WASHINGTON—Top lawmakers and the Trump administration closed in on completing a colossal stimulus package, worth an estimated $2 trillion, designed to shield the U.S. economy from the most drastic consequences of the coronavirus pandemic.
Stocks rallied on the news that a deal was near, with the Dow Jones Industrial Average up more than 8% Tuesday afternoon.
Negotiators reconvened Tuesday morning, with some lawmakers predicting that the two sides were hours away from securing a final agreement. Lawmakers, administration officials, and aides said issues surrounding $500 billion in industry assistance loans and expanded unemployment insurance had largely been resolved, leaving a narrow set of unresolved items left to agree to.
The Senate could move to quickly vote on the package later in the day, if an agreement is reached.
“I believe we’re on the 5-yard line,” Senate Majority Leader Mitch McConnell (R., Ky.) said on the Senate floor. “I hope today is the day this body will get it done.”
Senate Minority Leader Chuck Schumer (D., N.Y.) said he didn’t see any remaining issues that can’t be resolved. “Last night I thought we were on the 5-yard line. Right now we’re on the 2,” he said.