Donald Trump said he “would like to see money go to people” (File)
Washington:
As the presidential election draws near, the White House is preparing a $ 1.8 trillion economic bailout to try to get Congressional Democrats to strike a deal, media reported on Friday.
President Donald Trump, who this week wildly swung his stance on stimulus measures to help the world‘s largest economy recover from the damage caused by the Covid-19 pandemic, now appears to be making an effort major to deploy funding before his application on November 3. for re-election.
The new proposal, an improvement on the administration’s previous $ 1.6 billion offer, brings them closer to the Democrats’ latest package costing $ 2.2 trillion.
But Trump, who lags behind in the polls against Democratic rival Joe Biden, said he wanted an even more robust plan.
“A lot of people are hurt. Frankly, I would like to see a bigger stimulus package than what Democrats or Republicans are proposing,” Trump said in an interview with conservative radio host Rush Limbaugh.
“I would like to see money go to people. It wasn’t their fault ”.
It marked the latest sweeping change from the president who just days ago called off negotiations with Democrats and said there would be no new help for struggling businesses and the unemployed before. the elections.
But as Trump has become a cheerleader and trumps his newfound optimism, Senate Majority Leader Mitch McConnell has cast cold water on the odds of a deal, saying Congress is unlikely to agree on a new stimulus package ahead of the election due to “vast” differences in how much to spend.
“We need another bailout, but the proximity to the election and the differences of opinion on what is needed at this particular stage are quite wide,” McConnell said Friday at a press conference in his Home State, Kentucky.
While he would like to see lawmakers rise above their political differences to approve “one final bailout … I think it’s unlikely in the next three weeks,” the Republican senator said.
“Go big!”
House of Commons Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been negotiating for weeks, raising hopes for a new, massive relief plan to follow through on the $ 2.2 trillion CARES law and other measures that brought the total aid voted by Congress to nearly $ 3 trillion.
Pelosi said differences remained on politics and money.
“I hope we get a deal soon,” Pelosi said Friday on MSNBC. “But like you say, they change their mind.”
Pelosi spokesman Drew Hammill said Mnuchin “had returned to the table with a proposal that attempted to address some of the Democrats’ concerns.”
“The lack of agreement on a strategic plan to crush the virus is of particular concern. For this provision and others, we are still awaiting wording from the administration as negotiations on the overall amount of funding continue.” , he said on Twitter.
Economists believe that a new round of government support is essential to avert a wave of layoffs and bankruptcies and to provide continued support to the unemployed, and the IMF has urged governments around the world to maintain spending measures to support their savings as the pandemic wreaks havoc.
In the tense final days of the campaign, the prospects for a deal took some twists and turns this week after Trump halted negotiations on Tuesday and then demoted amid an outcry from both parties and business leaders as well as ‘a decline in the stock market.
Wall Street – one of Trump’s favorite indicators of success – turned higher after news of the White House’s expanded offering, and the Dow Jones Industrial Average held onto a 0.5% gain around 7:00 p.m. GMT .
Trump earlier Friday was optimistic about the talks, tweeting “Covid relief negotiations are moving forward. Go big!”
While Trump has played down the coronavirus even though he was hospitalized last week after contracting the disease, fellow Republican McConnell urged people to use masks and respect social distancing measures.
“Obviously this disease has not gone away,” he said. “The only way to kill him is with a vaccine.”
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
