US House of Representatives Speaker Nancy Pelosi said that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid.
In a letter to Democratic lawmakers released by Pelosi's office, she said the legislation "includes new funding needed to avert catastrophe for schools, small businesses, restaurants, performance spaces, airline workers and others." “Democrats are making good on our promise to compromise with this updated bill," she said. "We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now.” A vote is possible later this week, according to multiple Democratic aides, The Wall Street Journal reported.
Pelosi in recent days has said she thinks a deal can be reached with the White House on a new coronavirus relief package and that talks were continuing. But she also said that she would offer legislation if the impasse continued with the Trump administration over the size and shape of another relief package.
Formal talks among Pelosi, Senate Democratic leader Chuck Schumer, Mnuchin and White House Chief of Staff Mark Meadows aimed at hammering out a relief package broke down on August 7 with the two sides far apart.
Pelosi and Mnuchin spoke by phone on Sunday and again on Monday. new proposal included $436 billion for state and local governments, as well as money for education, testing, airline industry workers.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU