Late-stage negotiations in Washington on a new USD 450 billion coronavirus aid package dragged past Monday's hoped-for deadline, but the Trump administration and key lawmakers insisted a final pact is within reach.
President Donald Trump said he expects a Senate vote hopefully" on Tuesday.
As talks continued, the contours of the deal appear largely set. Most of the funding, some USD 300 billion, would go to boost a small-business payroll loan program that's out of money. Additional help would be given to hospitals, and billions more would be spent to boost testing for the virus, a key step in building the confidence required to reopen state economies.
The emerging draft measure originally designed by Republicans as a USD 250 billion stopgap to replenish the payroll subsidies for smaller businesses has grown into the second largest of the four coronavirus response bills so far.
Democratic demands have caused the measure to balloon, though they likely will be denied the money they want to help struggling state and local governments.
The Senate met for a brief pro forma session Monday afternoon that could have provided a window to act on the upcoming measure under fast-track procedures requiring unanimous consent to advance legislation, but it wasn't ready in time.
Majority Leader Mitch McConnell, R-Ky., set up another Senate session for Tuesday in the hope that an agreement will be finished by then.
It's now been four days since the Paycheck Protection Program ran out of money. Republicans have been trying to secure more funding for this critical program for a week and a half now," McConnell said.
Our Democratic colleagues are still prolonging their discussions with the administration, so the Senate regretfully will not be able to pass more funding for Americans' paychecks today."
The House has announced it could meet as soon as Wednesday for a vote on the pending package, according to a schedule update from Majority Leader Steny Hoyer, D-Md. The chamber is likely to have to call lawmakers back to Washington for a vote, which will present logistical challenges.
With small-business owners reeling during a coronavirus outbreak that has shuttered much economic activity, Treasury Secretary Steven Mnuchin the administration's point man in the talks with Democrats said he was hopeful of a deal that could pass Congress quickly and get the Small Business Administration program back up by midweek. But optimism regarding an immediate deal was tempered.
I heard today from our legislative affairs team that they are hopeful we can get a deal this week, top White House adviser Kellyanne Conway said Monday on Fox News. The secretary feels very confident. He said that yesterday that a deal is happening. Much better position than we were, say, a week ago."
The emerging accord links the administration's effort to replenish the small-business fund with Democrats' demands for more money for hospitals and virus testing. It would provide more than USD 300 billion for the small-business payroll program, with $60 billion or so set aside for community lenders that seek to focus on underbanked neighborhoods and rural areas.
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