Republicans in the U.S. Congress are considering a more narrow coronavirus stimulus bill in the wake of its aid talks with the Democrats reaching a point of going round in circles. It plans to circulate the smaller coronavirus stimulus bill to rank-and-file lawmakers this week.
Republicans are likely to release the relatively narrow coronavirus stimulus bill to members of the Congress this week, three people who have been briefed about the matter, and two senior administration officials told CNBC. The GOP is seriously considering a roughly $500 billion proposal that takes care of bipartisan support.
The GOP's plan aims to address specific areas including COVID-19 testing, treatment and vaccines, money for schools, and new authorization of small business loans. This plan does not include another direct payment to the people of America.
It would comprise upgraded jobless benefits at about $300 to $400 per week, meaning, the figure would be less than the $600 per week approved figure in March. Democrats, on the other hand, insist on reinstating $600 per week jobless benefits which expired in July.
While Republicans are leaving no stone unturned in a bid to pressurize Democrats, this legislation is highly unlikely to become law. House Speaker Nancy Pelosi isn't willing to restart the currently stalled pandemic aid talks with the White House until the Republicans agree to double its current proposal of about $1 trillion, according to her spokesman Drew Hammill.
Hammill said the Democrats have found a middle ground for these negotiations, wherein it is willing to come down $1 trillion, provided the White House comes up $1 trillion. He said the White House is welcomed back to the negotiating table if they agree to meet them halfway.
White House chief of staff Mark Meadows said he asked his staff to get in touch with Pelosi’s office earlier this week, during an interview with POLITICO. Hammill denied a Meadows aide reaching out to discuss the prospect of resuming aid talks.
Meadows suggests Pelosi would be holding out until the end of Sept., when Congress will meet a deadline to ensure it doesn't face a government shutdown, before getting her desired relief provisions in a bill.
Congress did not pass legislation to handle health and economic crises even after financial lifelines for Americans came to an end. A $600-per-week extra jobless benefit, coupled with a federal moratorium on evictions and the timeline to apply for Paycheck Protection Program small business loans have all lapsed.