GOP senators close to agreement among themselves on coronavirus stimulus package

Secretary of the Treasury Steven Mnuchin said the Trump administration is planning to send checks to some Americans to combat the negative economic effects of the coronavirus pandemic.

Republican senators are close to reaching an agreement among themselves on the details of the $1 trillion stimulus plan that Treasury Secretary Steven Mnuchin detailed on Tuesday to address the economic impact of the coronavirus, two GOP sources tell CNN.

The conference plans to meet later on Wednesday to discuss where they stand, with one of the sources expecting an agreement by lunchtime.

The idea is to cut a deal among themselves, and then try to hammer out a bipartisan agreement with Democrats on a massive package that could pass Congress in a matter of days. But Democrats have their own plans, so there are hard-fought negotiations ahead.

The response package proposed by the White House would include a first wave of checks to Americans that would cost $250 billion, a source familiar with the matter has told CNN.

The plan’s massive price tag underscores the growing fears in the White House and on Capitol Hill that the coronavirus outbreak could send the economy into a damaging recession — and that aggressive intervention by Washington is needed immediately to reverse course. Already, lawmakers have pushed two major pieces of legislation to address the growing crisis.

Senate Majority Leader Mitch McConnell has vowed to keep the Senate in session until a stimulus package is passed.

This story is breaking and will be updated.