US White House and Senate Agree on $2 Trillion Economic Stimulus Package (Comprehensive)

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The White House and Senate leadership reached an agreement on the $2 trillion (approximately 2,455 trillion KRW) economic stimulus package bill to respond to the novel coronavirus disease (COVID-19) in the United States on the morning of the 25th (local time).

According to The Washington Post (WP), AP News, and others, Eric Ueland, White House legislative affairs aide, came out of Senate Majority Leader Mitch McConnell's Republican office around 1 a.m. and told reporters, "We have reached an agreement." Leader McConnell emphasized, "After days of negotiations, the Senate has reached a bipartisan agreement on a historic stabilization package bill for the current pandemic," adding, "It will inject new resources into the front lines of the COVID-19 crisis."

The bill discussions, which began on the 20th, lasted for five days, with intense negotiations amid repeated disagreements between the Democratic and Republican sides. Senate Minority Leader Chuck Schumer participated in the negotiations on the Democratic side.

The wording of the agreement is still being finalized, so the details have not been disclosed. However, the bill is expected to include provisions for direct cash payments to individuals or households. Foreign media report that $1,200 per adult and $500 per child will be paid directly.

Additionally, the WP reported that the package includes a small business loan program ($367 billion), support for industries, cities, and states hit by COVID-19 ($500 billion), expanded unemployment benefits ($150 billion), and hospital support funds ($130 billion). Foreign media have evaluated this stimulus as an unprecedented scale of support.

Larry Kudlow, Chairman of the White House National Economic Council (NEC), described the bill the previous day as "the largest single support program in U.S. history," explaining, "This bill is urgently needed to strengthen the economy, provide cash liquidity, and stabilize financial markets to get through the economic difficulties we currently face."

Before negotiations began the previous morning, Treasury Secretary Steven Mnuchin told reporters, "We look forward to bipartisan negotiations concluding today." President Donald Trump also urged swift approval of the agreement via Twitter, stating, "Congress must approve the agreement today without nonsense," and warning, "The longer it takes, the harder it will be to revive our economy. Our workers will be hurt."

This content was produced with the assistance of AI translation services.