It's the largest stimulus bill in USA history, and though some of the details are still coming into focus - the legislative text is still being written right now - the package is likely to do a lot of good. It is expected to be passed quickly and sent to Donald Trump for his signature.
The legislation will also provide $350bn for small-business loans, $250bn for expanded unemployment aid and at least $100bn for hospitals and related health systems.
Pelosi recently negotiated the second coronavirus package directly with Mnuchin and without McConnell's involvement.
House Speaker Nancy Pelosi said the House will give members 24 hours to review and debate the bill before they take action on the floor, likely via a voice vote if all members accept that.
McConnell, who lashed out at Democrats for their "cynical partisanship" while lawmakers were tussling over the details, later lauded bipartisan efforts to improve the bill from the draft version, which was unveiled Thursday.
The plan also includes several Democratic oversight initiatives.
Four Republican senators have balked at the generous provisions agreed to by Democratic and Republican congressional leaders and the White House after days of intense wrangling over the $2 trillion stimulus.
Their amendment would have capped at 100% of a worker's paycheck.
"The fiscal program has a structure that most economists would favor, but the aggregate economic effect will have to wait for the 3rd quarter when the worst of the health crisis will hopefully be past", Bosworth said.
Q: Will this bill help distressed industries? The goal is to blunt the blow to the economy "so that we have a foundation from which to recover", she said. In addition, children, spouses and other relatives will also be banned, it said.
Senators were negotiating the final sticking points in the stimulus bill to help the USA economy get through the coronavirus pandemic. "Hopefully, we won't need this for three months". "Big help. Quick help", he said.
Wall Street stocks closed mixed as the markets awaited a vote on the $2 trillion package hammered out by congressional leaders to boost the USA economy. Some $240 billion is set aside for additional emergency appropriations and safety net programs: food stamp benefits, child nutrition, the Centres for Disease Control, and public health and transportation agencies.
It also includes a $340 billion supplemental package to combat the outbreak itself, including $117 billion for hospitals, $45 billion for FEMA's disaster relief fund and $11 billion for vaccines, therapeutics and other medical needs. The agreement is a positive step forward on legislation that Congress is under pressure to pass within the next day or two.
Only two other nations, China and Italy, have more coronavirus cases and the World Health Organisation has warned the U.S. looks set to become the "epicentre" of the global coronavirus pandemic. The death toll has exceeded 1,000. The sweeping orders are aimed at slowing the pathogen's spread, but have upended daily life as schools and businesses shutter indefinitely. Unemployment claims are expected to surge in the next few weeks.
A birthday party is believed to have spurred a super-spreading event as there were attendees who went back home to NY, the hardest-hit state in the U.S. Workers building a makeshift morgue outside of Bellevue Hospital in NY.
A recent survey of 34 economists by The Wall Street Journal projected a downturn that would last months at least and would in some ways rival the severity of the global financial crisis in 2008.
"The risk for market participants is the permanent damage to the economy that will occur with insufficient federal support for jobs during this crisis", said Tim Duy, an economics professor of the University of OR, warning that initial claims for unemployment may exceed 2 million this week.