Senate Republicans are reportedly close to agreeing on a $1 trillion coronavirus stimulus package

Associated Press

Senate Majority Leader Mitch McConnell

• Senate Republicans are close to agreeing on a $1 trillion stimulus package to deal with the fallout from the coronavirus epidemic, according to a report by CNN.
• The Republicans plan to agree on a deal amongst themselves and then negotiate a compromise with Senate Democrats, according to the report.
• The plan would likely include sending Americans checks to stimulate the economy, a plan proposed by Treasury Secretary Steven Mnuchin at the White House on Tuesday.
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Senate Republicans are close to agreeing on a $1 trillion plan to deal with the economic fallout from the coronavirus, according to a report by CNN's Manu Raju.

The Republicans are set to agree amongst themselves on the details of the stimulus package proposed by Treasury Secretary Steven Mnuchin, the report said. The senators would then have to negotiate a compromise with Democrats.

The plan is likely to include sending checks to Americans to provide an immediate boost as companies in the US face a sharp decline in demand and many Americans deal with cut hours or layoffs.

Those checks could cost the government as much as $250 billion, according to the report.

Republican Senators Mitt Romney and Tom Cotton have supported the plan to send out checks, while other GOP Senators like Sen. Lindsey Graham have criticized the idea.

President Donald Trump had previously proposed payroll tax cuts as a form of economic aid, but the cuts were seen as too slow of a solution.