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Democrats Near Deal With White House on Stimulus Package Democrats Near Deal With White House on Stimulus Package
(3 days later)
WASHINGTON — Congressional leaders and Trump administration officials closed in on a deal on Tuesday on a roughly $2 trillion economic stabilization plan to respond to the coronavirus pandemic, after agreeing to Democratic demands to add oversight requirements for a $500 billion government bailout fund for distressed companies.WASHINGTON — Congressional leaders and Trump administration officials closed in on a deal on Tuesday on a roughly $2 trillion economic stabilization plan to respond to the coronavirus pandemic, after agreeing to Democratic demands to add oversight requirements for a $500 billion government bailout fund for distressed companies.
Negotiators were hammering out the final details of the plan, which is aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption. With lawmakers and White House officials expressing optimism for an agreement, the measure could be enacted within days.Negotiators were hammering out the final details of the plan, which is aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption. With lawmakers and White House officials expressing optimism for an agreement, the measure could be enacted within days.
A crucial breakthrough came when Democrats won concessions from the Trump administration to add strict oversight over the $500 billion corporate aid fund, including installing an inspector general and a panel appointed by Congress to monitor it. The vast majority of the fund would go to the Federal Reserve to cover loans.A crucial breakthrough came when Democrats won concessions from the Trump administration to add strict oversight over the $500 billion corporate aid fund, including installing an inspector general and a panel appointed by Congress to monitor it. The vast majority of the fund would go to the Federal Reserve to cover loans.
The measures are similar to those put in place as part of the Troubled Asset Relief Program, the centerpiece of the Wall Street bailout enacted in 2008 to respond to the financial meltdown.The measures are similar to those put in place as part of the Troubled Asset Relief Program, the centerpiece of the Wall Street bailout enacted in 2008 to respond to the financial meltdown.
Markets around the world rallied on the news that after several days of often contentious talks that left the fate of the stimulus measure in doubt, it appeared to be coming together. The S&P 500 rose more than 9 percent, its biggest gain since 2008. Stocks in Europe climbed as well, while major markets in Asia posted increases that ranked among their biggest in weeks. Shares of hard-hit industries most likely to receive aid, such as casinos and cruise lines, soared.Markets around the world rallied on the news that after several days of often contentious talks that left the fate of the stimulus measure in doubt, it appeared to be coming together. The S&P 500 rose more than 9 percent, its biggest gain since 2008. Stocks in Europe climbed as well, while major markets in Asia posted increases that ranked among their biggest in weeks. Shares of hard-hit industries most likely to receive aid, such as casinos and cruise lines, soared.
At the White House, Larry Kudlow, the top economic adviser, said there had been “great progress” on the measure, which he said was “urgently needed to bolster the economy, provide cash infusions and liquidity and stabilize financial markets to get us through a difficult period.”At the White House, Larry Kudlow, the top economic adviser, said there had been “great progress” on the measure, which he said was “urgently needed to bolster the economy, provide cash infusions and liquidity and stabilize financial markets to get us through a difficult period.”
“This package will be the single largest Main Street assistance program in the history of the United States,” Mr. Kudlow added, although the vast majority of the money in the measure would go to large corporations.“This package will be the single largest Main Street assistance program in the history of the United States,” Mr. Kudlow added, although the vast majority of the money in the measure would go to large corporations.
The emerging compromise was a package whose sheer size and scope would have been unthinkable only a couple of weeks ago. Its cost amounted to several hundreds of billions of dollars more than the entire United States federal budget for a year, and administration officials said they hoped that its effect on a battered economy would be exponentially greater, as much as an additional $4 trillion.The emerging compromise was a package whose sheer size and scope would have been unthinkable only a couple of weeks ago. Its cost amounted to several hundreds of billions of dollars more than the entire United States federal budget for a year, and administration officials said they hoped that its effect on a battered economy would be exponentially greater, as much as an additional $4 trillion.
Democrats had balked at a version of the stimulus measure drafted by Republicans that they were concerned would give Mr. Mnuchin too much latitude in deciding which companies could receive the funds, and allow him to delay revealing the recipients until six months after the loans were disbursed. They said it would have created a secretive government slush fund controlled by the president and his top advisers, rather than a closely monitored program accountable to taxpayers.Democrats had balked at a version of the stimulus measure drafted by Republicans that they were concerned would give Mr. Mnuchin too much latitude in deciding which companies could receive the funds, and allow him to delay revealing the recipients until six months after the loans were disbursed. They said it would have created a secretive government slush fund controlled by the president and his top advisers, rather than a closely monitored program accountable to taxpayers.
“We have been pushing hard that any contract that the federal government makes with a company to give it loans, that we know of that contract in a very short period of time, that we can examine it,” Senator Chuck Schumer of New York, the Democratic leader, said on the Senate floor, as he said the two sides were closing in on a deal. “We in the Senate, those in the House, the press and the American people will know if these things are on the level.”“We have been pushing hard that any contract that the federal government makes with a company to give it loans, that we know of that contract in a very short period of time, that we can examine it,” Senator Chuck Schumer of New York, the Democratic leader, said on the Senate floor, as he said the two sides were closing in on a deal. “We in the Senate, those in the House, the press and the American people will know if these things are on the level.”
Speaker Nancy Pelosi said there was “real optimism that we could get something done in the next few hours” after Democrats won crucial concessions from the Trump administration.Speaker Nancy Pelosi said there was “real optimism that we could get something done in the next few hours” after Democrats won crucial concessions from the Trump administration.
Ms. Pelosi, of California, told Democrats on a private conference call that two remaining issues included a Democratic push to expand food assistance benefits and a disagreement over how much money should be allocated for pensions.Ms. Pelosi, of California, told Democrats on a private conference call that two remaining issues included a Democratic push to expand food assistance benefits and a disagreement over how much money should be allocated for pensions.
But the parties were whittling down remaining disputes, including how much funding to distribute to hospitals across the country. Both Ms. Pelosi and Mr. Schumer, in a separate call with Senate Democrats, said they had secured $130 billion for hospitals, $55 billion more than originally provided, people familiar with the calls said, as well as $150 billion for state and local governments.But the parties were whittling down remaining disputes, including how much funding to distribute to hospitals across the country. Both Ms. Pelosi and Mr. Schumer, in a separate call with Senate Democrats, said they had secured $130 billion for hospitals, $55 billion more than originally provided, people familiar with the calls said, as well as $150 billion for state and local governments.
Senator Mitch McConnell, Republican of Kentucky and the majority leader, who spent Monday hurling scathing criticism at Democrats for refusing to agree to allow the package to move forward, opened the Senate floor on Tuesday with a more upbeat message.Senator Mitch McConnell, Republican of Kentucky and the majority leader, who spent Monday hurling scathing criticism at Democrats for refusing to agree to allow the package to move forward, opened the Senate floor on Tuesday with a more upbeat message.
“Now at last, I believe, we’re on the five-yard line,” he said, taking swipes at Democrats for dragging out the process. “It’s taken a lot of noise and a lot of rhetoric to get us here.”“Now at last, I believe, we’re on the five-yard line,” he said, taking swipes at Democrats for dragging out the process. “It’s taken a lot of noise and a lot of rhetoric to get us here.”
Mr. McConnell said he hoped the Senate would “get back on track” and pass a relief package, adding that the “clock has run out” for debating a plan that could help save American jobs and companies on the brink of collapse.Mr. McConnell said he hoped the Senate would “get back on track” and pass a relief package, adding that the “clock has run out” for debating a plan that could help save American jobs and companies on the brink of collapse.
Updated August 12, 2020 Updated August 17, 2020
The measure would also provide $1,200 direct payments to taxpayers, substantially increase jobless benefits and send money to states struggling to weather a huge public health and economic disaster. Mr. Schumer said Republicans had agreed to extend unemployment insurance for an additional month at Democrats’ insistence, for a total of four months. The two sides had previously agreed to expand the program considerably, to include self-employed and part-time workers who traditionally have not been eligible, and to cover 100 percent of wages to the average worker.The measure would also provide $1,200 direct payments to taxpayers, substantially increase jobless benefits and send money to states struggling to weather a huge public health and economic disaster. Mr. Schumer said Republicans had agreed to extend unemployment insurance for an additional month at Democrats’ insistence, for a total of four months. The two sides had previously agreed to expand the program considerably, to include self-employed and part-time workers who traditionally have not been eligible, and to cover 100 percent of wages to the average worker.
Under the newly negotiated terms, those already on unemployment before the crisis would also see their benefits extended 13 weeks beyond when they are currently set to run out, according to a Democratic aide familiar with the talks.Under the newly negotiated terms, those already on unemployment before the crisis would also see their benefits extended 13 weeks beyond when they are currently set to run out, according to a Democratic aide familiar with the talks.
The growing confidence on Capitol Hill was a jarring contrast with the rancor that has reigned in the Senate for days, as Democrats twice blocked efforts to advance the plan until they could secure stronger protections for workers and restrictions for bailed-out businesses. Republicans complained that they were turning their backs on substantial compromises and holding up desperately needed aid.The growing confidence on Capitol Hill was a jarring contrast with the rancor that has reigned in the Senate for days, as Democrats twice blocked efforts to advance the plan until they could secure stronger protections for workers and restrictions for bailed-out businesses. Republicans complained that they were turning their backs on substantial compromises and holding up desperately needed aid.
But even as partisan bickering consumed the normally staid Senate on Monday, Mr. Schumer and Steven Mnuchin, the Treasury secretary, huddled repeatedly to hammer out their disagreements. And Mr. McConnell and Ms. Pelosi were kept closely informed of the talks.But even as partisan bickering consumed the normally staid Senate on Monday, Mr. Schumer and Steven Mnuchin, the Treasury secretary, huddled repeatedly to hammer out their disagreements. And Mr. McConnell and Ms. Pelosi were kept closely informed of the talks.
Any agreement struck and approved in the Senate would still have to secure support from the Democratic majority in the House, which introduced its own $2.5 trillion legislative package on Monday. That package is full of progressive policy agenda items like emissions limits for bailed-out airlines, pay equity and workplace diversity requirements for companies that received aid as well as a new requirement for at least 15 consecutive days of early voting in federal elections.Any agreement struck and approved in the Senate would still have to secure support from the Democratic majority in the House, which introduced its own $2.5 trillion legislative package on Monday. That package is full of progressive policy agenda items like emissions limits for bailed-out airlines, pay equity and workplace diversity requirements for companies that received aid as well as a new requirement for at least 15 consecutive days of early voting in federal elections.
The House is in recess, with some of its members sick or in quarantine and concerned about flying back to Washington. Democratic leaders were considering approving the mammoth proposal by unanimous consent, a tactic reserved mostly for minor, uncontroversial measures. They appeared to have the agreement of top Republicans, who worked on Tuesday to anticipate whether any of their conference members would object.The House is in recess, with some of its members sick or in quarantine and concerned about flying back to Washington. Democratic leaders were considering approving the mammoth proposal by unanimous consent, a tactic reserved mostly for minor, uncontroversial measures. They appeared to have the agreement of top Republicans, who worked on Tuesday to anticipate whether any of their conference members would object.
Some lawmakers have expressed reservations about approving legislation of such magnitude without a recorded vote, particularly before being able to read the details of the agreement themselves.Some lawmakers have expressed reservations about approving legislation of such magnitude without a recorded vote, particularly before being able to read the details of the agreement themselves.
On the two-hour call with House Democrats, Representative Pramila Jayapal, Democrat of Washington State, said rank-and-file lawmakers needed more information if they were going to be expected to provide consent, both about the legislation and the largest points of contention, according to two officials familiar with the call, but unauthorized to discuss it publicly. Representative Tom Malinowski, Democrat of New Jersey, said he was uncomfortable with the precedent that would be set if lawmakers continued to approve trillions of dollars in federal spending without recorded votes.On the two-hour call with House Democrats, Representative Pramila Jayapal, Democrat of Washington State, said rank-and-file lawmakers needed more information if they were going to be expected to provide consent, both about the legislation and the largest points of contention, according to two officials familiar with the call, but unauthorized to discuss it publicly. Representative Tom Malinowski, Democrat of New Jersey, said he was uncomfortable with the precedent that would be set if lawmakers continued to approve trillions of dollars in federal spending without recorded votes.
Representative Steny H. Hoyer of Maryland, the No. 2 House Democrat, said during the discussion that it was possible that Congress would consider at least two more measures to respond to the pandemic after clearing the stimulus measure, which would give lawmakers additional chances to win provisions that were not included.Representative Steny H. Hoyer of Maryland, the No. 2 House Democrat, said during the discussion that it was possible that Congress would consider at least two more measures to respond to the pandemic after clearing the stimulus measure, which would give lawmakers additional chances to win provisions that were not included.
The extraordinary circumstances may be enough to persuade lawmakers to put aside their reservations and agree to the package quickly. Representative Ben McAdams, Democrat of Utah and one of three lawmakers who have tested positive for Covid-19, issued a statement on Tuesday from his hospital bed asking his colleagues to approve it.The extraordinary circumstances may be enough to persuade lawmakers to put aside their reservations and agree to the package quickly. Representative Ben McAdams, Democrat of Utah and one of three lawmakers who have tested positive for Covid-19, issued a statement on Tuesday from his hospital bed asking his colleagues to approve it.
Sheryl Gay Stolberg contributed reporting.Sheryl Gay Stolberg contributed reporting.