$2 Trillion Coronavirus Package in the US

In a statement, U.S. senators and Trump administration officials announced they have reached agreement on a major economic stimulus package to mitigate the economic impact of the coronavirus outbreak. The Senate will vote on the USD 2 trillion package later that day (25 March 2020), with the House of Representatives expected to take up the matter shortly thereafter. Following days of negotiations between Republican and Democratic lawmakers, Treasury Secretary Steven Mnuchin, other officials and President Donald Trump, Republican Senate Majority Leader Mitch McConnell said in remarks, "This is a wartime investment in our country. We will pass this legislation sometime today." Senate Democratic Leader Chuck Schumer characterized the measure as "the largest rescue package in American history," and referred to it as a "Marshall Plan" for hospitals and medical needs, in reference to the U.S.-financed program that helped rebuild Europe following World War II. Schumer said "Help is on the way, big and fast help." McConnell said the package will quickly be put into effect to help Americans who lost their jobs due to the outbreak pay their bills, expand unemployment insurance and provide emergency loans to small businesses. Source: Washington (Reuters)