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 Ambassador Jacobson Visits Gondar in the Amhara Region to Show Continued U.S. Support for the Humanitarian and Development Needs of EthiopiansRead more Voluntary Repatriation of Refugees from Angola to DR Congo ResumesRead more

Pelosi, Mnuchin continue US stimulus talks as Tuesday deadline nears

Print Friendly and PDF

Oct 20, 2020 - 06:09 AM

WASHINGTON — House Speaker Nancy Pelosi made progress in US stimulus negotiations with Treasury Secretary Steven Mnuchin but a Tuesday deadline for a deal is looming, an aide to the Democratic lawmaker said Monday.

Negotiations over another stimulus package to help the economy ravaged by Covid-19 have gone on for months, with Democrats pushing a $2.2 trillion package but Republicans wanting to spend far less.

President Donald Trump’s administration proposed a $1.8 trillion rescue measure, though Trump signaled he could go bigger.

Pelosi spoke with Mnuchin again Monday and the two “continued to narrow their differences” after the Speaker on Sunday said less than 48 hours remained to work out a deal, Pelosi aide Drew Hammill tweeted

“The Speaker continues to hope that, by the end of the day Tuesday, we will have clarity on whether we will be able to pass a bill before the election. The two principals will speak again tomorrow and staff work will continue around the clock,” Hammill said.

However, Senate Majority Leader Mitch McConnell has repeatedly signaled he would not support a massive package, and on Monday said lawmakers in the Republican-controlled chamber will vote on a more narrow, $500 billion measure to support small businesses.

“Nobody thinks this proposal would resolve every problem forever,” McConnell said. “What it does contain is half a trillion dollars… of good that Congress can do right now.”

Democrats blocked such a bill last month, and Senate Minority Leader Chuck Schumer said the latest bill “remains unacceptable now, even more so that the crisis has gotten even worse.”

Since business shutdowns began in March, the United States has seen tens of millions of job losses as well as a historic contraction in second quarter annualized GDP.

The $2.2 trillion CARES Act stimulus package gave extra money to the unemployed and loans and grants to small businesses, however those provisions expired months ago.

  • 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.