Reuters reports that senior Democrats and Republicans in the US senate on Tuesday said they were close to reaching a deal on the $2 trillion coronavirus economic stimulus package. The funds are meant to limit the economic fallout arising from the pandemic.
On Monday, the Fed announced an aggressive action to confront severe disruptions caused by COVID-19. The government agency aims to shield companies, households, and small businesses.
The plan will send direct payment of about $3000 to millions of American households and provide unemployment benefits to workers laid off due to COVID-19. The new plan incorporates unemployment insurance, a move seen to woo the democrats into accepting it. The two parties also agreed to increase oversight over the $500 billion set aside for big businesses.
Further, the stimulus plan will set aside $350 billion for small businesses and at least $75 billion for hospitals.
Nancy Perosi, Speaker House of Representatives, hinted that the house may unanimously pass the bill should it pass the senate vote.