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Stimulus agreement appears to be near

WASHINGTON – Congressional and White House officials said Tuesday that they were closing out final details of unprecedented legislation to rush sweeping aid to businesses and workers facing ruin from the coronavirus pandemic.

Majority Leader Mitch McConnell

After days of pressure, unusual partisanship in a crisis, and intense haggling over the fine print, negotiators appeared almost done with a nearly $2 trillion bill to respond to what Senate Majority Leader Mitch McConnell, R-Ky., called “the most serous threat to Americans’ health in over a century and quite likely the greatest risk to America’s jobs and prosperity that we’ve seen since the Great Depression.”

Yet even as the public-health crisis deepened, President Donald Trump expressed eagerness to nudge many people back to work in coming weeks and held out a prospect that the country could be returning to normal in less than a month.

“We have to go back to work, much sooner than people thought,” he told a Fox News town hall. He said he’d like to have the country “opened up and just raring to go” by Easter, April 12. But in a White House briefing later, Trump said “our decision will be based on hard facts and data.”

Medical professionals say social distancing needs to be stepped up, not relaxed, to slow the spread of infections. At the White House briefing, the public health authorities said it was particularly important for people in the hard-hit New York City area to quarantine themselves for 14 days, and for those who have recently left the city to do the same.

Treasury Secretary Steven Mnuchin and congressional leaders engaged in final negotiations after a tumultuous but productive day Monday. While the two sides have resolved many issues in the sweeping package, some sticking points remained. A Senate vote appeared likely Wednesday, with a House vote to follow.

“We’re trying to finalize all the documents, going through a lot of complicated issues, and we’re making a lot of progress,” Mnuchin said.

At issue is an unprecedented economic rescue package that would give direct payments to most Americans, expanded unemployment benefits, and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.

A one-time payment of $1,200 per adult and $500 per child would go directly to the public.

A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks at the insistence of Sen. Chuck Schumer, the Democratic leader, while Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.

Democrats said the package would help replace the salary of furloughed workers for four months, rather than the three months first proposed.

Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600-a-week add-on, with gig workers such as Uber drivers covered for the first time. Companies would be able to defer payment of the 6.2% Social Security payroll tax.

Opening the Senate on Tuesday, McConnell combined optimism about the chances for a deal with frustration at the delays – and a sober view of the crisis at hand.

“The urgency and the gravity of this moment cannot be lost on anyone,” he said. On the negotiations, he said, “It’s taken a lot of noise and a lot of rhetoric to get us here. … We are very close. We are close to a bill that takes our bold Republican framework, integrates further ideas from both parties and delivers huge progress.”

Earlier Tuesday, Trump urged swift action. “Congress must approve the deal, without all of the nonsense, today,” he tweeted. “The longer it takes, the harder it will be to start up our economy.”

Democrats pointed to gains for hospitals, additional oversight of the huge industry stabilization fund, and money for cash-strapped states.

A companion appropriations package ballooned as well, growing from a $46 billion White House proposal to more than $300 billion, which dwarfs earlier disasters – including Hurricane Katrina and Superstorm Sandy combined.

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.

The sense of optimism extended to House Speaker Nancy Pelosi, D-Calif., who told CNBC, “I think there is real optimism that we could get something done in the next few hours.” Only Monday, Pelosi introduced a massive Democratic measure with liberal priorities, drawing scorn from Republicans.

The emerging rescue package is larger than the 2008 bank bailout and 2009 recovery act combined.

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