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

Republican senators put brakes on additional coronavirus aid

Published 05/19/2020, 01:02 PM
Updated 05/20/2020, 02:17 PM
© Reuters. FILE PHOTO: McCarthy speaks to the media
GHM
-

By Richard Cowan and Susan Cornwell

WASHINGTON (Reuters) - Republican leaders in the U.S. Congress said on Tuesday they were in no hurry to work on another coronavirus relief package, despite the House of Representatives' passage last week of a $3 trillion measure.

"We need to assess what we've already done, take a look at what worked and what didn't work, and we'll discuss the way forward in the next couple of weeks," Senate Majority Leader Mitch McConnell told reporters after President Donald Trump spoke to a Senate Republican luncheon.

House Republican leader Kevin McCarthy also said he saw no need for another coronavirus bill now, but told reporters he could back lengthening the loan period for small businesses to 10 or 12 weeks from the current eight.

Senate Small Business Committee Chairman Marco Rubio said he hoped legislation could pass this week to alter the loan program helping restaurants and other small enterprises survive prolonged closings during the pandemic.

Senator Lindsey Graham (NYSE:GHM) said Republicans would not extend the enhanced $600-per-week unemployment benefit that expires at the end of July, which conservatives have criticized because it pays some lower-income Americans more than they earned while working.

Graham said Trump told senators "he agrees that that is hurting the economic recovery."

With the national jobless rate spiking to 14.7% in April, some lawmakers have discussed the need to revise unemployment insurance provisions.

McConnell is under pressure from the Democratic-controlled House, which passed a new, wide-ranging coronavirus bill on Friday. Its $3 trillion price tag is about equal to the cost of four previous measures enacted by Congress.

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

A bipartisan group of senators on Monday signed onto a bill to establish a $500 billion fund to help state and local governments, whose revenues are severely curtailed by coronavirus-related closings.

Latest comments

The correct title for this piece of news in the real world, shouldve been “republicans put brakes on partisan, careless and limitless democrat spending dreams”
$4?? You know what $4 buys in a few months? It won’t buy $2!!
Where are we getting all of this money??? We use the amount 1 trillion like is no big deal. insanity
Crazy isn't it.  They are spending other peoples money.  Pretty ignorant if that is what they are thinking.
Is it really money?
Your future generations will be paying through their noses
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.