Washington set to deliver $2.2 trillion virus rescue bill

 With rare bipartisanship and speed, Washington is about to deliver massive, unprecedented legislation to speed help to individuals and businesses as coronavirus pandemic takes a devastating toll on U.S. ecomy and health care system.

House is set to pass sprawling, $2.2 trillion measure Friday morning after an extraordinary 96-0 Senate vote late Wednesday. President Donald Trump marveled at unanimity Thursday and is er to sign pack into law.

relief can hardly come soon eugh. Federal Reserve Chairman Jerome Powell said Thursday ecomy “may well be in recession” alrey and government reported a shocking 3.3 million burst of weekly jobless claims, more than four times previous record. U.S. death toll has surpassed 1,000 from virus.

It is unlikely to be end of federal response. House Speaker Nancy Pelosi said Thursday that issues like more generous food stamp payments, aid to state and local governments, and family leave may be revisited in subsequent legislation.

“re's so many things we didn't get in ... that we need to," Pelosi told reporters Thursday.

legislation will pour $1,200 direct payments to individuals and a flood of subsidized loans, grants and tax breaks to businesses facing extinction in an ecomic shutdown caused as Americans self-isolate by tens of millions. It dwarfs prior Washington efforts to take on ecomic crises and natural disasters, such as 2008 Wall Street bailout and President Barack Obama’s first-year ecomic recovery act.

But key elements are untested, such as grants to small businesses to keep workers on payroll and complex lending programs to larger businesses. Millions of rebate payments will go to people who have retained ir jobs.

Policymakers worry that bureaucracies like Small Business ministration may become overwhelmed, and conservatives fear that a new, generous unemployment benefit will dissue jobless people from returning to workforce. A new $500 billion subsidized lending program for larger businesses is unproven as well.

First measure must clear Congress. Leers in both parties h hoped to pass measure with a sparsely attended voice vote — remarkable for a bill of such magnitude — so scattered lawmakers don’t have to risk exposure by travelling back to Washington.

But w it is feared icoclastic Rep. Thomas Massie, R-Ky., an opponent of bill, may seek to force a roll call vote. Democratic leers summoned members back to Washington, at least those who are able and willing to return.

Friday’s House session will also be unprecedented. Originally scheduled as a n-working “pro forma” meeting, session will be extended to a debate on bill — all conducted under social distancing rules to minimize risk of transmitting virus.

Rep. Jim Jordan, R-Ohio, one of House's conservative leers, said he wasn't aware of anyone planning to block a voice vote Friday but planned to talk more with colleagues before vote.

"If that's method used to get this to American people, to get this passed, n I think lots of members are probably OK with that," Jordan said Thursday as he drove back to Washington. "I kw plan is for it to be a voice vote, and that's what leership has said y're for, and I think that's fine.”

Wednesday night’s unanimous Senate vote on bill was especially striking — a united front that followed days of sometimes tumultuous negotiations and partisan eruptions. Democrats twice voted to block bill to seek furr d-ons and changes.

“ power of argument that we h — that you need a strong government to solve se problems, both health and ecomic — carried day,” Schumer told Associated Press on Thursday. “H we t stood up on those two votes it wouldn’t have happened.”

Underscoring effort's sheer magnitude, bill finances a response with a price tag that equals half size of entire $4 trillion-plus annual federal budget. $2.2 trillion estimate is White House's best guess of spending it contains.

rescue bill would provide one-time direct payments to Americans of $1,200 per ult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.

Unemployment insurance would be me far more generous, with $600 per week tacked onto regular state jobless payments through end of July. States and local governments would receive $150 billion in supplemental funding to help m provide basic and emergency services during crisis.

“We call m checks in mail, but most of m will be direct deposits,” Treasury Secretary Steven Mnuchin told CNBC on Thursday. “It will be within three weeks. We're determined to get money in people's pocket immediately."

legislation also establishes a $454 billion program for guaranteed, subsidized loans to larger industries in hopes of leveraging up to $4.5 trillion in lending to distressed businesses, states, and municipalities. All would be up to Treasury Department’s discretion, though businesses controlled by Trump or immediate family members and by members of Congress would be ineligible.

re was also $150 billion devoted to health care system, including $100 billion for grants to hospitals and or health care providers buckling under strain of COVID-19 caselos.

Republicans successfully pressed for an employee retention tax credit that's estimated to provide $50 billion to companies that retain employees on payroll and cover 50% of workers' paycheck up to $10,000. Companies would also be able to defer payment of 6.2% Social Security payroll tax. A huge tax break for interest costs and operating losses limited by 2017 tax overhaul was restored at a $200 billion cost in a boon for real estate sector.

An ditional $45 billion would fund ditional relief through Federal Emergency Manment ncy for local response efforts and community services.

Most people who contract new coronavirus have mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older ults and people with existing health problems, it can cause more severe illness, including pneumonia, or death.