After five days of negotiations, Senate leaders and the Trump administration the White House said early Wednesday morning that Senate leaders and the Trump administration have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of COVID-19.

“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post.

Senate Majority leader Mitch McConnell and Minority Leader Chuck Schumer, who negotiated with Ueland, Secretary of the Treasury Steven Mnuchin and other officials, are expected to discuss the deal in Senate soon.

The deal still needs to be approved by the Senate and House of Representatives, but the stock market rose on Tuesday as reports came out that an agreement was imminent, with the Dow Jones Industrial Average gaining more than 2,100 points, or 11.4%.

Wall Street roars on news of potential stimulus deal, Trump hints at opening economy

The size of the stimulus package has grown over the past week, from the $850 billion that the Trump administration reportedly first asked for, to the current $2 trillion.

The deal includes an increase in unemployment insurance, $130 billion earmarked for hospitals, $1,200 checks to …read more

Source:: TechCrunch

      

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