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Coronavirus US live: Senate appears close to $2tn stimulus package deal Coronavirus US live: Senate appears close to $2tn stimulus package deal
(32 minutes later)
Republican and Democratic leaders on Capitol Hill expected to agree on deal to mitigate economic fallout of the coronavirus pandemicRepublican and Democratic leaders on Capitol Hill expected to agree on deal to mitigate economic fallout of the coronavirus pandemic
Across the country lawmakers have been grappling with how to effectively contain and fight the Coronavirus pandemic. Much of that has fallen on governors, many of whom have issued stay at home orders.
But some lawmakers have argued for caution in doing that. Here’s Oklahoma senator James Lankford when asked if Oklahoma governor Kevin Stitt, another Republican, should issue a “stay at home order.”
As Lankford said the challenge with these mandates is deciding the exception so that people can still go to work and buy food or continue life as normally as possible.
The big news out of the business world this morning is that the Ford Motor Company, GE Healthcare and the 3M company are teaming up to make medical equipment in response to the Coronavirus epidemic.
CNN Business reports: “Healthcare workers around the country have expressed concern about difficulties in attaining enough critical supplies, such as masks, gloves and ventilators, to deal with the influx of patients suffering from the highly contagious virus.”
According to a Ford press release:
Outside of Washington, the ripple effects of the Coronavirus pandemic are still being felt. Japan agreed with the president of the International Olympic Committee to delay the summer Olympics.
Here’s The Wall Street Journal:
House Speaker Nancy Pelosi, the top Democrat on Capitol Hill, just finished an interview with CNBC’s Jim Cramer and her tone was overall optimistic.
When Cramer asked “can we get something done today?” Pelosi responded “I think there is real optimism that we could get something done in the next few hours.”
Pelosi went on to say that Democratic lawmakers had done a good job of using their leverage to move the proposal in a a direction more favorable to Democrats. In an illustration to how much of a sticking point the industries fund is Pelosi once again referred to it as a “slush fund.”
But even Pelosi was cautious in declaring victory. Cramer, later in the interview, asked if fiscal hawks on the Hill would like the bill. Pelosi responded “we can say when we have a deal” adding “we’re all receptive to having something done.”
Pelosi’s comments fall in line with other lawmakers who have suggested a deal is imminent. It’s a rare moment for so many lawmakers to sound so optimistic while a bill is still in negotiations but that’s where we’re at.
“Everybody appreciates the gravity of the situation, at least in Congress,” Pelosi said.
Late Monday night top Republican and Democratic leaders on Capitol Hill appeared to be close to a deal on an almost $2tn economic stimulus package meant to mitigate some of the economic fallout of the ongoing coronavirus pandemic.Late Monday night top Republican and Democratic leaders on Capitol Hill appeared to be close to a deal on an almost $2tn economic stimulus package meant to mitigate some of the economic fallout of the ongoing coronavirus pandemic.
The holdup thus far had been over a $500 billion fund meant to help struggling industries. Democrats argued that the fund lacked sufficient oversight and nicknamed it a “slush fund.”The holdup thus far had been over a $500 billion fund meant to help struggling industries. Democrats argued that the fund lacked sufficient oversight and nicknamed it a “slush fund.”
But late Monday night Senate minority leader Chuck Schumer, the top Senate Democrat, sounded optimistic that a deal was on the horizon.But late Monday night Senate minority leader Chuck Schumer, the top Senate Democrat, sounded optimistic that a deal was on the horizon.
“We expect to have an agreement in the morning,” Schumer told reporters according to The New York Times.“We expect to have an agreement in the morning,” Schumer told reporters according to The New York Times.
Treasury secretary Steve Mnuchin, who had been negotiating with Senate Republicans and Democrats throughout the day sounded similarly optimistic, saying “there are still a few little differences” while also saying on Monday that there had been “a lot of progress.”Treasury secretary Steve Mnuchin, who had been negotiating with Senate Republicans and Democrats throughout the day sounded similarly optimistic, saying “there are still a few little differences” while also saying on Monday that there had been “a lot of progress.”
One of the big questions though is where Donald Trump is on the deal. The president has telegraphed mixed signals. Around the time Schumer said he expected a deal in the morning the president sounded more critical of the nascent agreement.One of the big questions though is where Donald Trump is on the deal. The president has telegraphed mixed signals. Around the time Schumer said he expected a deal in the morning the president sounded more critical of the nascent agreement.
But early on Tuesday Trump urged lawmakers to pass a stimulus bill.But early on Tuesday Trump urged lawmakers to pass a stimulus bill.
There’s a lot that’s still unclear but the one thing that is apparent is that lawmakers haven’t crossed the finish line with an urgent stimulus bill quite yet.There’s a lot that’s still unclear but the one thing that is apparent is that lawmakers haven’t crossed the finish line with an urgent stimulus bill quite yet.