The White House and Senate leaders came together on an agreement for the $2 trillion coronavirus spending bill that aims to prevent the nation from falling into a deep recession.

Senate Majority Leader Mitch McConnell, R-Ky., took to the Senate floor around 2 am on Wednesday (March 25), stating, "At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. In effect, this is a wartime level of investment for our nation." 

Senate Minority Leader Chuck Schumer, D-N.Y., also responded to the new bill, stating, "We have a bipartisan agreement on the largest rescue package in American history. This is not a moment of celebration but one of necessity. Like all compromises, this bill is far from perfect, but we believe the legislation has been improved significantly to warrant its quick consideration and passage, and because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started." 

Under the plan, people making up to $75,000 a year are expected to receive checks for $1,200, while couples making up to $150,000 would receive $2,400, with an additional $500 per child. Payments decrease for people who make more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.

In addition, the bill is expected to include roughly $100 billion in assistance for hospitals, $350 billion to assist small businesses, $500 billion for corporations, and about $150 billion for state and local stimulus funds.