U.S. Senate, White House reach deal on virus aid package to send money directly to many Americans

WASHINGTON, DC — U.S. Senate leaders and the White House reached a deal early Wednesday on a massive coronavirus relief package.

The breakthrough on the sweeping $2 trillion stimulus package paved the way for what's expected to be swift passage of the legislation through both the Senate and House.

"It's good news, at last we have a deal," proclaimed Majority Leader Mitch McConnell in announcing the agreement on the Senate floor about 1 a.m.

The deal was reached after five days of often intense haggling and mounting pressure involving McConnell (R-Kentucky), Senate Minority Leader Charles Schumer (D-New York) and U.S. Treasury Secretary Steven Mnuchin.

The unprecedented economic rescue package would send $1,200 checks to many Americans, and create a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

Also included in the bill is $500 billion for guaranteed, subsidized loans to larger industries, as well as expanded unemployment benefits. Hospitals would get significant help too, totaling about $130 billion.

(The Associated Press contributed background to this report.)