The White House is still trying to get a new coronavirus stimulus package through Congress before the US presidential election in November and hopes a compromise will be reached with House of Representatives Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 30th September, 2020) The White House is still trying to get a new coronavirus stimulus package through Congress before the US presidential election in November and hopes a compromise will be reached with House of Representatives Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin said on Wednesday.
"I spoke to speaker Pelosi several times over the weekend," Mnuchin said during an appearance on the CNBC network. "I say we're going to give it one more serious try to get this done and I think we're hopeful that we can get something done. I think there's a reasonable compromise here."
Republicans and Democrats have been locked in a stalemate for three months over a new installment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Congress has so far passed four phases of the CARES Act that have approved roughly $3 trillion to disburse as loans and grants to businesses, paycheck protection for workers and personal aid to qualifying US citizens and residents.
Both Republicans and Democrats have blamed each other for the drag over the fifth installment of the stimulus, which has become a political issue ahead of the November 3 election.
The Democrats first passed their own package called the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act for $3 trillion and later suggested a slimmed-down version of $2.2 trillion. The Republicans have said they will agree to an installment for just about half of that amount.
Mnuchin, however, said he and Pelosi have been "very effective in communicating" and will speak again on Wednesday afternoon.
"I think we'll have a very reasonable response, something that's very similar to what has been the bipartisan proposal the problem solvers have worked on, and I hope we can get something done," Mnuchin said.
The Treasury Secretary noted that are still many small businesses impacted by the novel coronavirus restrictive measures and are in need of protection to open up the economy.
"We're trying to see if both of us can manage a package that gets some of what everybody wants," Mnuchin said.
