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USA: Democrats crafting new $2.4 trillion stimulus bill to spur negotiations

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The Economic Times
25th September, 2020 23:49 IST

House Democrats have started drafting a stimulus proposal of roughly $2.4 trillion that they can take into possible negotiations with The White House and Senate Republicans, according to multiple House Democratic officials.

The Democratic-only plan, which could get passed by the House next week, also would address demands from swing-state lawmakers for passage of a virus relief plan before they adjourn for the stretch-run of their re-election campaigns, even if it doesn’t result in a deal that gets signed into law.

While smaller than the $3.4 trillion package the House passed in May, the new proposal remains much larger than what Senate Republicans have said they could accept. President Donald Trump has indicated he’d be willing to go as high as $1.5 trillion.

“When you are talking about $2.2 trillion and $1.5 trillion you are in deal-making territory”, Democratic representative Dan Kildee said. The plan roughly follows the last offer made by House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer in talks with the White House that broke off in early August. It also would include aid to the US airline industry to avert massive job losses, which could start October 1 when restrictions expire from a prior round of federal assistance, as well as small business aid.

Pelosi and treasury secretary Steven Mnuchin both raised the prospect of resuming negotiations onany indication that they’ve moved closer to a compromise needed for a breakthrough.

Mnuchin said during a Senate Banking Committee hearing on Thursday that a targeted pandemic relief package is “still needed”. “If the Democrats are willing to sit down, I’m willing to sit down anytime for bipartisan legislation. Let’s pass something quickly,” Mnuchin said.

another economic stimulus package earlier on Thursday, without giving any indication that they’ve moved closer to a compromise needed for a breakthrough.

Mnuchin said during a Senate Banking Committee hearing on Thursday that a targeted pandemic relief package is “still needed”. “If the Democrats are willing to sit down, I’m willing to sit down anytime for bipartisan legislation. Let’s pass something quickly,” Mnuchin said.

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