Washington, Dec. 21, (dpa/GNA) – Top Republican and Democratic leaders in the US Congress announced an agreement on a mammoth coronavirus stimulus package on Sunday, with plans to pass the legislation on Monday, and bring much-needed relief to the economy.
Text of the legislation, which is estimated at nearly 900 billion dollars, has not been released, however the bill is expected to boost jobless benefits and send direct payments of 600 dollars to many Americans and provide forgiveable loans to businesses.
“We will pass another rescue package,” Mitch McConnell, leader of the Republican-controlled Senate said in a tweet. “More help is on the way.”
The deal caps of months of stalemate negotiations that picked up steam in recent weeks as lawmakers tied the coronavirus stimulus to passing the annual government funding bill in hopes of forcing compromise.
Many Americans were soon going to see financial relief passed in a massive March stimulus bill expire within weeks, which also placed pressure on Congress to act.
After blowing past a deadline to fund the government on Friday, Congress funded the government for two more days giving lawmakers till Sunday at midnight to reach an agreement.
The coronavirus stimulus, along with a the annual funding bill will be passed on Monday, leaders in both parties said, after Congress passed another one-day extension of funding to avoid a government shutdown on Sunday evening.
Lawmakers have been at loggerheads about an additional stimulus package for months, with Democrats calling for a larger spending bill that would provide more relief to state and local governments, and Republicans seeking a pared-downed package that would ensure pandemic-related liability protections for businesses.
In the final deal both sides removed the most contentious issues of liability protections and aid to to state and local governments.
This latest 900-billion-dollar package comes after Congress passed an unprecedented 2.2-trillion-dollar stimulus bill in March that has help keep the US economy afloat and also sent 1,200 direct payments to many Americans.
While the US began a massive inoculation campaign this week the country is in the midst of coronavirus surge that has crippled many hospitals.
The US economic recovery is also seeing signs of slowing with unemployment claims jumping in December.
Negotiations hit a stumbling block over the weekend over a Republican effort to restrict the Federal Reserve’s emergency lending powers, which Democrats said was attempt to curtail president-elect Joe Biden’s administration.
After late-night talks over the weekend Congress was able hammer out disagreements over the Federal Reserve’s emergency lending powers and certain tax deductions among other issues.
GNA