Livestream: Senate Vote On Coronavirus Aid Expected Wednesday

WASHINGTON, DC — Top congressional and White House officials announced in the early morning hours Wednesday that they finally reached a deal on a nearly $2 trillion aid package intended to mitigate some of the economic fallout caused by the new coronavirus outbreak.

As of 6 p.m. EDT, the Senate had yet to vote. A vote on the package is still expected Wednesday.

Treasury Secretary Steven Mnuchin and congressional leaders engaged in final negotiations Monday and Tuesday, capping days of often intense haggling and mounting pressure from President Donald Trump to pass the legislation.

At issue is a massive economic rescue package that would give direct payments to most Americans, expand unemployment benefits, and create a $350 billion program for small businesses to keep making payroll while workers are forced to stay home.

The one-time payments are about $1,200 per person, or $3,000 for a family of four. Hospitals could also get up to $200 billion for the expected spike in sick patients.

The point of contention among lawmakers was $500 billion in government bailout funds allocated for distressed companies, The New York Times reported. Democrats claimed the original measure gave U.S. Treasury Secretary Steven Mnuchin too much latitude in deciding which companies could receive the funds, prompting Democrats to call for stricter oversight.

To provide transparency, the package is expected to create a new inspector general and oversight board for the corporate dollars, much as was done during the 2008 Troubled Asset Relief Program bank rescue, officials told The Associated Press.

Once a deal is reached and the measure passed by Senate, the legislation will move to the House of Representatives. In the House, both Democratic and Republican leaders hope to clear the measure Trump's signature by a voice vote without having to call lawmakers back to Washington, AP reported.

If signed into law by Trump, the package is intended to prop up the U.S. economy, help American households and bolster the health care system in the growing crisis.