The emerging stimulus package was expected to direct hundreds of billions of dollars in aid to jobless Americans, ailing businesses and other critical economic needs that have grown as the pandemic ravages the country and batters the economy.
“More help is on the way. Moments ago, in consultation with our committees, the four leaders of the Senate and House finalized an agreement. It would be another major rescue package for the American people,” McConnell said. “As our citizens continue battling this coronavirus pandemic this holiday season, they will not be fighting alone.”
Schumer then took to the floor, calling the aid package insufficient but heralding it as a critical measure to “give the new president a boost, a head start, as he prepared to right our ailing economy.”
The House and Senate on Sunday night approved a one-day extension of government funding to allow the final bill text on the relief package to be written. The stopgap measure must still be signed by President Trump to prevent a government shutdown after midnight.
The legislation includes stimulus checks for millions of Americans of up to $600 per person. The size of that benefit would be reduced for people who earned more than $75,000 in 2019 and disappear altogether for those who earned more than $99,000. The stimulus checks would provide $600 per adult and child, meaning a family of four would receive $2,400 up to a certain income.
Congress would also extend federal unemployment benefits of up to $300 per week, which could start as early as Dec. 27.
The income criteria for the stimulus checks is expected to reflect that of the first round of relief payments sent by the Treasury Department earlier this year.
Adult dependents are not expected to qualify for the stimulus payments, people familiar with the negotiations said, despite a push from congressional Democrats. The deal would include stimulus payments for families in which one of the parents is not a citizen, but not for undocumented immigrants themselves.
The deal to extend federal jobless benefits for millions of unemployed Americans at a level of $300 per week would cover up to 11 weeks of unemployment through March 14, aides familiar with the negotiations said. An unemployment benefits program for contract and gig workers, which is also set to expire at the end of the year, would be extended over the same period for those workers as well.
A compromise proposal reached earlier this month by Sens. Mitt Romney (R-Utah) and Joe Manchin III (D-W.Va.), among other centrist lawmakers, would have provided 16 weeks in unemployment benefits instead of the…
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