Home / World Economy / World Economy News / Stimulus package for U.S. economy may have to wait until after election: sources

Stimulus package for U.S. economy may have to wait until after election: sources

Any chances for a pre-election stimulus package for the U.S. economy from Congress will have to wait until after the November 3 elections, according to multiple sources in the Republican and Democratic parties.

Even if a deal in principle between the White House and Democrats before the election was remotely possible, passing a bill through both chambers appeared highly unlikely, the sources added.

Speaker Nancy Pelosi is yet to inform her colleagues whether the House will be reconvened next week to vote on the stimulus, the sources further said.

A final schedule for the Senate has not yet been publicized though it is likely to adjourn after Monday when Amy Coney Barrett’s confirmation to the Supreme Court.

Drew Hammill, Pelosi’s deputy chief of staff, said on Twitter that negotiations would continue on Wednesday. He also described a call between her and U.S. Treasury Secretary Steven Mnuchin as productive “as they move closer to an agreement.”

Last week, Mnuchin said any hope of passing the stimulus before the election was all but over as political dynamics had seriously undermined any progress made in negotiations which have been ongoing for months.

Mnuchin added that it was definitely “part of the reality” that Democrats were resisting in the hope that they will win a Senate majority in the upcoming election and be able to fast-track their own bill without giving a chance to President Donald Trump to have something to promote during his campaign.

The Democrats and Republicans remain divided over the size of the stimulus package in addition to a number of policy issues such as deployment of health care aid and distribution of tax credits and assistance to state and local governments.

There are also a number of outstanding issues that Pelosi and Mnuchin have to resolve in addition to sharp divisions within the Republican party.

A number of officials at the Federal Reserve feel the package will be important to replace lost incomes for the millions of people who remain unemployed because of the coronavirus pandemic.
Source: CGTN

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping