WASHINGTON (Pakistan Point News / Sputnik - 02nd December, 2020) US Treasury Secretary Steven Mnuchin urged Congress on Tuesday to swiftly pass a second coronavirus economic stimulus during the current lame duck session.
The session held between the November elections and January 3, when the next Congress convenes, is referred to as a "lame duck" period, during which significant legislation is often deferred.
"I urge Congress to pass something quickly in this session," Mnuchin told a Senate committee. "We will continue to work with Congress to try to get something done."
The treasury secretary, who said he spoke to President Donald Trump and Republican leaders about the legislation this morning, stressed that the package should be modest versus calls by rival Democrat lawmakers for substantive spending.
In March, Congress passed the bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act, which provided about $3 trillion in business relief along with paycheck protection to qualifying citizens and permanent residents.
Since then, Republicans and Democrats have been locked in a stalemate on a successive package to the CARES, arguing over the size of the next relief, as thousands of Americans, particularly those in the airlines sector, risk losing their jobs without further aid. The negotiations have been further complicated by Trump's loss of the Nov 3 presidential election to Democrat Joe Biden, and the incumbent president's refusal to work with his imminent successor.
On his part, Mnuchin has asked Congress use $455 billion in leftover funds from the original CARES as "targeted relief" for the economy, instead of undertaking another major fiscal effort. In his testimony before the Senate on Tuesday, he also suggested that a $300 billion package be approved specifically for the Paycheck Protection Program meant for Americans.
Democrats have balked at the treasury secretary's overtures, saying a stimulus of at least $2 trillion will be needed.
Separately, a bipartisan group of lawmakers pushed on Tuesday for quick approval of a $908 billion COVID-19 relief. The group also criticized legislators who had gone on a break when the nation was in the midst of financial stress caused by the pandemic.
