Published: Tue, March 24, 2020
Global News | By Blake Casey

Talks Continue Over Coronavirus Financial Deal As Democrats Demand Changes

Talks Continue Over Coronavirus Financial Deal As Democrats Demand Changes

Here is a cheat sheet of the proposals that have been floated by Republicans and Democrats as Congress is working out how to provide relief to banks and consumers during the national emergency.

"Hopefully, some adults will show up on the other side of the room and understand the gravity of the situation", Senate Majority Leader Mitch McConnell (R-Ky.) said Sunday.

The Senate deadlocked for a second day Monday on more than $1 trillion in proposed support for an economy buffeted by coronavirus, as Democrats said the bill gives too much to corporations and Republicans accuse Democrats of making it a liberal wish list. Democrats had sought controls on those funds, which include loans made directly by the Treasury Department and a backstop for losses in Federal Reserve lending facilities. "Secretary Mnuchin called the president, we told him we are very, very close to an agreement and he seemed very happy with that", Senate Minority Leader Chuck Schumer told reporters shortly before midnight.

"Key disagreements remain regarding Treasury's broad discretion over industry-specific relief, the need for more aid to individuals, and the lack of funding for state and local governments", said Ed Mills, a policy analyst at Raymond James, in a note Sunday.

"His folks are hip-deep negotiating with Mnuchin, which is a good sign", Democratic Senator Chris Coons said.

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Mr Morrison described the measures as "stage one", with their status to be reviewed monthly. He warned the closures could continue for six months.

US President Donald Trump's administration last week launched a major push for action to blunt the market slide caused by the pandemic, after Trump himself spent several weeks dismissing the virus' risks.

Republicans said Democrats were seeking to add unrelated provisions, such as expanded tax credits for wind and solar power and increased leverage for labor unions.

Democrats said Republicans were trying to add provisions that would exclude nonprofit groups from receiving small-business aid, and extend a sexual abstinence-education program that is due to expire in May. He said Democrats were playing games with the American economy and people, and that talks were further strained after House Speaker Nancy Pelosi (D-Calif.)-who's expected to introduce her own version of a stimulus-became involved in talks over the weekend.

Arizona Sens. Kyrsten Sinema, a Democrat, and Martha McSally, Republican, followed their parties' leads in Monday's vote. Republican Senator Rand Paul has tested positive for coronavirus and four other Republicans are also unable to vote because they were exposed to Paul or others with the virus.

Democratic Senator Amy Klobuchar said her husband John contracted pneumonia and coughed up blood after contracting the disease.

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