On the Money: Congress unveiled a $2.3 trillion spending package | Mnuchin expects people to start receiving stimulus checks next week | Year-end package extends expiring tax breaks

Hello, happy Monday, and welcome back to On The Money. I’m Niv Elis, filling in for Sylvan Lane, with your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL: Congress unveiled a $2.3 trillion spending package Monday just hours before its expected passage in both chambers, funding the government though the end of the fiscal year and providing relief to a coronavirus-battered economy.

The package includes a $1.4 trillion omnibus bill based on a 2019 spending deal, which consists of $740.5 billion in defense spending and $664.5 billion in domestic spending.

It also includes a $900 billion COVID-19 relief bill, which Congressional leaders agreed to over the weekend (more on that below).

The bill included:

• Approvals for the Smithsonian to begin work on two new history museums on the national mall, one dedicated to women’s history and the other to Latin American history.

• A bipartisan agreement on surprise medical billing 

• Energy legislation that will restrict the use of hydrofluorocarbons, a greenhouse gas common in air conditioners

• Plus, what funding bill would be complete without more funds for President Trump’s border wall? The package includes $1.375 billion for it.

 I’ve got more details for you about the bill and everything in it right here.

LEADING THE DAY: Lawmakers late on Sunday released details about a long-awaited $900 billion coronavirus relief, covering stimulus checks, unemployment benefits, and small business aid. 

Both Democrats and Republicans touted various aspects of the relief package, though Democrats wanted a significantly larger bill. 

Democrats argue that more relief legislation will need to be enacted once President-elect Joe Biden takes office, though Republicans are already resisting that idea. A state and local aid package and liability protections were left out of the agreement.

When Congress approves the legislation it will have appropriated more than $4 trillion to respond to the coronavirus pandemic that has caused more than 300,000 deaths across the country.

So what’s in the bill? Naomi Jagoda, Alex Bolton and I have all the info you need right here.

Year-end package extends expiring tax breaks: The massive year-end package that lawmakers unveiled on Monday addresses a host of expiring tax provisions, making some of them permanent.

Tax breaks that are made permanent include excise tax relief for alcohol producers that was originally included in the 2017 GOP tax-cut law. Making these tax reductions permanent was a key priority for alcohol industry groups and lawmakers on both sides of the aisle.

Another tax provision that is made permanent allows people to claim a deduction for medical expenses to the extent those expenses exceed 7.5 percent of their income, rather than 10 percent as was the case for people under 65 between 2013 and 2017.

Several other tax provisions are extended through 2025. They include the new markets tax credit that is aimed at incentivizing investment in low-income communities, the work opportunity tax credit designed to incentivize businesses to hire people from groups that have consistently faced barriers to employment, a tax break for the motorsports industry and a tax credit for employers who provide paid family and medical leave.

Naomi has more info for you right here.

Businesses see transformed landscape even after vaccines:  The coronavirus pandemic and its aftermath could transform the landscape for U.S. businesses. 

With a larger remote workforce, expanded delivery options and lingering health fears likely to last long after the pandemic is under control, business owners and entrepreneurs are asking tough questions and bracing for an uncertain future.

Businesses that pay richly for offices and storefronts in bustling downtowns are reconsidering whether high rents and tight crowds still make sense. A national wipeout of small businesses may leave plenty of vacated real estate for major companies to fill. And shortfalls in federal aid for struggling businesses could deepen the economic damage to be repaired when the pandemic subsides.

Sylvan Lane lays it out for you here.

GOOD TO KNOW

• Mnuchin says he has spoken with Biden Treasury nominee Janet Yellen

• House Oversight to renew subpoena for Trump’s financial records next Congress

• Warren reintroduces bill to bar lawmakers from trading stocks (while Biden taps picks one of her former aides for his economic team)

OPINION

• This year’s adversity means opportunity for affordable housing in 2021

• A trade policy for the middle class

• States need stimulus — and we need it now