McConnell: ‘Very close’ on rescue package topping $1T
WASHINGTON >> Top-level negotiations between Congress and the White House pushed toward resolution late Saturday on a ballooning $1 trillion-plus economic rescue package, as President Donald Trump urged a deal to steady a nation shuttered by the coronavirus pandemic.
With a population on edge and financial markets teetering, all sides indicated a deal is within reach. At issue is how best to keep paychecks flowing for millions of workers abruptly sidelined by the crisis.
Talks also narrowed on a so-called Marshall Plan for hospitals as well as industry loans to airlines and others all but grounded by the virus outbreak and national shutdown. The post-World War II Marshall Plan helped to rebuild Western Europe.
Senate Majority Leader Mitch McConnell announced late Saturday all sides were “very close” to a bipartisan resolution.
McConnell instructed committee chairmen to assemble draft legislation. Officials put the price tag at nearly $1.4 trillion and said that with other measures from the Federal Reserve it could pump $2 trillion into the U.S. economy.
“We are poised to deliver the significant relief that Americans need with the speed that this crisis demands,” McConnell said.
Talks will resume Sunday morning when the top four congressional leaders of both parties are set to confer privately at the Capitol with Treasury Secretary Steven Mnuchin in hopes of striking a final accord.
A spokesman for Senate Democratic leader Chuck
Schumer said there is “not yet an agreement.” Spokesman Justin Goodman said Democrats look forward to reading the draft and further negotiations.
“Everybody’s working hard and they want to get to a solution that’s the right solution, I think we’re very close,” Trump said at Saturday’s briefing, striking a confident tone about the nation’s ability to defeat the pandemic soon.
On Capitol Hill, the Senate convened the rare weekend session as negotiators raced to complete the package. The Senate’s goal is to hold an initial vote Sunday and win Senate passage on Monday.
The urgency to act is mounting, as jobless claims skyrocket, businesses shutter and the financial markets are set to re-open Monday eager for signs that Washington can soften the blow of the healthcare crisis and what experts say is a looming recession.
Trump has largely stayed out of the details, but said Saturday that he would be lobbying the lead negotiators.
On one topic, Trump appears to be agreeing with Democrats as Washington tries to steer clear of the politically toxic bailouts from the last economic crises.
Trump expressed a clear distaste for any industry, including the airlines, that would use federal assistance to buy back its own stock in an effort to increase profits. Banning stock buy-backs is one of Democrats’ top business priorities in the emerging package.
Treasury Secretary Steven Mnuchin and other top White House officials were on Capitol Hill for a second day of nonstop negotiations. But no announcement was expected.