The White House

Just before midnight, Senate leaders and the White House reached a deal on a roughly $2 trillion economic stimulus to combat the financial toll of the coronavirus.

Specifics of the deal are not expected to be revealed until later Wednesday morning.

"Ladies and gentlemen, we are done," Eric Ueland, the White House legislative affairs director, said according to CNN reporter Manu Raju. "We have a deal."

"We have a bipartisan agreement on the largest rescue package in American history," Senate Minority Leader Chuck Schumer said in a speech on the floor following the announcement that a deal had been reached. "This is not a moment of celebration but one of necessity."

While the final text of the bill has not been finalized, Business Insider said Schumer disclosed that the bill is said to expand unemployment, provide relief for jobless Americans, and provide help to both small businesses and large businesses, money to local government, along with funds for hospitals and healthcare workers on the front lines — to the tune of more than $130 billion.

"Every American worker who is laid off will have their salary remunerated by the federal government so they can pay their bills," Schumer said. "And because so many of them will be furloughed rather than fired, if they have benefits, they can continue, and—extremely important—they can stay with the company or small business. And that means that company or small business can reassemble once this awful plague is over and our economy can get going quickly."

The deal came after two stoppages by Senate Democrats seeking to obtain stronger worker protections and stricter guidelines for which corporations could receive government loans.

Information from Business Insider and contributed to this report.

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