The $2 trillion (€1.85 trillion) pandemic response measure is the largest economic rescue in history and is meant to help an economy moving towards recession.
He called the occasion "not a moment of celebration, but one of necessity". He said the timing of the vote would be set once he consults with Schumer, who called the agreement "outstanding". That would leave final congressional approval up to the Democratic-controlled House, where the timetable for votes is unclear and whose members are mostly scattered around the country.
Together with Fed intervention, the proposed legislation amounted to a US$6 trillion stimulus, according to White House economic adviser Larry Kudlow, or about 30 per cent of annual GDP.
McConnell, who introduced the legislature on Thursday, concluded his speech from the Senate floorstating that they will pass the bill later Wednesday before it is sent to the House.
Treasury Secretary Steven Mnuchin said President Donald Trump would "absolutely, absolutely, absolutely" sign the legislation once it has received the nod from both chambers of the Congress. Ardent liberals were restless as well.
The legislation aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses, and setting up a $500 billion fund for industries, cities and states. Hospitals would get significant help as well.
"After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic", said Majority Leader Mitch McConnell, R-Ky., a key negotiator.
On Thursday, the U.S. Senate is scheduled to vote on a third coronavirus relief package created to help the medical system, businesses, state and local governments, and average workers weather damage from the epidemic that's killed thousands of people around the globe. The bill then moves to the House before hitting the president's desk.
"We have to go back to work, much sooner than people thought", Trump told a Fox News town hall. But in a White House briefing later, Trump said that "our decision will be based on hard facts and data".
Schumer said the deal was meant as a "Marshall Plan" for hospitals and medical needs.
REPORTER: Will you commit that no money from the emergency stimulus bill will go to your own properties?
Even before the deal was reached, news of the likely but elusive agreement had sent the stock market rocketing on Tuesday.
The rescue package is larger than the 2008 bank bailout and 2009 recovery act. An earlier draft seen Tuesday would provide cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child, reduced if an individual makes more than $75,000 or a couple makes more than $150,000. The rescue package provides US$25 billion in loans to air carriers.
"It ensures that all workers are protected whether they work for businesses small, medium or large, along with self-employed and workers in the gig economy", Schumer said.
According to a summary circulated by the office of Democratic leader Chuck Schumer, businesses owned by the president, vice president, members of Congress or heads of executive departments would be excluded from receiving that aid.
NFL instructs clubs to close team facilities
As of right now, the draft is still scheduled to go on as planned, but not in Las Vegas as previously planned. But, if the league's general managers have their way, it won't be on scheduled day of April 23rd.