Susan Davis

Updated at 5:50 p.m. ET

President Trump has signed a historic $2 trillion economic recovery package into law Friday afternoon, shortly after the House of Representatives approved the bill.

In an Oval Office ceremony Friday, the president thanked Republicans and Democrats "for coming together, setting aside their differences and putting America first" to pass the legislation. Trump was joined by Senate Majority Leader Mitch McConnell and House Republican Leader Kevin McCarthy. No Democrats were present at the signing.

Updated at 11:47 p.m. ET

The U.S. Senate overwhelmingly approved a $2 trillion relief package Wednesday night designed to alleviate some of the worst effects of the swift economic downturn currently underway as a result of the coronavirus pandemic.

Ahead of the 96-0 vote, Senate Majority Leader Mitch McConnell (R-Ky.) told lawmakers, "Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory."

Updated at 1:27 p.m. ET

A Senate agreement on a third wave of emergency funding to address the coronavirus could be "hours" away, House Speaker Nancy Pelosi said Tuesday, as Republicans and Democrats seemed close to bridging disagreements that have stalled a deal on the approximately $2 trillion package.

Updated at 7:20 a.m. ET

After a tense day on the Senate floor that included leaders trading barbs over who is to blame for failing to advance a new coronavirus response bill, the top Senate Democrat said late Monday night that he was "very, very close" to an agreement with the White House on a deal for a third wave of emergency funding that could go well past $1 trillion.

Updated at 8:10 p.m. ET

Senate Majority Leader Mitch McConnell, R-Ky., introduced legislation on Thursday to address the economic impact of the coronavirus. This is the third legislative package to deal with the outbreak.

The proposal was drafted by Senate Republicans and the Trump administration. The bill still needs to be negotiated with Senate Democrats, which McConnell said would happen Friday. Already some Democrats were criticizing the plan as too focused on help for corporations and were calling for major changes.

Updated at 8:34 p.m. ET

President Trump signed the latest coronavirus aid package into law Wednesday evening.

The Senate approved the new round of emergency funding earlier Wednesday.

Updated at 3:46 p.m. ET

The Trump administration is asking Congress for roughly $1 trillion in new economic relief as lawmakers begin work on the next phase of coronavirus relief efforts.

Treasury Secretary Steven Mnuchin told reporters that he worked with the president on the economic package. Their discussions included payments to small businesses, loan guarantees for industries like airlines and hotels, and a stimulus package for workers.

Updated 8:20 p.m. ET

The Senate reconvened Monday afternoon with a growing sense of urgency to act on pending legislation, and a growing realization that Congress will have to take dramatic, ongoing action to blunt the impact of the coronavirus pandemic to the nation.

"The Senate is committed to meeting these uncertain times with bold and bipartisan solutions," Senate Majority Leader Mitch McConnell, R-Ky., said on the floor Monday. "It's what we're going to keep doing in the days and weeks ahead."