US top congressional leaders have revealed that lawmakers have reached a deal to finalize a $900-billion (€735-billion) economic relief package that would deliver long-overdue help to businesses and individuals hit by the pandemic.
“We’ve agreed to a package of nearly $900 billion. It is packed with targeted policies to help struggling Americans who have already waited too long,” Republican Senate Majority Leader Mitch McConnell said in a statement
Chuck Schumer, the top Democratic Senator, said the relief bill should have the votes to pass Congress.
“Today, we have reached an agreement with Republicans and the White House on an emergency coronavirus relief and omnibus package that delivers urgently needed funds to save the lives and livelihoods of the American people as the virus accelerates,” US House Speaker, Nancy Pelosi and Schumer intimated in a joint statement.
“We are going to crush the virus and put money in the pockets of the American people,” it added.
The relief package will include $600 direct payments to most Americans and would establish a temporary $300 per week supplemental jobless benefits.
It would give hundreds of billions of dollars of additional aid to small businesses and provide $25 billion for rental assistance, sources cited by Reuters said.
The bill would also include aid for vaccine distribution and logistics.
The package is the second-largest stimulus bill in US history, following the $2.2 trillion in aid that was passed under the CARES Act in March.
A number of procedural steps still need to take place to clear the way for a vote in both chambers, with the potential to further slow the process.
Once the text is unveiled, the House Rules Committee will have to consider the package — a meeting that could take several hours. Then, they will have to schedule a House floor debate and set up votes in the chamber.
The Senate is more complicated because it requires consent of all 100 members to schedule a vote, and it’s uncertain if that will happen if any member is unhappy with the bill or the process. If they can’t get an agreement for a quick vote, McConnell will be forced to take procedural steps to up a vote, a process that could take several days.
The relief package, which must also be signed into law by President Donald Trump, had been held up by months of wrangling between Republicans and Democrats, who accused each other of acting in bad faith.
The legislation comes at a critical time for the world’s largest economy. Millions of Americans were set to lose jobless benefits after Christmas, even as federal moratoriums on evictions and on the repayment of student loans are to expire at the end of December.
While the US has approved two vaccines for emergency use, the number of coronavirus cases and deaths continues to rise. Joblessness too has been rising over the past two weeks.
The Federal Reserve estimates that the unemployment rate will end the year at 6.7%, before dipping to 5% in 2021.
