The White House and Congress are scrambling to hash out the details of a massive stimulus package to help a U.S. economy increasingly damaged by the coronavirus pandemic.
There had been hope on Capitol Hill that Congress could pass a deal this week, as President Donald Trump seeks a measure with over $1 trillion in spending. Yet as of Wednesday morning, the Senate had yet to pass a second relief bill already approved by the House, which has created uncertainty about stimulus. Senate Majority Leader Mitch McConnell said the vote would come later Wednesday, after a delay triggered by Sen. Rand Paul, his fellow Kentucky Republican.
Two Democratic aides, who declined to be named due to the sensitivity of negotiations, cautioned it may be difficult to get through both the second package and a much larger one in a single week.
A White House representative didn’t immediately respond to a request for comment.
A first bill, signed by Trump earlier this month, focused on funding for vaccines, as well as for states and individuals battling the pandemic.
The much broader third relief bill, the details of which remain in flux, could exceed $1 trillion. It may include direct payments to individuals, small-business lending, payroll tax cuts, and credit facilities for larger businesses and commercial paper facilities.
Some of the credit facilities for larger businesses will go to industries the government is looking to aid, a person familiar with the situation told CNBC.
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