Coronavirus economic stimulus: What’s the update from negotiators?

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Coronavirus economic stimulus: What’s the update from negotiators?
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It’s been almost a month now since Senate Republicans introduced their version of the coronavirus stimulus proposal – the HEALS Act. We, however, still don’t have any stimulus package yet. Let’s take a look at where things stand on the coronavirus economic stimulus, and if there are any new updates.

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Blame game on stimulus package

On Saturday, the House briefly returned to vote on a $25 billion funding bill for the U.S. Postal Service. So, there were some expectations last week that negotiators might pick up the stimulus package as well. House Speaker Nancy Pelosi, however, smashed all such expectations saying there won’t be any vote on the relief package on Saturday.

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From Monday, the blame game again started with each side blaming the other for denying the relief package.

When Pelosi was asked if Congress and the White House could still reach an agreement on the stimulus agreement, she suggested that it is now up to the administration.

“A lot of that will be up to the administration, if they stop making misrepresentations to the American people,” she told MSNBC.

Pelosi also accused Trump of not staying true to his words. “The president said if we passed a freestanding postal bill, he would sign it. We did. Now he says no,” she said.

Meanwhile, Mark Meadows, the White House chief of staff, is pushing for the so-called skinny bill. The Democrats, however, have rejected it. Meadows said there is a consensus if “we want to do something on postal, we ought to do something on other small businesses and enhanced unemployment…”

Further, he again reiterated that both sides should at least pass the provisions that they agree on. Meadows blamed Democrats for holding up the negotiations, saying they have "failed" Americans.

"This president is the only one in D.C. to have acted on those issues. As you know, I was on Capitol Hill over the weekend," Meadows said. "But, we've been on Capitol Hill for the last three or four weeks.”

Update on coronavirus economic stimulus

Meadows said that the President is concerned about Americans, and has taken “unprecedented executive action” by taking matters into his own hands by issuing executive orders.

"But, I'm calling on Congress to come together. This president is willing to sign it. Hopefully, we'll get something done,” Meadows said, according to Popculture.

Further, he noted that the White House will be open to stimulus-related discussions. “If we agree on five or six things, let's go ahead and pass those,” he said.

In an update on the coronavirus economic stimulus, spokesmen for Pelosi and Senate Majority Leader Mitch McConnell said there are no new developments. McConnell, however, is still hopeful on reaching a deal.

“The American people need additional assistance now. That can only be done on a bipartisan basis and I hope we’ll be there soon,” McConnell said.

Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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