What’s in the historic $2tn US stimulus deal?

“In effect, this is a wartime level of investment into our nation.”

That is how Kentucky Republican Mitch McConnell, the Senate majority leader, described the $2 trillion (€1.8 trillion) stimulus package agreed early on Wednesday in the upper chamber of Congress.

At a time of major partisan divisions in Washington, US politicians were able to reach a compromise within just a few tense days on a large injection of government money into the economy, to limit the damage from the coronavirus outbreak.

Although the text of the legislation has yet to be released, it is expected to be approved by the Senate later on Wednesday, and then by the House of Representatives, which is controlled by Democrats. The success of the package will depend on how quickly it can be implemented, and there are doubts about whether it will be sufficient, despite its massive size.

Some lawmakers and administration officials have suggested additional funding from Congress may be necessary depending on the pandemic’s economic impact.

Here are the main provisions:

Income support

White House officials had earlier this month dismissed the need for direct transfers of funds to US households, but quickly pivoted towards “helicopter money” as it became clear that many families would need income support as the economy ground to a halt.