After a marathon summit lasting five days, European Union leaders have finally reached a deal on a coronavirus stimulus package.
"I believe this agreement will be seen as a pivotal moment in Europe's journey, but it will also launch us into the future."
French President Emmanuel Macron also called it a "historic day for Europe."
The deal reached Tuesday is worth two.one trillion U.S. dollars and would help the hardest hit member states like Italy and Spain recover from the pandemic's economic fallout.
It includes over 857 billion dollars in low-interest loans and grants.
The grants amount to 446 billion dollars, and they do not need to be paid back.
Some of the so-called frugal states, however Austria, Denmark, the Netherlands and Sweden were opposed to the idea of allowing the EU to borrow money and give it out.
Meanwhile in the U.S., President Donald Trump is in discussions about another coronavirus relief package.
Treasury Secretary Steven Mnuchin said Monday that Republicans plan to spend another trillion dollars to get kids back in school, boost hiring and fund the development of a COVID-19 vaccine.
The Democrats say the government needs to extend the unemployment benefit of six-hundred dollars a week.
But Republicans say many people won't go back to work if their benefits are more than their paycheck and would prefer another incentive to boost the economy.
"Payroll tax cut to me is very important. We're working on it."
The House is scheduled to be in Washington until the end of this month and the Senate is set to be in through August 7th, so time is of the essence.
Jang Tae-hyun, Arirang News.