The U.S. Senate voted unanimously (96-0) to pass a $2
trillion stimulus package. The deal is expected to clear the U.S. House of
Representatives early Friday morning before being sent to President Donald
Trump, who has said he will sign the bill into law immediately.
The signing of the bill in the Senate came after intense
negotiations. The bill is said to be one of the most expensive and far-reaching
measures passed by Congress. House Majority Leader Steny Hoyer said Wednesday
evening that the House plan is to pass the bill by voice vote, which would
avoid forcing all representatives to return to Washington for a recorded roll
call vote.
“Members are further advised that due to the limited flight
options, members participating in self-quarantine and several states mandating
stay-at-home orders,” Hoyer announced in a statement Wednesday evening.
The deal was heavily scrutinized by some Republican senators
who argued that language incentivizing unemployment would keep some workers
from returning to their jobs because unemployment benefits would pay them more
money than they would make working. “This bill pays you more not to work than
if you were working,” GOP Senator Lindsey Graham of South Carolina said.
“You’re literally incentivizing taking people out of the workforce at a time
when we need critical infrastructure supplied with workers.”
The goal of the legislation is to flood the U.S. economy
with funds during a period of time that has seen financial systems in chaos,
including having several states on lockdown. Numerous businesses have closed
and the numbers of infections and deaths from Covid-19 have risen rapidly
across the U.S.
Key components of the proposal are $500 billion in loans for
distressed companies, $350 billion in small business loans, $250 billion set
aside for direct payments to individuals and families, and $250 billion in
unemployment insurance benefits. The plan would provide individuals who earn
$75,000 in adjusted gross income or less direct payments of $1,200 each. Married
couples earning up to $150,000 would receive $2,400. There would also be an
additional $500 per child, according to news reports. Payments scale down by
income, phasing out entirely at $99,000 for singles and $198,000 for couples
without children.
In a press release, Minority Leader Chuck Schumer said the
bill also contained a provision that would prevent President Trump and his
family, as well as other top government officials and members of Congress, from
getting loans or investments from Treasury programs in the stimulus.
The U.S. Senate is now expected to recess until April 20
unless they are asked to return for further legislative action. “Our nation
obviously is going through a kind of crisis that is totally unprecedented in
living memory,” said Senate Majority Leader Mitch McConnell just before the
vote.