U.S. Senate races to agree on massive coronavirus relief package

[rooster59]

U.S. Senate races to agree on massive coronavirus relief package

By David Morgan

 

FILE PHOTO: White House chief economic adviser Larry Kudlow speaks to reporters about the Trump administration's response to the financial issues surrounding the coronoavirus outbreak, at the White House in Washington, U.S. March 16, 2020. REUTERS/Jonathan Ernst

 

WASHINGTON (Reuters) - Republicans and Democrats in the U.S. Senate on Saturday scrambled to complete a deal on a $1 trillion-plus bill aimed at stemming the coronavirus pandemic's economic fallout for workers, industries and small businesses.

 

But after a second day of marathon closed-door negotiations, there was no sign of an overarching deal between negotiators, despite Republicans' claims of bipartisan agreement on specific issues including unemployment insurance and small business assistance.

 

"The building blocks of this thing are pretty much in place, and you know, now some of the differences come down to the final points of how some of this stuff gets done," said Senator John Thune, the Senate's No. 2 Republican.

 

"There are a few things that have to be resolved still," he told reporters.

 

White House economic adviser Larry Kudlow told reporters he expects the final legislative package to be worth $1.3 trillion to $1.4 trillion to combat the effects of a health crisis that many fear will lead to a spike in unemployment as businesses close and the economy falters.

 

Combined with actions undertaken by the U.S. Federal Reserve and the administration, the prospective bill would have a $2 trillion net impact on a U.S. economy facing powerful headwinds spawned by the outbreak, according to White House officials.

 

Republican Senator Mike Crapo, who chairs the Senate Banking Committee, said the legislation could contain $300 billion to $500 billion in stabilization funds that the Federal Reserve could use as the basis for much larger infusions of liquidity for businesses of all sizes and configurations.

 

"I think we're clearly going to get there," said Senate Majority Leader Mitch McConnell, who intends to hold a vote to pass the sprawling package on Monday.

 

Democratic leader Chuck Schumer, who met twice on Saturday with Treasury Secretary Steven Mnuchin, agreed that progress was being made. "I'm optimistic we can get a deal. We're going to continue working through the night," the New York Democrat told reporters.

 

Lawmakers from both sides said they were at or near agreement on proposals to provide $350 billion or more in assistance for small businesses and to enhance unemployment insurance coverage for people made jobless by the outbreak.

 

Democrats pressed for all coronavirus-affected workers to receive full pay for four months. "We haven't dotted the i's and crossed the t's. But conceptually, I think we're there," Schumer told CNN.

 

Democrats have also called for a $100 billion "Marshall Plan" for U.S. hospitals to pay for protective gear, equipment such as ventilators, beds and additional doctors and nurses.

 

"I suspect that we'll have a bill by tomorrow that will have significant Democratic priorities, significant Republican priorities and hopefully we can pass the bill Monday morning," Republican Senator Lamar Alexander told reporters.

 

Major U.S. airlines and their unions also called on Congress to include federal cash grants to support industry paychecks. But their plea did not appear to find support with senators or the administration.

 

The prospective legislation already includes $58 billion in loans and loan guarantees for passenger airlines and air cargo carriers.

 

Republican lawmakers said the bill will also include a funding response to the Trump administration's request for $45.8 billion in extra funding for the Department of Health and Human Services, the Veterans Administration and the Defense Department.

 

(Reporting by David Morgan; additional reporting by Eric Beech and Jan Wolfe; Editing by Mary Milliken and Chris Reese)

 

-- © Copyright Reuters 2020-03-22

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[leeneeds]

 The dollar will soon be wall paper material if they keep printing the amounts they are talking about.

 

[Tug]

Let’s hope it helps the people and it’s not a taxpayer parachute for big business 

[lannarebirth]

They are not racing towards anything.  A week late and $2T short.

[Emdog]

Kudlow is the idiot that bragged "We've got this contained. Not airtight, but as close to airtight as can be" (not word for word)

I can just see "turtle" Mitch racing. He took a 3 day weekend.... well done

[Isaan sailor]

Pandemic brought to the world from Wuhan China.  Send them the bill.

[Langsuan Man]

16 hours ago, Isaan sailor said:

Pandemic brought to the world from Wuhan China.  Send them the bill.

While we are sending out bills how about one to Mexico for Trump's Wall

 

Oh,  I forgot for a minute,  Trump Inc.  doesn't pay bills it just sends them out