The White House and Senate leaders reached a historic deal after midnight Wednesday on a $2 trillion economic relief package for the coronavirus outbreak, putting an end to weeks of a heated argument between Democrats and Republicans.

"Ladies and gentlemen, we are done," White House legislative affairs director Eric Ueland announced as he left the office of Senate Majority Leader Mitch McConnell, a Kentucky Republican.

“We have a deal."

Senate Minority Leader Chuck Schumer, D-N.Y., said the package will enable companies to get through the pandemic and help American families.

The package includes a direct payment to Americans and a half-trillion-dollar fund for US corporations, according to the Los Angeles Times.

The full details have yet to be released.

A total of 163 people died Tuesday, bringing the US death toll past 700, as the WHO warned the country could be the next epicenter of the coronavirus with over 50,000 cases of infection.

The U.S. economy has nosedived as the coronavirus pandemic has spread within its borders, with all three stock indices showing major losses following all-time highs earlier this year.

The losses have been fueled, in large part, by efforts to limit travel and individual interactions with businesses to rein in the virus also known as COVID-19.