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Photo by Win McNamee/Getty Images

The Senate passed the House coronavirus relief bill 90-8 without changes Wednesday, freeing up Congress to focus more energy on passing subsequent legislation that will likely amount to one of the largest emergency spending packages in modern history.

The big picture: The deal, negotiated between Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, includes free coronavirus testing — even for the uninsured; two weeks of paid sick and family leave; increased federal funds for Medicaid and food security programs, like food stamps; and increased unemployment insurance benefits.

  • The bill is considered "phase two" of Congress' coronavirus legislative efforts, and negotiations over a "phase three" deal are already underway.
  • It's still unclear how much it will cost, and the Congressional Budget Office has not yet scored it. But the Joint Committee on Taxation estimates it will cost roughly $100 billion.

Between the lines: Many senators protested the bill, arguing that it doesn't do enough for small businesses and industries hit hardest by the virus.

  • But McConnell bluntly told those senators Tuesday that they should "gag and vote for it anyway" — and to address their grievances in the next package, which the Senate is in the process of drafting.
  • The “no” votes included Sens. Marsha Blackburn (R-Tenn.), Jim Inhofe (R-Okla.), James Lankford (R-Okla.), Mike Lee (R-Utah), Rand Paul (R-Ky.), Ben Sasse (R-Neb.), Tim Scott (R-S.C.) and Ron Johnson (R-Wisc.).

What's next: McConnell said the Senate will stay in session until "phase three" is passed.

  • Senate Republicans are driving the process, and they are working with closely with Treasury and the White House to reach a deal as soon as possible.
  • Talks are still fluid, but the White House is pushing for an additional $1 trillion to be dedicated to combatting the economic effects of the virus.
  • A Treasury fact sheet proposes sending checks to many Americans and devoting $300 billion to helping small businesses.
  • The fact sheet also calls for the creation of a $50 billion “airline industry secured lending facility” that would allow it to make direct loans to “U.S. passenger and cargo air carriers.”
  • The House, which is currently in recess, does not plan to return to Capitol Hill until after the Senate passes a third bill.

Go deeper: White House proposes $1 trillion coronavirus stimulus package

Go deeper

A tale of two jobs reports

Source: Bureau of Labor Statistics; Chart: Axios Visuals

Whatever you think about the economy, you’ll find something in this morning’s conflicting jobs report to reinforce your views: America's job market is white-hot and the labor market is anemic.

Between the lines: The conflict comes from the two separate surveys the government uses to compile the report.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.

Ina Fried, author of Login
5 hours ago - Technology
Column / Signal Boost

Huawei sanctions snarled chip supply chains

Illustration: Sarah Grillo/Axios

The largely successful U.S. effort to hobble China's Huawei has benefitted a host of other tech companies — from smartphone makers such as Apple and Xiaomi to chipmakers like Qualcomm to network vendors including Nokia and Ericsson.

Yes, but: The massive disruption to the industry furthered an industry wide mismatch between supply and demand, exacerbating the global chip shortage.