The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling through the coronavirus pandemic.
The deal caps days of marathon negotiations that produced one of the most expensive and far-reaching measures in the history of Congress.
"Ladies and gentleman, we are done," White House legislative affairs director Eric Ueland said right before 1 a.m. ET. "We have a deal."
Negotiations have spanned around the clock since last Friday.
Senate Majority Leader Mitch McConnell is expected to take to the floor to announce that a deal had been reached on the proposal.
The full details have yet to be released.
But over the past 24 hours, the elements of the proposal have come into sharper focus, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.