US Congress closer to $1t economic rescue deal

Senate leader Mitch McConnell said Saturday that Republicans and Democrats were “very close” to reaching a deal on an economic rescue plan estimated worth well over $1 trillion as the coronavirus pandemic continued to pummel the US economy.

Lawmakers were in intense discussions on a deal that could inject massive funds into US businesses and the pockets of millions of workers laid off as the COVID-19 virus continues to spread.

Some expected the talks to spill well into the night on the unprecedented relief-and-stimulus legislation.

“Everybody is working hard and they want to get to a solution that’s the right solution. I think we’re getting very close,” said President Donald Trump.

“The past two days of intense bipartisan talks are very close to a resolution,” McConnell, the Republican Senate majority leader, said in a statement.

“I believe we are poised to deliver the significant relief that Americans need with the speed that this crisis demands.”

Chuck Schumer, the top Democrat in the Senate, told CNN late Saturday that he was “very optimistic” that the lawmakers could reach a deal.

“If you can’t work because your business is closed for all the obvious reasons, you will get your full pay from the federal government, and this unemployment insurance on steroids will cover all workers” for four months, he said.

The amount of relief being discussed is about “a trillion and a quarter,” but could go as high as two trillion dollars, Schumer said.

“Conceptually I think we’re there,” he said.

McConnell’s proposal includes onetime “recovery rebates” of up to $1,200 for most adults, and hundreds of billions of dollars in loan guarantees to crisis-hit industries, including airlines, and to small businesses.

Democrats continued to press for more benefits to go directly to workers who lose their jobs.

Schumer demanded a sweeping expansion of unemployment insurance that would provide furloughed and laid-off workers the same monthly pay that they had before the coronavirus crisis erupted.

He also called for more support for the beleaguered public health care industry, and for state and local governments which he said are running out of cash.

 

US Congress closer to $1t economic rescue deal

Senate leader Mitch McConnell said Saturday that Republicans and Democrats were very close to reaching a deal on an economic rescue plan estimated worth well over $1 trillion as the coronavirus pandemic continued to pummel the US economy. Lawmakers were in intense discussions on a deal that could inject massive funds into US businesses and the pockets of millions of workers laid off as the COVID-19 virus continues to spread. Some expected the talks to spill well into the night on the unprecedented relief-and-stimulus legislation. Everybody is working hard and they want to get to a solution thats the right solution. I think were getting very close, said President Donald Trump. The past two days of intense bipartisan talks are very close to a resolution, McConnell, the Republican Senate majority leader, said in a statement. I believe we are poised to deliver the significant relief that Americans need with the speed that this crisis demands. Chuck Schumer, the top Democrat in the Senate, told CNN late Saturday that he was very optimistic that the lawmakers could reach a deal. If you cant work because your business is closed for all the obvious reasons, you will get your full pay from the federal government, and this unemployment insurance on steroids will cover all workers for four months, he said. The amount of relief being discussed is about a trillion and a quarter, but could go as high as two trillion dollars, Schumer said. Conceptually I think were there, he said. McConnells proposal includes onetime recovery rebates of up to $1,200 for most adults, and hundreds of billions of dollars in loan guarantees to crisis-hit industries, including airlines, and to small businesses. Democrats continued to press for more benefits to go directly to workers who lose their jobs. Schumer demanded a sweeping expansion of unemployment insurance that would provide furloughed and laid-off workers the same monthly pay that they had before the coronavirus crisis erupted. He also called for more support for the beleaguered public health care industry, and for state and local governments which he said are running out of cash.