President Donald Trump will take a $1.8 trillion coronavirus relief package to Democrats as the sides expected to strike a deal before November elections, according to CNBC. Trump’s offer is an increase from the previous $1.6 trillion, but less by about $400 billion to Democrat’s bill.
- Congress still facing hurdles of crafting pandemic relief law and passing it
- Republicans and Democrats have to resolve several issues that have held back talks
- House speaker Nancy Pelosi recommended at least $436 billion in relief for cash-crunched state and local governments, Trump has insisted on sending no more than the $150 billion received earlier this year.
- Democrats recommended reinstatement of enhanced federal unemployment insurance at $600 per week through January, Treasury Secretary Steven Mnuchin offered a supplemental benefit of $400 per week.
- Amount in tax credits and food aid also contested
US stocks gaining on proposed relief package as Treasury bond loses. SPY is up 0.84%, TLT is down 0.55%, DJI is up 0.58, QQQ is up 1.44%