The Trump administration struck a deal with Senate Democrats and Republicans on a historic rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled U.S. economy and fund a nationwide effort to stem the coronavirus.
"At last we have a deal," Senate Majority Leader Mitch McConnell said early Wednesday on the chamber's floor. "I'm thrilled that we're finally going to deliver to the country."
Senate Democratic leader Chuck Schumer called it an "outstanding agreement."
The legislation was still being drafted but Mr. McConnell said the Senate would vote on it Wednesday. It would still have to pass in the House before it gets to President Donald Trump's desk. House Speaker Nancy Pelosi had consulted with Mr. Schumer throughout his negotiations with Treasury Secretary Steven Mnuchin.
The plan includes about $500 billion that can be used to back loans and assistance to companies, including $50 billion for loans to U.S. airlines, as well as state and local governments. It also has more than $350 billion to aid small businesses. Then there is $150 billion for hospitals and other health-care providers for equipment and supplies.