Updated Mar 27, 2020 - Politics & Policy

Trump signs historic $2 trillion coronavirus stimulus bill

President Trump

Photo: JIM WATSON / Getty Images

President Trump signed the $2.2 trillion coronavirus stimulus package into law on Friday shortly after the House passed the bill.

Why it matters: What happens in Washington is often lost on the rest of the country. But this rescue package is the largest in American history, has the attention of leaders on both sides of Pennsylvania Avenue and matters to Americans back home.

The big picture: Washington leaders have already begun preliminary talks about a Phase 4 stimulus bill.

  • Economists predict that we're likely to be in this same situation again — and soon, Axios' Dion Rabouin reports. Another stimulus bill may be needed to jumpstart the economy after the virus outbreak has been contained.
  • And more immediately, it's possible that a second massive spending bill will be needed just to stop further bleeding.
  • "This cannot be our final bill," House Speaker Nancy Pelosi said on the floor this afternoon, while other lawmakers referred to it as a "down payment."

What's next: The Senate is now on an extended recess through April 20.

  • Members of the House, some of whom were unable to return to Washington for today's vote given the limited flight options, state-mandated stay-at-home orders and other issues that prevented them from flying back, will also work from their home districts.
  • House and Senate leadership are still determining whether new procedures need to be put in place to allow lawmakers to govern remotely during the pandemic.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Go deeper:

Go deeper