Senate Republicans to Negotiate $1 Trillion Covid-19 Relief Package

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2020Jul 21

The price tag for the next COVID-19 aid package could quickly swell above $1 trillion as White House negotiators negotiate with Congress over money to reopen schools, prop up small businesses, boost virus testing and keep cash flowing to Americans while the virus crisis deepens in the U.S. Senate Majority Leader Mitch McConnell on Tuesday promised a new round of direct payments to earners below a certain income level, similar to the $1,200 checks sent in the spring. President Donald Trump insists on a payroll tax holiday for workers. And Democrats want billions to outfit schools and shore up local governments. Treasury Secretary Steven Mnuchin and acting chief of staff Mark Meadows conferred privately with GOP senators before preparing to meet with House Speaker Pelosi and Senate Democratic leader Chuck Schumer. Trump's team is trying to broker a compromise between the GOP's emerging $1 trillion proposal with the House's more sweeping $3 trillion bill. McConnell is poised to roll out the $1 trillion GOP proposal, a counter-offer to Pelosi's $3 trillion House-passed plan as they race to strike a deal by the end of the month. That's when a $600 weekly unemployment benefits boost and other aid, including a federal rental moratorium on millions of apartment units, expires. With the pandemic showing no signs of easing, officials acknowledge the daunting challenge of trying to contain the coronavirus and prevent further economic distress. The U.S. has rising infections and a death toll of 140,800, more than anywhere else in the world. The health crisis is worsening just as emergency aid is about to expire. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm QUICKTAKE ON SOCIAL: Follow QuickTake on Twitter: twitter.com/quicktake Like QuickTake on Facebook: facebook.com/quicktake Follow QuickTake on Instagram: instagram.com/quicktake Subscribe to our newsletter: https://bit.ly/2FJ0oQZ Email us at quicktakenews@gmail.com QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.