Senate Majority Leader Mitch McConnell (R-KY) finally agreed to a COVID-19 stimulus deal after seven months of negotiations between the House and White House that McConnell refused to attend.
CNBC reported Sunday that the agreement would give Americans a one-time $600 payment per person and per child. So if you are a couple with two children, you'll get $2400. Those checks will only be available for those earning under $75,000 annually.
McConnell confessed that he needed a deal because he thought it was the only way for Republicans to win the Georgia runoffs. While it's good news for the American people, it's been way too long and for many, it's too late.
"The proposal was set to put at least $300 billion into small business assistance, including Paycheck Protection Program loans. It would also add a $300 federal unemployment supplement and temporarily keep in place pandemic-era programs that expanded unemployment insurance eligibility."
Sen. Chuck Schumer (D-NY) said that it still isn't large enough and doesn't come close to what was done in the CARES Act, which he worked on with Secretary Steve Mnuchin. He also said that it would put President-elect Joe Biden in a better position to help Americans on day one.
"It will help him dig us out of this big hole," Schumer said on the Senate floor.