Largest stimulus bill in US history agreed

A nearly $2-trillion package will boost the US economy amid the COVID-19 outbreak after both sides of the senate reached an agreement.

Treasury Secretary Steven T. Mnuchin held negotiations on Tuesday
Treasury Secretary Steven T. Mnuchin held negotiations on Tuesday

Senate Democrats and the White House agreed on Wednesday to a nearly $2-trillion stimulus package for the economy, including funds for individuals and struggling companies.

Negotiations reached a dead-end over the weekend when Democrats blocked the bill, but The Los Angeles Times reports that a Senate vote on the deal could take place by midday Wednesday.

The bill is the largest ever in US history and includes $300 billion for small businesses, $150 billion for local and state governments and $130 billion for hospitals.

Reportedly around $500-billion in loans will be pumped into struggling businesses, propping up airlines, hotels and other businesses within the travel sector. 

Around $130 billion will go to hospitals and $150 billion directly to state and local governments.

The stimulus package will also reportedly include direct payments of up to $1,200 to most adult Americans by April, as well as loans to businesses and an expansion of unemployment insurance. 

The deal comes at a time when millions of Americans are staying at home to slow the spread of COVID-19 and therefore not going out to work.

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