Congress leaders reach a deal on almost $1 trillion relief bill, Republican Senate Majority Leader Mitch McConnell reported on Sunday.
“More help is on the way,” McConnell said in Senate regarding pandemic aid measures.
The comments produced a late-night discussion resulting in a compromise over Federal Reserve.
Stimulus package is to provide $600 to individuals and to increase unemployment payments by $300 weekly, starting on Dec. 27. The COVID-19 assistance package is to be included in $1.4 trillion government programs funding bill, Congress hopes.
The Washington Post adds that stimulus checks will be less than $600 for people who earned over $75,000 in 2019. Families will also be provided $600 per child.
According to Reuters’ sources, the bill also includes $15 billion payroll financial aid to U.S. air companies. It will allow to restore over 32,000 furloughed employees through March 31.
Moreover, the bill is expected to support passenger railway company Amtrak ($1 billion), public transit system ($14 billion) and state highways ($10 billion), the sources said.
Pat Toomey, a Pennsylvania Republican, had demanded wording that would prevent the central bank from restoring the small business lending programs after their termination under CARES Act on Dec. 31.
Republicans had claimed the programs to be excessive government interference with the private business. According to Republicans, the program’s extension into 2021 will give the Democrats-controlled state and local governments unchecked funds.
The opponents reached compromise that allows for similar (however, not exactly the same) programs to be developed in the future.
San Francisco Federal Reserve Bank President Mary Daly told CBS on Sunday that the package will finally provide the long-needed aid to the economy.
“This support is unequivocally beneficial,” Daly said.
Since the start of the pandemic 11 months ago, the virus killed over 316,000 American citizens and left millions jobless. The experts forecast languid economic growth until the vaccine is made generally available around mid-2021.