New stimulus package with $1,200 checks unveiled by Democrats as negotiations resume

Четверг, 01 Окт, 2020

While prospects for another round of stimulus payments are bleak - at least before the November 3 presidential election - Democratic lawmakers have offered a modified version of an earlier measure that includes money for US households. Including funding provided by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), TEFAP has received a total of $1.30 billion.

Time is running out. The S&P 500 is up 0.8% after falling as much as 1.0% premarket.

Democratic lawmakers introduced the measure on Monday ahead of negotiations with Treasury Secretary Steven Mnuchin. Their last coronavirus relief bill talk was on Monday night.

The top House Democrat expressed optimism after jump starting stimulus talks with the White House this week.

Pelosi and several House committee leaders rejected that plan, arguing that it "falls short of what is needed to save lives and boost the economy".

As for the White House, officials are signaling a deal is far from sealed. And the Trump administration, as per reports, are desperate to pass the second round of stimulus checks before the elections. While there's no formal timeline to get another stimulus package passed, federal aid for airlines expires in October.

House Democrats unveiled a $2.2 trillion pandemic relief proposal in an attempt to revive stalled negotiations with Republicans on another COVID-19 aid package.

Democrats had originally proposed a $3 trillion bill. Even so, it's very unlikely that the Republicans would agree to it.

Summer Lin is a McClatchy Real-Time News Reporter.

Eligible citizens will receive a $1,200 stimulus check.

The $2.2 trillion bill includes language that allows some illegal immigrants - who are "engaged in essential critical infrastructure labor or services in the United States" - to be placed into "a period of deferred action" and authorized to work if they meet certain conditions.

"Democrats are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing America's working families right now", she said in a news release Thursday.

Mnuchin made no remarks as he left Pelosi's office at the Capitol to discuss the talks with Senate Majority Leader Mitch McConnell. He said on CNBC the administration's counter-offer to Pelosi is similar to a plan put forward by a bipartisan group of House members - which included an escalation in spending up to $2 trillion if the coronavirus pandemic persists.

The last bill, a $500 billion "skinny" bill offered by Senate Republicans, was shot down at the beginning of the month.

This latest iteration of the Heroes Act is, as Pelosi called it, a "proffer" - her opening hand.

The proposal represents a cutback from a $3.4 trillion bill that passed the House in May but remains well above what Senate Republicans are willing to accept. Republicans have endorsed staying in the $650 billion to $1 trillion range.