp1fF3A4
— The Washington Post (@washingtonpost) March 26, 2020
… The sprawling legislation, which passed 96 to 0, would send checks to more than 150 million American households, set up enormous loan programs for businesses large and small, pump billions of dollars into unemployment insurance programs, greatly boost spending on hospitals, and much more.
The Senate’s most liberal and conservative members joined together to support the mammoth spending bill, illustrating how concerned policymakers have become about the health care strains and financial pain the country now faces.
The legislation’s goal is to flood the economy with money at a time of financial near-chaos, with entire states on lockdown, many businesses closed and the numbers of infections and deaths from the coronavirus quickly on the rise.
The Senate vote sends the bill to the House, where Majority Leader Steny H. Hoyer (D-Md.) announced a vote to approve it Friday morning. President Trump said he intends to sign it immediately…
The bill would extend $1,200 to most American adults and $500 for most children, create a $500 billion lending program for businesses, cities and states, and establish a $367 billion employee retention fund for small businesses. It would direct $130 billion to hospitals and provide four months of expanded unemployment insurance, among other things.
Lawmakers and the White House were bombarded with lobbyists and special-interest groups seeking assistance during the negotiations, and the price tag rose from $850 billion to $2.2 trillion in just a matter of days.
With confirmed coronavirus cases in the United States climbing swiftly to over 67,000 Wednesday with more than 900 deaths, lawmakers acknowledged that no amount of economic relief from Congress could stop the pain for the American public. In addition to layoffs, many workers are dealing with salary reductions or furloughs. And despite Trump’s push to restart much of the economy by April 12, there are growing signs that the drag on business could last well into the second half of the year….
The legislation ensures that taxpayer-backed loans cannot go to firms controlled by Trump, other White House officials or members of Congress. That would suggest that Trump-owned properties, including hotels that have been hurt by the downturn, cannot seek taxpayer assistance….
Much more at the link — which may have been updated by the time you read this!
Also of note (if they hold to it):
An important step by broadcast news organizations tonight. MSNBC, CNN, ABC, CBS News, and NBC all cut away from the president’s #coronavirus press briefing tonight, realizing the misinformation could risk lives. https://t.co/fswSqoYUKn
— Dokhi Fassihian (@DokhiFassihian) March 26, 2020