WHITE HOUSE, SENATE PASSES CORONAVIRUS STIMULUS PACKAGE

The White House and Senate leaders reached a deal early Wednesday on a massive $2 trillion coronavirus stimulus bill to combat the economic impact of the outbreak, NBC News reported.

“At last we have a deal,” Senate Majority Leader Mitch McConnell announced shortly before 2 a.m. Wednesday, according to NBC. “In effect, this is a war time investment.”

The full text of the bill has not yet been released.

One of the key issues in negotiations was the terms of the airline aid and oversight that comes with it, two people familiar with the situation told CNBC. Democrats have pushed for a number of stipulations along with aid to the industry, including longterm bans on stock buybacks, limits on executive compensation, commitments not to furlough workers and board representation.

President Donald Trump stressed in a press conference Tuesday that the money the U.S. lends “will be coming back” to it. The airlines have pushed for half of their aid in grants, arguing debt from loans would be too onerous. 
 
 
Source: CNBC