close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
AFP
March 22, 2020

US resumes talks on $1 trillion economic rescue

Business

AFP
March 22, 2020

Washington: The US Congress resumed negotiations Saturday on a $1 trillion emergency economic package to help the country deal with the impact of the coronavirus pandemic.

There was some optimism in the US Capitol that Democrats and Republicans could reach a deal, despite their failure to do so Friday, as Senate Majority Leader Mitch McConnell had hoped.

The Senate convened at midday to resume debate, as leaders from the White House and the Democratic-led House of Representatives huddled behind the scenes.

The first procedural vote on the measure was set for Sunday, which could lead to a final vote in the Senate on Monday.

The bill would then have to be approved by the House, before being sent to Republican President Donald Trump for his signature.

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 have been less than enthusiastic about the package, saying they want more support for workers and families, and more money for unemployment compensation.

Chuck Schumer, the top Democrat in the Senate, said the Republican package was "inadequate" for millions of Americans facing dire straits.

House Speaker Nancy Pelosi said McConnell´s proposal "puts corporations ahead of working people."

"As written, it is a non-starter," she said in a letter to Democratic colleagues.

The top Republican priorities in the bill are "direct financial help" for Americans, relief for businesses, stabilization of the economy and job protection, according to McConnell.

"Our bill recognizes that a big structural national crisis requires a big, structural response," McConnell said.