Early Wednesday morning, Republicans and Democrats agreed on a financial rescue package for the U.S. economy. While the full text has not yet been released as of this writing, we do know the basics of what it contains. Here are some of the key provisions:

• Immediate payments of $1,200 per adult and $500 per child for most families.
• A $500 billion fund for large businesses to keep workers on payroll (this is what Democrats previously called a “slush fund” — see below).
• $367 billion in loan guarantees for small businesses.
• $150 billion for states and localities to help them deal with the crisis.
• $130 billion for hospitals and health centers.
• Expanded unemployment benefits including $600 a week for four months on top of what states are providing.

Those unemployment benefits may be the most urgent need of all. New unemployment claims have skyrocketed, as millions of people laid off from their jobs amid the virtual shutdown of our economy seek help. Some are predicting that as many as 14 million people could lose their jobs by summer.

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Now let’s talk about that “slush fund.” At $500 billion, it’s the single largest component of the package.

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So Democrats forced Republicans to accept the appointment of an inspector general within the Treasury Department solely devoted to monitoring the distribution of this money, as well as a five-member bipartisan oversight board appointed by Congress. There will also be “real-time public reporting of Treasury transactions under the Act, including terms of loans, investments or other assistance to corporations,” according to Schumer’s letter.