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Added on the 06/10/2020 17:11:53 - Copyright : Wochit
Trump and Pelosi are both hoping for an economic relief package after the election. "Right after the election, we'll get it one way or the other," Trump said on a podcast interview. "First and foremost the American people need help. They need real help," said Pelosi. However, there are still significant differences between the White House and Democrats. This is true on numerous issues, according to reports at Business Insider.
White House negotiations with Democrats over another pandemic aid bill have come to naught so far. Congress left town on Tuesday without passing another one, as virus cases surge across the nation, and the economic recovery threatens to grind to a halt. Business Insider reports that the prospect of more coronavirus aid is uncertain during a 'lame-duck session.' Such a session takes place in an even-numbered year, between the general election and the first session of the new Congress. The next deadline Congress faces is December 11. It must approve another spending bill to prevent a government shutdown. President Donald Trump supports another stimulus package. But his position has veered from cutting off relief negotiations to pressing for more money than Democrats.
US stocks dipped slightly on Wednesday as investors weighed the latest stimulus talk developments. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before the deadline. According to Business Insider, the two are now working to finalize a proposal before the weekend. Senate Democrats rejected Republicans' $500 billion "skinny bill," leaving both parties stuck in a deadlock. Disagreements over a relief bill are still significant between the Republicans and Democrats. The White House recently offered a $1.9 trillion bill, coming in well below Democrats' $2.2 trillion package.
Despite US President Donald Trump's vocal push for a new COVID-19 stimulus package, it appears unlikely that one will come before Election Day. On Tuesday, Business Insider reports Trump signaled he wanted an ever-larger deal than the $2.2 trillion bill proposed by House Democrats. But according to Business Insider, Senate Republicans are skeptical that anything is going to happen anytime soon. It's getting to be toward the last minute. And the clock keeps ticking away. And I'm not optimistic about us doing anything. Sen. Richard Shelby (R-AL)Chairman, Senate Appropriations Committee Furthermore, Senate Majority Leader Mitch McConnell has pushed for a far slimmer package than Democrats and the president. The GOP has prioritized Supreme Court Justice confirmation hearings for Judge Amy Coney Barrett over economic relief for Americans. But on Tuesday, Trump phoned in to 'Fox and Friends' to say he wants a stimulus program even larger than the Democrats' proposed $2.2 trillion package.
President Donald Trump has changed his thinking, and now says he wants a big stimulus bill passed before the general election on November 3rd. Fed Chair Jay Powell also wants to see one passed and has warned that without one, the US economy's recovery will surely falter. But the Republican-led Senate hasn't passed a new coronavirus relief bill since April 21st, and shows little signs of doing so before the election. According to Business Insider, the GOP is far more concerned with getting the Supreme Court tilted to the right by having Amy Coney Barrett confirmed. For more than five months, Congress has held up a comprehensive stimulus package for tens of millions of Americans and left them in limbo. Senate Majority Leader Mitch McConnell wants a so-called 'skinny' bill, while House Speaker Nancy Pelosi is holding out for far more for the American worker.