Washington — The White House on Friday said it had agreed to $1.1 trillion in emergency spending to help the economy rebound from the financial crisis and prevent a return to the recession.
The spending package, the first of its kind to be approved by Congress, was part of a package of $1 billion in additional spending in the $1trillion stimulus package Congress approved to boost the economy in the wake of the global financial crisis.
The $1tn measure includes $1,100 billion in aid to states, $1bn for small businesses, $800 million for rural areas and $300 million for programs that support low-income Americans.
It is the largest stimulus package since the Great Depression.
It also comes as the White House and Congress negotiate a package that will fund the government through mid-October, and avert a potential government shutdown.
President Donald Trump said Friday that he would sign the stimulus package.
“We’re getting this thing done.
And we’re getting it done quickly.
This is not going to happen in a month.
We’re doing it,” Trump said on the Fox News Channel’s “Fox & Friends.”
The White and Democratic majorities in Congress have been divided over how much to spend.
The two sides have had a contentious debate over how to address the economic woes of the recovery, and both sides have called for additional stimulus spending.
The GOP has been pushing for a $2.5 trillion stimulus package that would pay for job training, unemployment insurance, housing assistance and tax cuts for individuals and businesses.
The Democrats have proposed a $3.5tr package, including $600 billion for job-training and $2 trillion for jobless benefits.
Republicans in Congress are pressing for $1 tranche of $3 trillion in new spending, including the creation of up to 1.3 million jobs in the coming years.
In an address on Friday morning, Trump said he wanted to do a “much better job” with the $2 tranche and $3 tranche.
He said he hoped to have more details on how much money he would give to states and the military on Monday.
“We need the stimulus to get us back to where we need to be,” Trump told reporters.