Trump family will not profit from $2tn stimulus package, Schumer says

The US Senate is the focus of negoations on a massive coronavirus economic support package

In the House, both Democratic and Republican leaders hope to clear the measure for President Donald Trump's signature by a voice vote without having to call lawmakers back to Washington, but that may prove challenging, as the bill is sure to be opposed by some conservatives upset at its cost and scope.

$30 billion in emergency education funding and $25 billion in emergency transit funding.

It will include about US$500 billion in loans and assistance for larger companies, as well as states and cities, according to the latest drafts being circulated.

Mnuchin had shuttled between the Capitol offices of the Senate's leaders as they and staffers hammered out the language of the bill.

"I think there is real optimism we could get something done in the next few hours", Pelosi said in an interview on CNBC. Unemployment insurance would be expanded to provide extra US$600 a week on top of state benefits, which now vary in length and amount, eligibility would be expanded to cover more workers.

Democrats demanded and won a series of restraints on corporations that benefit from loans or investments from the Treasury Department, as well as an oversight mechanism for who gets money.

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 said.

According to the revised bill, $130bn will go to hospitals, and $367bn will be used to rescue small businesses.

As part of the agreement, the bill would prohibit businesses controlled by the president, vice president, members of Congress and heads of executive departments from receiving these loans.

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"The time is upon us and the rescue work needs to be done", Barrasso said. Married couples would get $2,400, up to a combined income of $150,000.

While there is little doubt the legislation will pass, getting Congress to act quickly will require the consent of essentially every member of Congress. The same applies to the House, where lawmakers are now on a recess.

The bill could be passed by the Senate later Wednesday, but it is unclear when the House will take up the legislation, as its members are home in their districts and some have tested positive for the coronavirus or have self-quarantined as a precautionary measure.

Futures contracts traded higher early Wednesday following the surge in regular session earlier on anticipation over the legislation.

White House legislative affairs director Eric Ueland announced the agreement shortly after midnight at the US Capitol.

The size of the stimulus package has grown over the past week, from the $850 billion that the Trump administration reportedly first asked for, to the current $2 trillion. "Then it becomes a question of health insurance".

The package will likely more than double a U.S budget deficit that was already set to hit US$1 trillion this year before the outbreak.

The proposal is the third - and biggest - plan by Congress to confront the coronavirus crisis as the disease spreads. It also will send tens of billions in fresh aid to states.

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