Stimulus deal bars Trump's businesses from Treasury Department loans

Steven Mnuchin leaving Chuck Schumer's office

Steven Mnuchin leaving Chuck Schumer's office

Senate leaders and the White House reached a deal on a roughly $2 trillion economic stimulus package early Wednesday with the novel coronavirus threatening near-term recession.

The stimulus bill also has a provision that would block President Donald Trump and his family, as well as other top government officials and members of Congress, from getting loans or investments from Treasury programs in the stimulus, according to Minority Leader Chuck Schumer's office.

Schumer said that the bill is "far from ideal, but we believe the legislation has been improved significantly to warrant its quick consideration and passage".

"I said I'm not signing this", Trump told a televised town hall.

The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.

But in a White House briefing later, Mr Trump said that "our decision will be based on hard facts and data".

"We're going to take up and pass this package to care for those who are now caring for us, and help carry millions of Americans through these dark, economic times", Schumer said. A significant portion will be set aside in order to issue checks to American households.

The plan includes about $500 billion that can be used to back loans and assistance to companies, including $50 billion for loans to US airlines, as well as state and local governments.

If passed, it will go down as the largest relief package thus far in America's history.

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The money at stake in the rescue package exceeds what the USA government spends on national defense, scientific research and other discretionary programs.

New York Governor Andrew Cuomo said the $3.8 billion allocated to his state was not almost enough.

"This doesn't do it", he said at a news conference.

It aims to prop up the economy as the coronavirus outbreak grows worse in the United States.

The U.S. economy has nosedived as the coronavirus pandemic has spread within its borders, with all three stock indices showing major losses following all-time highs earlier this year.

Democrats have twice blocked attempts to advance the Bill, saying it did not provide enough money for states and hospitals, lacked sufficient aid for the unemployed and did not include adequate supervision of a massive fund to aid big businesses. House Speaker Nancy Pelosi, who proposed a more far-reaching rescue package, did not say whether she would support the Senate version.

"Much of what we have in our bill is reflected in this supposed agreement", Pelosi said.

"That is the expectation, that we will finish it tomorrow, and hopefully vote on it tomorrow", Mr Schumer told reporters on Monday. That procedural move has risks, however, as a single member of Congress could object and stop the process, forcing all House members to return to the Capitol for an in-person vote - and possibly demand additional changes to the legislation.

According to Schumer, the compromise legislation includes an oversight mechanism for the company loans, and will guarantee that laid-off workers "on average, will receive their full pay for four months".

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