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Bloomberg
Pelosi and Schumer endorse use of bipartisan plan in stimulus talks
(Bloomberg) – House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer on Wednesday endorsed a $ 908 billion bipartisan stimulus proposal as the basis for a new round of negotiations with Republicans in the United States. Congress and the White House. by a group of House and Senate lawmakers as the basis for a deal marks the first public withdrawal of their support for a much larger $ 2.4 trillion pandemic aid package, and could break six months of deadlock in time to pass a bill before the “Although we made a new offer to Leader McConnell and Leader McCarthy on Monday, in a spirit of compromise we believe that the bipartisan framework presented by senators yesterday should be used as the basis for immediate bipartisan and bicameral negotiations. “Schumer said. and Pelosi said in a statement, referring to Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy. The move by the two Democrats is t The first real break from both sides of long-held positions, and now putting pressure on McConnell and the Republican Party. While McConnell has circulated a roughly $ 500 billion plan, Republican leaders in July backed a $ 1 trillion package. In the past, President Donald Trump has also supported a bigger relief plan: US stocks and 10-year Treasury yields hit their session highs after the news in the Pelosi-Schumer field. Movements were still relatively subdued after Tuesday’s steep gains from the publication of the bipartisan plan. Contents of the plan Under that bipartisan proposal, small businesses would get an infusion of approximately $ 300 billion for a Paycheck Protection Program version of forgivable loans and other aid. , and state and local governments would get about $ 240 billion, including money for schools, according to three people familiar with the proposal. An additional $ 180 billion would go towards an extension of pandemic unemployment benefits, providing an additional $ 300 a week for four. The proposal does not include direct payments to individuals. “The bill that has been worked on between Republicans and Democrats has the best chance of passing,” said Utah Republican Sen. Mitt Romney, who was one of nine senators in the bipartisan group making the proposal. “There are messaging bills and then there are bills that can pass, and we have to have Democratic votes for the Senate to pass a bill.” Problem Solvers The compromise is endorsed by the Problem Solvers, a group of 50 members of the House of Representatives and Republicans who had made another attempt to close the gap before Election Day. “We thank President Pelosi and Leader Schumer for recognizing the critical need for a bipartisan and bicameral Covid emergency aid package,” said co-heads of the problem solvers, Democrat Josh Gottheimer and Republican Tom Reed, said in a statement. “We are confident that we can continue to build on this momentum and reach an agreement quickly.” The legislative text of the proposal has not yet been drawn up. House Majority Leader Steny Hoyer expressed optimism Wednesday that the government could reach a deal. weekend, to set voting in the middle of next week. The top Democrat on the Senate Appropriations Committee, Patrick Leahy, urged McConnell to allow a vote on the bipartisan package. “If you don’t like it, tweak it,” he said Wednesday. “People are suffering. It is negligent to delay. Financial concerns Republican senators who have signed include Susan Collins, Bill Cassidy and Lisa Murkowski, along with Romney, while Roy Blunt and Shelley Moore Capito have suggested they may be open to it. The Democratic senators backing the plan are Joe Manchin, Mark Warner, Jeanne Shaheen and Maggie Hassan, as well as independent Angus King. Yet a significant number of Republican senators have opposed going beyond the $ 500 billion stimulus McConnell has offered, and some do not. support any additional stimulus spending. “What that probably means is that there will have to be some coalition of Democrats and Republicans” to pass something bigger, said Republican Senator John Cornyn. The emergence of new proposals reflected growing concern that the economy needs another boost amid evidence that growing Covid-19 cases are undermining the recovery as previous fiscal support wears off. The pandemic is also driving action in Congress more directly. Hoyer and other lawmakers said the continued spread of the coronavirus across the country is adding urgency to efforts to wrap up congressional business so members can safely return home and self-quarantine before the holidays. 10 days, Congress must also grapple with passage of a $ 1.4 trillion Annual Spending Bill to fund government operations. The US government has been working under an interim measure since the fiscal year began on October 1. That expires on December 11, and missing the deadline would trigger a partial government shutdown (updates with lawmakers’ reaction after ‘Problem Solvers’ caption) For more articles like this, visit us at bloomberg.com Subscribe now to stay ahead with the most trusted source of business news
