Mar 26, 2020 - Politics & Policy

Read: The $2 trillion coronavirus stimulus bill

Photo: Chip Somodevilla/Getty Images

After several days of intense negotiations and an 11th-hour standoff over a key provision, the Senate has released the final legislative text for its $2 trillion bill to combat the novel coronavirus.

Why it matters: The bill is the largest rescue package in modern history, and it offers thousands of dollars in direct aid to American families, billions in emergency loans to small businesses and industries hardest hit by COVID-19, and desperately needed resources to hospitals.

Read the 883-page bill:

Go deeper: How the coronavirus stimulus bill helps you

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Stocks surge despite record-breaking unemployment claims

Photo: Luiz Roberto Lima-ANB/Pacific Press/LightRocket via Getty Images

U.S. stocks shrugged off news of a record-breaking 3.3 million unemployment claims last week, closing higher for the third straight day as Congress moved closer to passing a $2 trillion coronavirus relief package.

Driving the news: Speaker Nancy Pelosi said Thursday that she expects the House to pass the Senate's rescue bill — the largest of its kind in U.S. history — on Friday, before moving on to a potential "Phase 4" package.

McConnell releases Phase 3 coronavirus stimulus proposal

Senate Majority Leader Mitch McConnell. Photo: Mandel Ngan/AFP via Getty Images

Senate Majority Leader Mitch McConnell's proposal for a "Phase 3" stimulus package in response to the coronavirus outbreak includes cash payments to many Americans and billions for small and large businesses.

Why it matters: The plan would be part of one of the largest and most expensive stimulus packages in American history.

Go deeperArrowUpdated Mar 19, 2020 - Politics & Policy

AOC calls for direct coronavirus payments to be "universal"

Rep. Alexandria Ocasio-Cortez (D-N.Y.) said on CNN's "State of the Union" that direct cash payments designed to curb the economic damage caused by the coronavirus pandemic should be provided to all Americans, regardless of income levels.

Why it matters: Senate Majority Leader Mitch McConnell's "Phase 3" stimulus package proposal would send $1,200 payments to every American making less than $75,000 annually. The payment amount would be reduced by $5 for every $100 that an individual earns over $75,000 and phased out entirely for individuals making more than $99,000.