Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

U.S. COVID-19 relief talks gain momentum as lawmakers set Monday deadline

Published 12/04/2020, 11:40 AM
Updated 12/04/2020, 10:32 PM
© Reuters. House Speaker Pelosi holds news conference on Capitol Hill in Washington
REED
-

By David Morgan

WASHINGTON (Reuters) - Talks aimed at delivering a fresh infusion of coronavirus relief to American families and businesses gathered momentum in the U.S. Congress on Friday, as a bipartisan group of lawmakers worked to put the finishing touches on a new $908 billion bill.

"There is momentum. There is momentum," U.S. House of Representatives Speaker Nancy Pelosi told a news conference, after a government report showed job growth slowing in early November amid a resurgence of coronavirus infections.

Republican and Democratic lawmakers from the House and Senate continued work on a bipartisan bill that congressional leaders view as the basis for COVID-19 legislation they hope to get through Congress next week.

"We're in the middle of drafting as we speak, and so ... Monday is kind of the goal," U.S. Representative Tom Reed, Republican co-chair of the bipartisan Problem Solvers Caucus, told reporters. "This is about making sure that the money is allocated to those that are most in need."

Pressure is mounting on Congress to help people and businesses hit hard by the surging pandemic, which has now infected 14.1 million Americans and killed more than 276,000. Health officials have warned of a dark winter ahead, saying the spread is likely to accelerate into the approaching holiday season.

A range of emergency aid programs set in place in response to the pandemic, including additional unemployment benefits and a moratorium on renter evictions, will expire at the end of December.

"Soon approximately 12 million Americans will lose their unemployment assistance. The fire alarm is sounding on our economy and the only question is whether Congress will respond," the U.S. Chamber of Commerce said on Friday.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Lawmakers enacted $3 trillion in aid earlier this year but have not been able to agree on fresh relief since the spring.

Underscoring the urgency of a new aid package, a government report on Friday showed slowing U.S. job growth in November, with 3.9 million people out of work for at least six months and many giving up.

"The situation requires urgent action," President-elect Joe Biden in a statement that called on the Trump administration and Congress to reach agreement on coronavirus relief.

"But any package passed in the lame duck session is not enough. It's just the start," Biden added. "Congress will need to act again in January."

The bipartisan group has opted not to include stimulus checks for individuals in the $908 billion bill.

Pelosi and Senate Majority Leader Mitch McConnell spoke on Thursday about attaching new COVID-19 provisions to a $1.4 trillion omnibus spending bill to keep federal government agencies operating after Dec. 11, when current funding expires.

But she added that there were still issues to be resolved on the omnibus package.

"The tone of our conversation is one that is indicative of a decision to get the job done," Pelosi said.

Reed told reporters that disagreements over rival COVID-19 demands for state and local government aid from Democrats and liability protection for businesses from Republicans continue to pose issues.

The bipartisan framework, put forward this week by Reed's (NASDAQ:REED) group and members of the Senate, has won important support from conservative Senate Republicans.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

But it is unclear whether McConnell would agree to such a large package after pushing to keep COVID-19 relief spending near the $500 billion mark. Earlier this week, the Kentucky Republican circulated a list of provisions that he said President Donald Trump would be willing to sign.

White House economic adviser Larry Kudlow, speaking to reporters at the White House on Friday, declined to comment on whether the $908 billion bipartisan proposal was too expansive.

He said Trump wanted to see a "targeted" coronavirus relief bill.

Latest comments

so no progress for 6 months
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.