fbpx
Cyber-wellness Means Cyber-awareRead more Addressing maternal mental healthcare in AfricaRead more Qatar v. Ecuador to kick off FIFA World Cup 2022™ on 20 NovemberRead more Webb Fontaine Announces Launch of Niger National Single Window (NNSW) to Bolster TradeRead more Ethiopia: Loan from United Nations Fund Allows Food and Agriculture Organization (FAO) to Scale Up Fertilizers for Farmers in TigrayRead more How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more

Pelosi, Mnuchin continue stimulus negotiations

Print Friendly and PDF

Oct 06, 2020 - 09:34 AM

WASHINGTON — Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi talked again on Monday as they searched for a long-elusive agreement on additional stimulus for the pummeled US economy, a top Pelosi aide said.

The two sides have been negotiating for weeks over a follow-up package to the $2.2 trillion CARES Act passed as the coronavirus pandemic erupted earlier this year.

That bill was credited with boosting the economy but Democrats and Republicans haven’t been able to agree on how much more to spend in the two months since key provisions expired.

The moribund negotiations were revived last week with a series of phone calls and an in-person meeting between the Treasury Secretary and Pelosi, whose Democrats control the House of Representatives.

The speaker’s deputy chief of staff Drew Hammill said the talks resumed on Monday.

“Speaker Pelosi and Secretary Mnuchin spoke by phone today at 11:30 am for approximately one hour. The two discussed the justifications for various numbers and plan to exchange paper today in preparation for another phone call tomorrow,” he said.

The CARES Act budgeted an extra $600 in weekly payments to the unemployed that was credited with spurring consumption even as Covid-19 caused the worst economic downturn in decades. That provision expired at the end of July.

The law also created a system of loans and grants for small businesses battered by business shutdowns to stop the virus’s spread, but that money ran dry in August.

President Donald Trump has called for a deal but the parties remain far apart on the bottom line. The most recent Democratic proposal would cost $2.2 trillion, while the White House wants to spend $1.6 trillion.

Facing a re-election battle next month against Democratic challenger Joe Biden in which polls show him behind, Trump, who has himself contracted Covid-19, on Saturday tweeted, “OUR GREAT USA WANTS & NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE. Thank you!”

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.